In a consultation commenced on 7 July 2022, the UK Insolvency Service is proposing to implement two “model laws” adopted by the United Nations Commission on International Trade Law (UNCITRAL).

Earlier this year, we highlighted the US Supreme Court’s grant of certiorari in Siegel v. Fitzgerald (In re Circuit City Stores, Inc.) to determine whether a 2017 statute that increased Chapter 11 quarterly fees was constitutional. The Supreme Court has spoken and deemed the increase unconstitutional under the Bankruptcy Clause, which requires that bankruptcy laws be uniform.

In het tweede kwartaal van 2022 zijn op www.rechtspraak.nl 52 uitspraken gepubliceerd waarin de ingestelde vordering gegrond was op bestuurdersaansprakelijkheid. Het betrof 3 uitspraken van de Hoge Raad, 6 conclusies van de advocaat-generaal bij de Hoge Raad, 15 uitspraken van de gerechtshoven en 28 van rechtbanken.

In deze Kwartaalupdate Bestuurdersaansprakelijkheid voor Q2 2022 is een selectie

gemaakt uit deze uitspraken. De navolgende onderwerpen komen aan bod:

01. Bestuurdersaansprakelijkheid en matiging

(Hoge Raad 13 mei 2022) 2

The Bankruptcy Protector

In Enter. Bank v. The Ingros Fam. LLC, et al., 2022 WL 2283392 (Bankr. W.D. Pa. June 23, 2022), a lender faced a potentially costly decision when it mistakenly left the word “The” from a borrower’s name.

Since our last newsletter, Russia's war in Ukraine rumbles on, domestic inflation hits new highs and there are signs of an increase in activity in the insolvency market. Russians unlawful assault on Ukraine continues unabated, as we enter the European summer months, and the fourth month of the invasion. Besides the utter devastation inflicted on the people and infrastructure of Ukraine, the war is having a significant impact on both global food and oil prices.

Good afternoon.

Please find our summaries of the civil decision of the Court of Appeal for Ontario for the week of July 4, 2022.

News outlets and industry publications have been publishing information about recent “crypto winter” bankruptcies. In order to understand the impact of these bankruptcies as well as how they may impact your investments, it is important to understand what is currently known about these recent filings.

Three Arrows Capital Liquidation and Bankruptcy

This week’s TGIF considers the decision of In the matter of Bryve Resources Pty Ltd [2022] NSWSC 647, which illustrates the circumstances in which liquidators can recover payments made by the company to, or for the benefit of, directors.

Key takeaways

Some 13 years ago, Lehman Brothers' sudden and unexpected insolvency sent ripples across the banking and financial services market, some of which are still felt today.

The Court of Appeal's decision in the consolidated cases of Lehman Brothers Holdings Scottish LP 3 v Lehman Brothers Holdings plc (in administration) and others¹ [2021] EWCA Civ 1523 was the latest in a long line of cases seeking to unwind the issues arising from Lehman Brothers' unexpected collapse.

The background

Following a July 6, 2022 memorandum opinion from the United States Bankruptcy Court for the District of Delaware, lenders and noteholders seeking to preserve the priority of their liens must make any desired subordination protections explicit in their security documents. Judge Craig T. Goldblatt’s decision in In re TPC Group Inc. upholds a prepetition “uptier” transaction and narrows the issues before the Bankruptcy Court regarding TPC Group Inc.’s desired entry into a debtor-in-possession loan with an ad hoc group of noteholders over the dissent of minority holders.