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    Success for LBHI2 and LBL in Supreme Court on Lehman Waterfall I
    2017-05-17

    The Supreme Court's decision in Lehman Waterfall I was handed down this morning. DLA Piper represents one of the successful appellants, Lehman Brothers Limited (in administration) (LBL).

    The court was asked to consider certain issues relating to distributions in the estate of Lehman Brothers International (Europe) (LBIE), an unlimited company in administration. Such issues arose due to a substantial anticipated surplus in LBIE and sought to resolve particular lacunas in UK insolvency legislation.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, DLA Piper, Debt, Liability (financial accounting), Liquidation, Liquidator (law)
    Authors:
    Michael Fiddy , Chris Parker
    Location:
    United Kingdom
    Firm:
    DLA Piper
    A warning to all institutions handling client monies
    2017-04-18

    The recent case of Singularis Holdings Ltd v Daiwa Capital Markets Europe Ltd [2017] EWHC 257 (Ch) (Singularis) is an important decision affecting any institution that handles client payments, including banks. It decided that a stock broker was liable in negligence for having breached its duty of care to its customer, Singularis Holdings Ltd (in liquidation) (Singularis), by paying monies out of its client account on the instruction of one of Singularis' directors and its only shareholder, Mr Al Sanea.

    Background

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Professional Negligence, White Collar Crime, DLA Piper, Shareholder, Fraud, Negligence, Liquidation, Duty of care, Liquidator (law)
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Australian insolvency law reforms aim to increase business restructuring opportunities
    2016-07-22

    The Australian government is working to significantly reform Australia’s current insolvency laws by mid-2017.

    The reforms are intended to achieve greater likelihood of business preservation by introducing the flexibility to achieve real turnaround of businesses in crisis.

    The proposed changes include:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, DLA Piper, Bankruptcy, Breach of contract, Start-up company, Board of directors, Entrepreneurship, Liquidation, Distressed securities
    Authors:
    Amelia Kelly
    Location:
    Australia
    Firm:
    DLA Piper
    Michael Fiddy, Co-chair of DLA Piper's global restructuring group, reflects on significant restructuring developments around the world
    2016-07-22

    This edition of Global Insight comes to you shortly after the United Kingdom voted to leave the European Union.

    Filed under:
    European Union, Global, United Kingdom, Insolvency & Restructuring, DLA Piper, Bankruptcy, Public consultations, Interest, Debt, Liquidation
    Authors:
    Michael Fiddy
    Location:
    European Union, Global, Kyrgyzstan, United Kingdom
    Firm:
    DLA Piper
    Recovering domestic taxes and penalties on a pari passu basis before Australian assets are remitted to foreign liquidators
    2013-12-12

    A recent Federal Court of Australia decision has granted the Australian Commissioner of Taxation the right to recover, from a failed foreign company’s Australian assets, the pari passu amount the Commissioner would have been entitled to receive (on account of outstanding domestic tax and penalties) if he had been allowed to prove in the liquidation before the assets are remitted to the company’s foreign representatives (the liquidators). 

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, DLA Piper, Liquidation, Liquidator (law), Commissioner of Taxation (Australia), Federal Court of Australia
    Authors:
    Amy Nolan
    Location:
    Australia
    Firm:
    DLA Piper
    Bankruptcy court orders swap counterparty to pay Lehman Brothers despite event of default
    2009-09-25

    The United States Bankruptcy Court for the Southern District of New York entered an order on Sept. 17, 2009, granting a motion filed by Lehman Brothers Special Financing Inc. (“LBSF”) to compel Metavante Corporation (“Metavante”) to continue to make payments to LBSF under an ISDA Master Agreement.

    Filed under:
    USA, New York, Derivatives, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Condition precedent, Debtor, Safe harbor (law), Interest, Swap (finance), Motion to compel, Liquidation, Default (finance), Title 11 of the US Code, US Congress, Lehman Brothers, United States bankruptcy court
    Authors:
    Lawrence V. Gelber , Craig Stein , Kristin Boggiano
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Administrators for Lehman Brothers Europe to make claim for client money and assets held by Lehman Brothers Inc.
    2009-01-22

    The Administrators of Lehman Brothers International (Europe) (in administration) (“LBIE”), acting as LBIE’s agent and without personal liability, have advised that they will be filing an omnibus claim on behalf of LBIE and LBIE’s customers against Lehman Brothers Inc. (“LBI”) in its liquidation proceedings under the Securities Investor Protection Act of 1970 (“SIPA”).  

    Filed under:
    USA, Insolvency & Restructuring, Schulte Roth & Zabel LLP, Collateral (finance), Security (finance), Liquidation, Brokerage firm, Lehman Brothers, Securities Investor Protection Corporation, Trustee
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Professional’s pre-approved fixed fee award upheld by 2d Cir.
    2009-01-16

    Financial advisors, investment bankers, lawyers and other professionals in reorganization cases should pay close attention to a decision of the U.S. Court of Appeals for the Second Circuit handed down on Jan. 6, 2009. In re Smart World Technologies, LLC, ___ F.3d ___ (2d Cir. 1/6/2009).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Contractual term, Debtor, Federal Reporter, Investment banking, Standing (law), Liquidation, Judicial review, Contingent fee, Precondition, Second Circuit, United States bankruptcy court, Sixth Circuit
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Lehman Brothers debtors seek to establish procedures for assuming and assigning pre-petition derivatives contracts and settling termination payments
    2008-11-14

    Lehman Brothers Holdings Inc. and its affiliated debtors (collectively, the “Debtors”) filed a motion in the bankruptcy court on Nov. 13, 2008, asking the court to approve procedures for (i) assuming (affirming) and assigning derivative contracts entered into before the Debtors commenced their bankruptcy cases, including resolving cure amounts; and (ii) entering into settlement agreements that may establish termination payments and the return of collateral under terminated derivative contracts.

    Debtors’ Derivative Contracts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Collateral (finance), Consideration, Consent, Liquidation, Credit rating, Lehman Brothers, United States bankruptcy court
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Second Circuit Affirms Refusal to Approve Foreign Debtor’s Asset Sale
    2017-05-31

    “… [A]ny sale of [a foreign] debtor[’s] property [in the U.S.] outside of the ordinary course of business can be approved by the bankruptcy court only after notice, hearing, and a finding of good business reasons to permit the sale,” held the U.S. Court of Appeals for the Second Circuit on May 22, 2017. In re Fairfield Sentry Ltd. (“Sentry II”), 2017 U.S. App. LEXIS 8860, at *11 (2d Cir. May 22, 2017).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Security (finance), Liquidation, Investment funds, Liquidator (law), Second Circuit, United States bankruptcy court
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP

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