In In re Global Cord Blood Corp., 2022 WL 17478530 (Bankr. S.D.N.Y. Dec. 5, 2022), the U.S. Bankruptcy Court for the Southern District of New York denied without prejudice a petition filed by the joint provisional liquidators for recognition of a "winding-up" proceeding commenced under Cayman Islands law.
The Bottom Line
One feature commonly seen in commercial lending transactions is a waiver of the borrower’s authority to file for bankruptcy without the consent of the lender. While such “blocking” provisions are generally upheld where the equity interest holders are the parties with such rights, they are generally unenforceable as a matter of public policy when such protection is given to a creditor with no meaningful ownership interest in the corporate debtor.
What happens when a creditor class fails or refuses to vote on confirmation of a Subchapter V plan? Does that prevent a consensual confirmation?
We have a recent answer from In re Creason, Case No. 22-00988, Western Michigan Bankruptcy Court (opinion issued 2/23/2023).
Facts
The Subchapter V Debtor is a sole-proprietor dentist.
The case of Uniworld Sugars Limited (the Corporate Debtor) has a long and chequered history which started before the Allahabad Bench of the NCLT and after doing a round before the NCLAT and the Supreme Court, has been finally decided by the Chandigarh Bench of NCLT vide an Order dated March 20, 2023.
In January, we wrote about Highland Capital Management, L.P. and the reorganized debtor’s filing of a petition for a writ of certiorari, by which the reorganized debtor asked the Supreme Court to consider whether section 524(e) of the Bankruptcy Code prohibits non-debtor exculpations.
Public disclosure not required of appointment of expert in restructuring in the context of a pre-insolvency notice
Decision by Pontevedra Commercial Court No 3 on November 16, 2022
In the context of a pre-insolvency notice made on a confidential basis in which the debtor requests appointment of the expert in restructuring, Pontevedra Commercial Court took the view that the appointment does not have to be sent to the Public Insolvency Register to publicly disclose their identity.
Whether a foreign bankruptcy case can be recognized under chapter 15 if the foreign debtor does not satisfy the commands of both section 109 (of chapter 1) and section 1517 (of chapter 15) of the Bankruptcy Code has long been a contentious issue. As previewed at an oral argument held on March 10, 2023, the Eleventh Circuit has now waded into this thicket, setting up the possibility of a circuit-level counterweight to the Second Circuit’s seminal decision in In re Barnet.
Statutory Text
We have previously blogged about Bartenwerfer v. Buckley, No. 21-908, a Supreme Court case concerning the scope of the fraud exception to the dischargeability of debts in bankruptcy. Section 523 of the Bankruptcy Code exempts from discharge “any debt . . . for money, property, services, or an extension, renewal, or refinancing of credit, to the extent obtained by . . .
No se exige publicidad del nombramiento del experto en reestructuración en el marco de una comunicación de negociaciones de carácter reservado
Auto del Juzgado de lo Mercantil núm. 3 de Pontevedra, de 16 de noviembre de 2022
Spanish Insolvency Law 16/2022