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Cayman investment company obtains Chapter 15 protection in the United States
2010-02-19

The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.

Recognition of the liquidation as foreign main proceedings provides for an automatic stay of proceedings with respect to any assets of SIFCO5 within the United States, amongst other things.

Filed under:
Cayman Islands, USA, Delaware, Insolvency & Restructuring, Litigation, Harneys, Interest, Limited liability partnership, Liquidation, Investment company, Liquidator (law), Title 11 of the US Code, Bear Stearns, United States bankruptcy court, US District Court for District of Delaware
Location:
Cayman Islands, USA
Firm:
Harneys
View Original Article
Are you a Person with Significant Control - and why does it matter?
2016-04-04

From April 2016 companies and limited liability partnerships (“LLPs”) (except for publicly traded companies) will be required to create and maintain a register of persons with “significant control” over the company (“PSC Register”) and in due course send that information to Companies House where it will be publically searchable.

What’s the purpose of the new regulations?

Filed under:
United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Limited liability partnership, Beneficial ownership, Companies House
Authors:
Gemma Whale , Philip Sutton
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Scottish Lion Insurance case - the lion still roars
2010-02-04
  • Decision will be welcomed by insurers

The Scottish Appeal Court has allowed the appeal by Scottish Lion Insurance against the judgment of Lord Glennie on whether it would ever be fair for a court to sanction a solvent scheme in the face of creditor opposition, says City law firm Reynolds Porter Chamberlain LLP (RPC).

Filed under:
United Kingdom, Scotland, Insolvency & Restructuring, Insurance, Litigation, RPC, Limited liability partnership, Involuntary dismissal, House of Lords, Court of Appeal of England & Wales
Authors:
Vivien Tyrell
Location:
United Kingdom
Firm:
RPC
View Original Article
Insolvency law reform proposals will push UK to more litigious US system
2008-05-01

The European High Yield Association's proposals for reforming the UK insolvency laws risk pushing the UK towards the US litigation-heavy model says Reynolds Porter Chamberlain LLP, the City law firm.

In proposals submitted to HM Treasury, the trade body for the high yield debt industry called for a "court supervised restructuring process" where:

Filed under:
United Kingdom, Insolvency & Restructuring, RPC, Shareholder, Interest, Limited liability partnership, Debt, Supply chain, Distressed securities, HM Treasury (UK)
Location:
United Kingdom
Firm:
RPC
View Original Article
Fallout from law firm failure: another court rules against departing partners
2012-06-01

On May 24, 2012, the United States District Court for the Southern District of New York (District Court) issued an opinion with significant ramifications for law firms seeking to hire former partners from bankrupt law firms. At issue was whether, under New York partnership law, the law firms that hired former partners of Coudert Brothers LLP (Coudert), a dissolved and bankrupt law partnership, must account for profits that the former Coudert partners earned while completing work on open client matters they took with them from Coudert.

Filed under:
USA, New York, Insolvency & Restructuring, Legal Practice, Litigation, Wiley Rein LLP, Bankruptcy, Limited liability partnership, Dissolution (law), United States bankruptcy court
Authors:
Valerie P. Morrison , John T. Farnum
Location:
USA
Firm:
Wiley Rein LLP
View Original Article
District court withdraws reference to the bankruptcy court of non-core coverage actions
2011-07-14

The United States District Court for the Central District of California has granted motions by eight directors and officers liability insurers to withdraw the reference to the bankruptcy court of two coverage actions involving coverage for claims against former directors and officers of a bank holding company.  In re IndyMac Bancorp, Inc., Nos. CV11-02600; CV11-02605; CV11-02950; CV11-02988 (C.D. Cal. May 17, 2011).  Wiley Rein LLP represents an excess insurer and the primary Side A insurer in the litigation.

Filed under:
USA, California, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Board of directors, Limited liability partnership, Standard of review, Holding company, Bank holding company, Article I US Constitution, US District Court for Central District of California, United States bankruptcy court, Trustee
Location:
USA
Firm:
Wiley Rein LLP
View Original Article
Taneja bankruptcy trustee settles Ponzi scheme lawsuits
2011-05-06

Wiley Rein LLP partner H. Jason Gold, the chapter 11 bankruptcy trustee in the mortgage fraud and Ponzi scheme case of Vijay Taneja, announced today that he has reached settlements with 11 defendants in the 60 lawsuits he filed last year seeking to recover tens of millions of dollars for the benefit of Mr. Taneja's creditors.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Wiley Rein LLP, Limited liability partnership
Location:
USA
Firm:
Wiley Rein LLP
View Original Article
Federal district court reverses bankruptcy court ruling allowing appointment of “special insurance counsel”
2008-04-28

The United States District Court for the Central District of California has reversed a bankruptcy court ruling allowing two law firms—Snyder Miller & Orton LLP (SMO) and Morgan Lewis & Bockius LLP (MLB)—to serve as "special insurance counsel" to address insurance and insurance-coverage-litigation-related matters under the narrow special purpose standards of § 327(e). In re Thorpe Insulation Co., No. CV08-00246-DSF (C.D. Cal. Apr. 22, 2008). Citing In re Congoleum Corp., 426 F.3d 675 (3d Cir.

Filed under:
USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Conflict of interest, Bankruptcy, Debtor, Federal Reporter, Limited liability partnership, Amicus curiae, Standing (law), Remand (court procedure), US District Court for Central District of California, United States bankruptcy court, Third Circuit
Location:
USA
Firm:
Wiley Rein LLP
View Original Article
Tax Exemption Offers Relief in the German Restructuring Market
2018-11-23

German legislator finally introduces tax exemption for income resulting from debt waivers in restructuring scenarios with retroactive effect.

Filed under:
Germany, Insolvency & Restructuring, Tax, Latham & Watkins LLP, Tax exemption, Debtor, Waiver, Limited liability partnership
Authors:
Frank Grell , Jörn Kowalewski
Location:
Germany
Firm:
Latham & Watkins LLP
View Original Article
Restructurings and distressed investing — planning the perfect exit
2015-03-02

Latham & Watkins operates worldwide as a limited liability partnership organized under the laws of the State of Delaware (USA) with affiliated limited liability partnerships conducting the practice in the United
Kingdom, France, Italy and Singapore and as affiliated partnerships conducting the practice in Hong Kong and Japan. The Law Office of Salman M. Al-Sudairi is Latham & Watkins associated office in the

Filed under:
USA, Insolvency & Restructuring, Latham & Watkins LLP, Limited liability partnership
Location:
USA
Firm:
Latham & Watkins LLP
View Original Article

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