As we began discussing this week in our previous entries, on August 26, 2014, Judge Drain of the Bankruptcy Court for the Southern District of New York issued a momentous bench ruling in connection with the confirmation hearing of
Banks, insurance brokers, and other agents can breathe a sigh of relief as the Fourth Circuit enabled the “mere conduit” defense to survive another day. The Fourth Circuit has long recognized the proposition that an avoidable transfer cannot be recovered, pursuant to section 550(a)(1) of the Bankruptcy Code, from a transferee who acted as a “mere conduit” for another party having the direct business relationship with the debtor.
Walk a mile in my shoes
Walk a mile in my shoes
Yeah, before you abuse, criticize and accuse
Walk a mile in my shoes
(Elvis Presley, “Walk a Mile in My Shoes”)
Walk a mile in these Louboutins
But they don’t wear these *%!# where I’m from
I’m not hating, I’m just telling you
What do you get when you combine a 20+ year old bankruptcy, a contaminated landfill, and a state regulatory agency that moves at a glacial pace? The answer: In re Solitron Devices, Inc., a recent decision from the Bankruptcy Court for the Southern District of Florida.
Introduction
Any restitution and compensation agreed by the judge when the swap agreement is terminate
Judgment of the Supreme Court of Justice of 20-03-2014 Standardization of Jurisprudence – Insolvency Proceedings – Right of Retention
Judgment of the Court of Appeal of Porto of 05-12-2013
Contract Termination in Favor of the Insolvency Assets – Conditional Termination – Requirements – Bad Faith – Judicial Presumption
CHANGES TO THE INSOLVENCY AND RESTRUCTURING COMPANIES CODE
The changes to the Insolvency and Restructuring Companies Code, as established in Decree-Law No. 79/2017 of June 30, entered into force on July 1 2017.
Noteworthy changes
A. Special revitalization proceeding (Processo Especial de Revitalizao "PER")
1. This proceeding is now only available to companies.
2. Requirements for this proceeding were revised.
a. For every company:
When an composition agreement is terminated due to non-fulfillment and the disappearance is declared of its effects over the credits, the affected credits will be recognized for their original amount, and the definitive texts will include the fraction pending of payment, even if the resulting amount after applying the debt relief agreed has been paid in full