Directors and officers should take note of a recent decision from the US Bankruptcy Court for the Southern District of New York concerning access to D&O insurance policy proceeds. In In re SVB Financial Group, Case No. 23-10367 (Bankr. S.D.N.Y.
Little can be more frustrating to an association than when a non-compliant homeowner files for bankruptcy. The bankruptcy laws are complex, and navigating them can be a challenge even for the most sophisticated managers. One of the broadest protections for homeowners that file bankruptcy is the “automatic stay.” This provision of the bankruptcy code immediately halts all efforts to enforce any claim against the debtor that may affect the homeowner’s property, including collection of overdue assessments and non-compliance fees.
In the landmark judgment by Linda Chan J in Re Gatecoin Ltd (in liquidation) [2023] HKCFI 914, the Court of First Instance held that cryptocurrencies were property under Hong Kong law capable of being held for distribution to creditors (or beneficiaries if they were trust assets) for the purposes of administrating an insolvent estate. In this article, the authors consider the Court’s ruling and its wider implications for the insolvency regime in Hong Kong, focusing on fraud claims and reviewable transactions in the cryptocurrency context.
In January, the U.S. Supreme Court agreed to hear Lac du Flambeau Band of Lake Superior Chippewa Indiansv. Coughlin after the First Circuit barred the Lac du Flambeau Band from seeking to collect on a $1,600 debt obligation to the tribe’s lending arm, Lendgreen, after the debtor filed for Chapter 13 bankruptcy.
香港高等法院于近日作出标志性判决（HCA 1269/2021）（“本案”），肯定了维好协议、流动性资金支持等增信措施的可执行性，支持了某中资离岸债券的信托人向债券的维好提供方申偿的债券本金、利息及其他支出。
特别地，上述债券在本案被告破产重组程序启动前已逾期，本案被告本应根据维好安排进行资金偿付却未履行其在维好安排下的该等偿付义务。
一、案情简介
1. 争议背景:
本案原告为本次债券的信托人，代表债券投资人的利益（“原告”）。本案被告为替本次债券提供维好协议、流动性资金支持等增信措施的境内主体（“被告”）。
Highlights
Little can be more frustrating to an association than when a non-compliant homeowner files for bankruptcy. The bankruptcy laws are complex, and navigating them can be a challenge even for the most sophisticated managers. One of the broadest protections for homeowners that file bankruptcy is the “automatic stay.” This provision of the bankruptcy code immediately halts all efforts to enforce any claim against the debtor that may affect the homeowner’s property, including collection of overdue assessments and non-compliance fees.
By an Amended Special Case, Derrington J reserved for consideration by the Full Court of the Federal Court the following question: “Is statutory set-off, under s 553C(1) of the Act, available to the [appellant] in this proceeding against the [first respondent’s] claim as liquidator for the recovery of an unfair preference under s 588FA of the Act?” By majority, the Court of Appeal (Kiefel CJ, Gordon, Edelman and Stewart JJ) held that s 553C(1) of the Act does not entitle the creditor to such a set-off.
Background
Introduction and background
Introduction