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    8th Cir. Affirms Use of Borrower’s Proposed Rate for Payments in Chapter 12 Bankruptcy
    2023-08-14

    In an appeal involving a Chapter 12 bankruptcy, the U.S. Court of Appeals for the Eighth Circuit recently affirmed that the borrower’s use of the 20-year treasury bond rate sufficiently ensured that the total present value of future payments to the lender over the plan period equaled or exceeded the allowed value of the claim.

    A copy of the opinion in Farm Credit Services of America v. William Topp is available at: Link to Opinion.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Bankruptcy, Eighth Circuit, Supreme Court of the United States, U.S. Court of Appeals
    Authors:
    Jacob C. VanAusdall
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Flames, Not Smoke: LTL Management LLC’s Second Chapter 11 Filing Dismissed by the Bankruptcy Court for the District of New Jersey for Lack of Imminent and Immediate Financial Distress
    2023-08-14

    On July 28, 2023, Judge Michael Kaplan of the Bankruptcy Court for the District of New Jersey issued an opinion granting motions to dismiss LTL Management LLC’s second chapter 11 case, finding that it was filed in bad faith due to a lack of imminent and immediate financial distress. See In re LTL Mgmt., LLC, No. 23-12825 (MBK), 2023 WL 4851759 (Bankr. D.N.J. July 28, 2023). Judge Kaplan’s decision follows the U.S. Court of Appeals for the Third Circuit’s dismissal of LTL’s first chapter 11 bankruptcy case in January 2023.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Chapter 11, US Bankruptcy Code
    Authors:
    Douglas S. Mintz , Robert D. Brown , Kelly (Bucky) Knight
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Will the real bondholder please stand up? Unravelling the locus standi of global note investors in winding-up petitions
    2023-08-14

    Introduction

    In a landmark decision issued in July, Re Leading Holdings Group Limited [2023] HKCFI 1770, the Hong Kong Courts addressed, for the first time, the right of an investor of a global note to present a winding-up petition as a contingent creditor.

    The Case

    The relevant company was incorporated in the Cayman Islands and was listed on the Hong Kong Stock Exchange. It issued 12% Senior Notes which were due in 2022 and the petitioner was the beneficial owner of a sub-interest in those notes.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Tanner De Witt, Winding-up
    Authors:
    Ian De Witt , Tim Au
    Location:
    Hong Kong
    Firm:
    Tanner De Witt
    Sovereign immunity foils an insolvency lawsuit by aircraft lessor Greylag Goose
    2023-08-14

    The NSW Court of Appeal has allowed Garuda Indonesia to invoke sovereign immunity to foil an insolvency proceeding brought by aircraft lessor Greylag Goose Leasing.

    The Court’s decision is Greylag Goose Leasing 1410 Designated Activity Company v P.T. Garuda Indonesia Ltd [2023] NSWCA 134 (14 June 2023) (Bell CJ, Meagher JA and Kirk JA agreeing).

    Filed under:
    Australia, New South Wales, Aviation, Banking, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Cordato Partners, Bankruptcy, Sovereign immunity, Leases, Australian Law Reform Commission, Foreign States Immunities Act 1985 (Australia), New South Wales Court of Appeal
    Authors:
    Anthony J Cordato
    Location:
    Australia
    Firm:
    Cordato Partners
    Liquidators' communications with experts privileged from production
    2023-08-15
    • Introduction
    • Background
    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Reynolds Porter Chamberlain, Court of First Instance (Hong Kong)
    Authors:
    David Smyth , Antony Sassi , Warren Ganesh
    Location:
    Hong Kong
    Firm:
    Reynolds Porter Chamberlain
    (UK) Litigation Funding in Insolvency - Where Does PACAAR leave us?
    2023-08-10

    Although a non-insolvency case the recent case of PACCAR Inc & Ors v Competition Appeal Tribunal & Ors (“PACCAR”) has caused waves in the litigation market (including insolvency litigation market) following the Supreme Court finding that litigation funding agreements (LFAs) where funders recover a percentage of the amount awarded to a claimant are damaged based agreements (DBAs) – which- unless the LFA complied with the Damages Based Agreements Regulations 2013 (“DBA Regs”) means that they are unenforceable.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Litigation funding, Insolvency, Supreme Court of the United States
    Authors:
    Helena Clarke
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Directors' duties post Sequana - a differentiating factor?
    2023-08-11

    As expected, the scope of directors' duties whilst a company is in financial difficulties has been the source of further consideration by the Court. The recent case of Hunt v Singh [2023] EWHC 1784 raised the question as to whether, following the Supreme Court decision in BTI 2014 LLC v Sequana SA, a director's duty to take into account the interests of creditors arises where the company is at the relevant time insolvent if a disputed liability comes to fruition.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Reynolds Porter Chamberlain, HM Revenue and Customs (UK), Supreme Court of the United States
    Authors:
    Matthew Watson
    Location:
    United Kingdom
    Firm:
    Reynolds Porter Chamberlain
    Bankruptcy Claims Sellers Should Consider All Risk Elements
    2023-08-11

    Over the past year, digital asset investors have become acutely aware of asset custody and counterparty credit risks due to the high-profile bankruptcies of Voyager, Celsius, BlockFi, and FTX. These investors have found that, at times, their assets may be stuck in a bankruptcy proceeding for years. However, these investors—now bankruptcy claim holders—have options for more immediate liquidity.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP
    Authors:
    Douglas S. Mintz , Neil S. Begley , Robert D. Brown , David J. Karp
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Brake & Anor v The Chedington Court Estate Ltd
    2023-08-11

    Litigation between Mr and Mrs Brake, Axnoller Events Ltd and various other parties has been the subject of a significant number of judgments covering a wide range of legal issues. The underlying facts are convoluted but can be briefly summarised for the purpose of the recent decision of the Supreme Court in Brake & Anor v The Chedington Court Estate Ltd [2023] UKSC 29 as follows.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wedlake Bell, Receivership, UK Supreme Court
    Authors:
    Frances Coulson
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    This Week At The Ninth: Inaudible Texts and Bankruptcy Fees
    2023-08-11

    This week, the Ninth Circuit addresses whether text messages can violate the Telephone Consumer Protection Act’s prohibition on “prerecorded voice” messages, and it considers whether debtors who paid statutory fees under an unconstitutionally nonuniform bankruptcy provision are entitled to a refund.

    TRIM v. REWARD ZONE USA LLC

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Telecoms, Morrison & Foerster LLP, Telephone Consumer Protection Act 1991 (USA)
    Authors:
    James R. Sigel , Lena H. Hughes
    Location:
    USA
    Firm:
    Morrison & Foerster LLP

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