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