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    Legal Issues for Institutional Investors of FTX
    2022-11-10

    FTX has warned its investors, customers and the crypto-world that they may have to file for bankruptcy protection without rescue financing to address its immediate liquidity crisis. Unlike the bankruptcy cases of Celsius and Voyager, FTX’s case, should it file, will likely involve many institutional investors with secured and unsecured claims.

    Filed under:
    USA, Banking, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Litigation, Crowell & Moring LLP, Cryptocurrency
    Authors:
    Frederick (Rick) Hyman , Richard J. Lee
    Location:
    USA
    Firm:
    Crowell & Moring LLP
    Cross-Border Recognition: Hong Kong Schemes and the Compromise of Foreign Law-Governed Debt
    2022-11-10

    Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone.

    Filed under:
    Global, Hong Kong, Company & Commercial, Insolvency & Restructuring, Litigation, Latham & Watkins LLP, Insolvency, UNCITRAL
    Authors:
    Bruce Bell , Adam J. Goldberg , Howard K. H. Lam , Flora F. W. Innes , Tim Bennett
    Location:
    Global, Hong Kong
    Firm:
    Latham & Watkins LLP
    Celsius Bankruptcy Court Tees Up Tentative Briefing Schedule to Hear Issue of First Impression: Are Keys and Digital Assets Property of the Estate?
    2022-11-10

    Are customers’ digital assets held by exchange platforms in so-called “Custodial” and “Withhold” accounts property of the bankruptcy estate? This may be coined the golden question in the recent crypto bankruptcy chronicles, and at a status conference held Oct. 7, 2022, Bankruptcy Judge Martin Glenn of the Southern District of New York scheduled Dec. 7 and Dec. 8 as tentative dates to hear oral arguments on the issue.

    Filed under:
    USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Greenberg Traurig LLP
    Authors:
    John B. Hutton III
    Location:
    USA
    Firm:
    Greenberg Traurig LLP
    Smoked Out: How Those In The Cannabis Industry May Finally Gain Bankruptcy Protection
    2022-11-10

    Could bankruptcy protection be on the horizon for individuals and companies actively involved in the cannabis industry? Potentially yes, following President Biden’s October 6, 2022 request for the Secretary of Health and Human Services to begin the administrative process to review marijuana’s classification as a Schedule I substance under the Controlled Substance Act (“CSA”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Ninth Circuit
    Location:
    USA
    Firm:
    Mintz
    The Supreme Court of Canada Rules on Intersection of Insolvency and Arbitration Law
    2022-11-10

    On November 10, 2022, the Supreme Court of Canada (SCC) issued its much-anticipated decision in Peace River Hydro Partners v Petrowest Corp, 2022 SCC 41, addressing a key intersection of insolvency and arbitration law—whether and in what circumstances a contractual agreement to arbitrate should give way to the public interest in the orderly and efficient resolution of a court-ordered receivership.

    Filed under:
    Canada, British Columbia, Arbitration & ADR, Insolvency & Restructuring, Litigation, Bennett Jones LLP, Insolvency, Receivership, Supreme Court of Canada, British Columbia Supreme Court, British Columbia Court of Appeal
    Authors:
    Kelsey J. Meyer , Ciara J. Mackey , Adam J. Williams
    Location:
    Canada
    Firm:
    Bennett Jones LLP
    Insolvency Practitioners: important judgment impacting the treatment of claims in failed energy suppliers
    2022-11-11

    TODAY, THE EAGERLY-AWAITED JUDGMENT HAS BEEN HANDED DOWN BY MR JUSTICE ZACAROLI IN RESPECT OF THE APPLICATION FOR DIRECTIONS MADE BY OFFICE-HOLDERS OF A NUMBER OF FAILED ENERGY SUPPLIERS. 


    The impact of this judgment will be felt much wider than just within the applicants' insolvent estates and it is relevant to any office-holder or unsecured creditor of a failed energy supplier.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Addleshaw Goddard LLP, Insolvency
    Authors:
    Emma Sadler , Fraser Ritson
    Location:
    United Kingdom
    Firm:
    Addleshaw Goddard LLP
    Insolvency and Bankruptcy Board of India (Liquidation Process) (Second Amendment) Regulations, 2022: Radical Needs and Moderate Reforms
    2022-11-09

    The amended regulations are laudatory steps which will help to maximise recoveries for creditors since the amendments will lead to concluding the liquidation process in a time bound manner.

    Filed under:
    India, Insolvency & Restructuring, Litigation, JSA, Insolvency and Bankruptcy Code (India)
    Authors:
    Ankit Tripathi
    Location:
    India
    Firm:
    JSA
    The Only Constant Is Change: Use of ‘Anticipatory Contracting’ in Real Estate Restructuring Deals
    2022-11-09

    In life (as in business), as Heraclitus said, “the only constant is change.” In today’s fast-paced economy, this axiom should be kept in mind during contract negotiations, especially in a bear market.

    Filed under:
    Netherlands, Insolvency & Restructuring, Litigation, Real Estate, Greenberg Traurig LLP, Coronavirus
    Authors:
    Simone Wijngaard , Sabine Schoute
    Location:
    Netherlands
    Firm:
    Greenberg Traurig LLP
    New Chapter 11 Filing - Fast Radius Inc.
    2022-11-09

    On November 7, 2022, cloud manufacturing and digital supply chain company Fast Radius, Inc. of Chicago, IL filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 22-11051). The company reports $69.3 million in assets and $55.2 million in liabilities.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC
    Location:
    USA
    Firm:
    Cole Schotz PC
    Do company directors owe a ‘creditor duty’ when a company is nearing insolvency?
    2022-11-09

    The Supreme Court, in a key judgment handed down on 5 October 2022 (BTI 2014 LLC v Sequana SA and others [2022] UKSC 25), has provided some important clarification around the scope of directors’ duties in the context of companies that are nearing insolvency.

    Factual background

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Collyer Bristow LLP, Insolvency, Supreme Court of the United States, UK Supreme Court
    Authors:
    Robin Henry , Rhiannon Thompson
    Location:
    United Kingdom
    Firm:
    Collyer Bristow LLP

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