Claims are “impaired,” unless the plan “leaves” their rights “unaltered.”§ 1124(1).

This rule is not as simple and unequivocal as it seems, according to an In re Hertz opinion. [Fn. 1] Here’s why.

Plan Treatment of Unsecured Claims

Claims of unsecured creditors in the Hertz bankruptcy are treated, under its Chapter 11 Plan, as follows:

We open the year with several events of major significance. The unlawful invasion of Ukraine by Russia is justifiably dominating the news cycle, with harrowing images of the impact of Russia's indiscriminate military bombardment on Ukrainian cities and towns. The invasion will have a substantial impact on the global economy. The conflict is also highly likely to have implications for our own domestic markets despite the geographical distance between us. Local sharemarkets have been volatile and oil prices have spiked in the last week.

１ 破産免責の手続

個人破産の手続においては、破産手続の開始の申立てが ある場合、免責許可の申立てもするのが通常である。免責制 度は、破産手続による配当を受けることができなかった債務 について責任を免れさせることによって破産者の経済的再生 を図る制度であり、積極的に不誠実な行為をした者でない限 り、破産者の経済的再生を付与するために免責を与えるべき との考え方が有力であり、破産管財人は、このような考え方に 基づき免責調査を行い、免責不許可事由が存在する場合、 裁判所に対してその旨の意見書を提出しており、東京地方 裁判所民事第20部（破産再生部）においても、免責不許可 事由に該当する事実があっても、その不誠実さの程度が著し い事例を除き、免責許可をしているのが通常である（破産・民 事再生の実務・破産編（第4版）595頁）。

The results of KPMG's Fraud Barometer showed a significant increase in fraud cases in 2021, confirming the general upward trend in this area. My colleagues recently prepared an update on the case of Hewlett Packard v Lynch, described as one of the most expensive and high profile fraud trials in recent history.

The English High Court has rejected a creditor's application to bring a moratorium to an end following the monitors' decision not to terminate the moratorium.

Background

A monitor must terminate the moratorium if they 'think' that the company is unable to pay any pre-moratorium debts for which the company does not have a 'payment holiday'. Surprisingly, debts arising under an agreement involving 'financial services' are excluded from the payment holiday.

Decision

As Canada prepares to emerge from the COVID-19 pandemic, factors such as the elimination of government pandemic support and rising interest rates may significantly affect lenders’ decisions in 2022. Many expect that withdrawal of government funding will create a wave of insolvency filings in Canada. Although there remains significant uncertainty, secured lenders may be comforted by recent court decisions across Canada that have affirmed lenders’ rights and remedies in cases of default. This article summarizes these recent decisions and offers implications for lenders going forward.

Imagine this: a U.S. District Court enters judgment in a case that’s “related to” a bankruptcy, and we want to file a motion for new trial or to amend the judgment.

So, which deadline applies to the motion:

This is how Tribune ends: not with a bang, but a whimper. The 12-year litigation saga, rooted in the spectacular failure of the media and sports conglomerate’s 2007 leveraged buyout, reached an end in late February with a curt “cert. denied” from the US Supreme Court.

Morgan Lewis was one of the firms that captained the defense for Tribune’s former shareholders. This post notes some lessons that we learned—and relearned.

Lesson One: Section 546(e)’s ‘New’ Safe Harbor

１ はじめに

法人が破産した場合、破産手続の終結に伴い、基本的に は法人格が消滅することになります。その結果、債務の負担 主体が消滅するため、債権も全て消滅することになります。こ れに対し、自然人（個人）が破産した場合、当然のことです が、破産手続が終結してもその自然人が消滅することはあり ません（そんなことになれば大変です。）。そうした場合に、配 当を得られなかった破産債権はどうなるのでしょうか。皆様の 中には、債務が「チャラ」になるというお話を聞かれたことがあ る方もおられるかもしれません。それはある意味的を射ていま すが、法的には少々不正確です。

Within the past 18 months, two bankruptcy courts have used the same factors, but reached opposite conclusions, about the characterization of two merchant cash advance funding transactions as either a “true sale” or not a “true sale” – and instead, a disguised financing. In doing so, the courts’ decisions confirm the importance of appropriate structuring to achieve true sale treatment.