Section 363(b) of the Bankruptcy Code affords debtors flexibility to sell assets outside of the ordinary course of business after notice and a hearing. This right is supported by
At the most basic level, bankruptcy is all about property. Going out on a limb here, we’d say that it’s a good idea to have a sense of what is and what is not your property before filing for bankruptcy. Of course, this is easier said than done in some cases and can be subject to dispute, as demonstrated by
In American Federated Title Corp. v. GFI Management Services, Inc., the United States District Court for the Southern District of New York
“Render unto Caesar the things that are Caesar’s, and unto [CEC] the things that are [CEC’s] [?]” – Matthew 22:21 (as revised)
Recharacterization: an overview
Scheme Hot Topics Bulletin: Part III Schemes vs Chapter 11 June 2015 Using the key features of our case study below, we compare schemes and Chapter 11 proceedings on the following grounds: ■ jurisdiction (filing requirements and crossborder recognition); ■ moratorium; ■ scope, i.e. which creditors can be included in (or excluded from) the relevant proceedings; ■ control; ■ new money; ■ cramdown; ■ valuation; ■ third party releases; ■ disclosure; ■ market impact; ■ timing and costs; and ■ special Chapter 11 rules on oil & gas interests.
In an opinion that mostly flew under the radar in 2021, Judge Christopher Sontchi from the Bankruptcy Court for the District of Delaware (the “Court”) found a private equity sponsor (the “Sponsor”)1 liable (and, in some cases, not liable) under various contractual and tort theories in connection with actions the Sponsor took or did not take in its failed efforts to stave off a potential bankruptcy filing of its portfolio company, Allied Systems Holdings, Inc., now known as ASHINC Corporation (“Allied” or the “Company
Introduction
On 9 December 2020, the UK government gave businesses muchneeded breathing space with an extension of insolvency measures.