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    Morrison Foerster Banking Disruption Pulse Survey
    2023-04-19

    Overview/Executive Summary

    In response to the recent collapse of several prominent banking institutions, Morrison Foerster conducted a brief poll to gauge how companies and their employees are faring in the wake of these historic events. Our goal is to understand how this situation has impacted these organizations, including delving into which issues and challenges, if any, will be top of mind for business leaders and their respective organizations in the weeks and months ahead.

    Methodology

    Filed under:
    Global, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Morrison & Foerster LLP, Fintech
    Authors:
    Alex Iftimie , Brandon L. Van Grack , Jennifer L. Marines , Benjamin Butterfield , Crystal Kaldjob
    Location:
    Global, United Kingdom
    Firm:
    Morrison & Foerster LLP
    Supreme Court confirms directors' duty to creditors in limited circumstances
    2023-04-19

    Key takeaways

    In BTI 2014 LLC v Sequana SA and others,1 the UK Supreme Court considered for the first time the existence, content and triggers of the obligation on directors to have regard to the interests of creditors when a company becomes insolvent or is bordering on insolvency (the Creditor Duty).

    This decision addresses important issues for directors, stakeholders, and advisors of UK companies.

    Background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, DLA Piper, UK Supreme Court
    Authors:
    Tom Laidler , James Carter , Dan Jewell , Maria Scott
    Location:
    United Kingdom
    Firm:
    DLA Piper
    Received a statutory demand? Consider these three proven grounds to dispute the debt
    2023-04-19

    Statutory demands can be issued by a creditor to a debtor company to demand payment of a debt due and owing. Failure to respond to the demand may result in the debtor company facing a winding-up application based on the company’s presumed insolvency.

    However, there are several avenues available to a debtor company to apply for a court order setting aside a demand. The most common grounds are found in section 459H of the Corporations Act 2001 (Cth), where a company can claim:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Holding Redlich, Corporations Act 2001 (Australia)
    Authors:
    Toby Boys
    Location:
    Australia
    Firm:
    Holding Redlich
    Setting Aside Statutory Demands Part 1
    2023-04-19

    If a debtor company receives a statutory demand, it has 21 days to file an application (along with a supporting affidavit) with the Court to set aside that statutory demand. The Court may set aside this statutory demand if:

    Filed under:
    Australia, Company & Commercial, Insolvency & Restructuring, Litigation, Chamberlains Law Firm, Corporations Act 2001 (Australia)
    Authors:
    Stipe Vuleta
    Location:
    Australia
    Firm:
    Chamberlains Law Firm
    Introduction to Liquidation
    2023-04-19

    Liquidation is the process of winding up a company’s financial affairs. The assets of the company are collected and realised, the resulting funds are applied to discharging the company’s liabilities and debts, and any residual funds are redistributed to the company’s members. Liquidation is the only way to fully wind up the affairs of a company and end the existence of the company.

    The chief purposes of liquidation are threefold:

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Chamberlains Law Firm, Insolvency, Corporations Act 2001 (Australia)
    Authors:
    Stipe Vuleta
    Location:
    Australia
    Firm:
    Chamberlains Law Firm
    Central Properties Holdings Ltd
    2023-04-18

    There are many cases about the appointment of administrators, not so many about terminating their appointment. Re Central Properties Holdings Ltd (In Administration) [2023] EWHC 829 (Ch) is one.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Wedlake Bell, Company voluntary arrangement, Insolvency Act 1986 (UK)
    Authors:
    Sam Fenwick
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    Court Rules That Initial Transfer Need Not Be Avoided Before Recovery From Subsequent Transferee
    2023-04-18

    The United States Bankruptcy Court for the Southern District of New York has ruled that a creditor or trustee seeking to recover a subsequent transfer under Section 550(a) of the Bankruptcy Code need not obtain a judgment of avoidance against the subsequent transferee before proceeding with the recovery action.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Heather Lennox , Bruce Bennett , Ben Rosenblum , Michael C. Schneidereit , Nicholas C.E. Walter
    Location:
    USA
    Firm:
    Jones Day
    Mortgage Loan Repurchase Facilities: A Brief Overview of a Frequently Used Financing Structure
    2023-04-18

    A mortgage loan repurchase facility (more casually referred to as a "repo") is a financing structure commonly utilized to finance mortgage loans. These facilities are utilized by both residential and commercial mortgage loan originators and aggregators to finance mortgage loans that they originate or acquire. The structure is favored by liquidity providers in the mortgage loan finance arena due to its preferential "safe harbor" treatment under the United States Bankruptcy Code (the "Bankruptcy Code"), as further described below.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Dechert LLP
    Authors:
    Kenneth D. Hackman , Ralph R. Mazzeo , Shmuel Vasser , Jonathan D. Gaynor , Paul M. Mcaleer , Samuel Nofer , Gennady A. Gorel
    Location:
    USA
    Firm:
    Dechert LLP
    Are you getting what you paid for?
    2023-04-18

    If you are a creditor who is owed money by a company that has gone into voluntary administration, you will receive reports and notifications of meetings from the voluntary administrators.  Chamberlains can advise you on your rights and what to do in this situation.  In this case update, we look at one issue that may come up in such a scenario – when more time is needed before the second meeting.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Chamberlains Law Firm
    Authors:
    Sayward McKeown
    Location:
    Australia
    Firm:
    Chamberlains Law Firm
    Maybe You are Entitled to a Cure Payment, or Maybe Not?
    2023-04-18

    The Second Circuit recently held that a non-party to an assumed executory contract is not entitled to a cure payment (although it may be so entitled if is a third-party beneficiary of the contract). The result would have seemed obvious to bankruptcy practitioners. So, what in the world made the party pursuing payment take this to the Second Circuit? Well, surprisingly, as the Second Circuit decision shows, the answer is not found in the plain text of the Bankruptcy Code. And while it was argued prior to the Supreme Court’s ruling in Bartenwerfer v. Buckley, No. 21-908, 598 U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Dechert LLP, US Congress
    Authors:
    Shmuel Vasser
    Location:
    USA
    Firm:
    Dechert LLP

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