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    Client Alert: Corporate Bankruptcy Reformation: Proposed Legislation to Address Controversial Practices in Chapter 11
    2022-03-21

    As a result of recent high profile Chapter 11 cases, such as Purdue Pharma and Johnson & Johnson, there has been great Congressional and media attention to controversial Chapter 11 practices. These include debtors’ forum and judge shopping, nonconsensual third-party releases of nondebtors in the Plan of Reorganization, and the use of divisional mergers to isolate liabilities into special purpose entities.

    In 2021, to address these concerns, two bills were introduced in the U.S. Senate and House of Representatives:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Shumaker Loop & Kendrick, US Congress
    Authors:
    David H. Conaway
    Location:
    USA
    Firm:
    Shumaker Loop & Kendrick
    The importance of being earnest: file your proof of debt on time
    2022-03-21

    The case of Re Premier FX Limited (in Liquidation) highlights the potentially dire consequences for a creditor who does not file their proof of debt by a set deadline - and makes clear that mistakenly forgetting to do so is not a sufficient excuse.

    Premier FX was in business as a foreign exchange dealer and money transfer agent. Financial advice was sought when it became clear to the (newly appointed) directors that the claims received from customers exceed the balance of the funds held by the company.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Charles Russell Speechlys
    Authors:
    Jessica Williams
    Location:
    United Kingdom
    Firm:
    Charles Russell Speechlys
    Recovery from a Member’s Interest in an LLC
    2022-03-21

    The Bankruptcy Protector

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
    Authors:
    Jody A. Bedenbaugh
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    "A Clash of Two Congressionally Constructed Titans": Fifth Circuit Declares Bankruptcy Court Victorious Over FERC in In re Ultra Petroleum Corporation
    2022-03-17

    On March 14, 2022, the United States Court of Appeals for the Fifth Circuit (the “Fifth Circuit”) revisited the issue of the rejection of filed-rate contracts in bankruptcy where such contracts are governed by the Federal Energy Regulatory Commission (“FERC”). The ruling marks the first time the Fifth Circuit has addressed this issue since its 2004 decision in In re Mirant Corp.1 In Federal Energy Regulatory Commission v.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Bracewell LLP, FERC, United States bankruptcy court
    Authors:
    Mark K. Lewis , Mark E. Dendinger , Jonathan Lozano , Robert Grattan
    Location:
    USA
    Firm:
    Bracewell LLP
    New restructuring officer regime to be introduced into the Cayman Islands
    2022-03-17

    “the new restructuring officer regime and the other amendments to the Companies Act … address certain of the challenging issues previously experienced by practitioners with the restructuring provisional liquidation regime”

    Introduction

    The Cayman Islands continues to be at the forefront of developments in restructuring and insolvency law in the offshore world and one of the premier jurisdictions of choice to facilitate complex and high-value cross-border restructurings.  

    Filed under:
    Cayman Islands, United Kingdom, Insolvency & Restructuring, Litigation, Walkers, Articles of association
    Authors:
    Shelley White , Fiona MacAdam
    Location:
    Cayman Islands, United Kingdom
    Firm:
    Walkers
    Justice Breyer’s Upcoming Retirement: The Bankruptcy World Will Miss Him
    2022-03-17

    In a few months, Justice Stephen G. Breyer is set to retire from the U.S. Supreme Court.

    The bankruptcy world will miss him.

    The reason for discussing this subject now (instead of waiting for the retirement to actually happen) is this:

    • The triumph of Justice Breyer’s Footnote 2 in Merit Management, as accomplished by a denial of certiorari on 2/22/2022.

    What follows is a summary of four important Supreme Court bankruptcy opinions in which Justice Breyer played a significant role—starting with the Footnote 2 opinion.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Two schemes for the price of one? Court grants leave to convene in relation to Amigo Loans' new scheme proposals.
    2022-03-17

    Customers of Amigo loans will have the opportunity to vote at creditor meetings in relation to two alternative scheme proposals, following its recent leave to convene hearing. In a judgment handed down on 15 March, the court gave leave to convene simultaneous creditors' meetings in relation to two schemes - termed the "New Business Scheme" and the "Wind-Down Scheme".

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Stevens & Bolton LLP, Financial Conduct Authority (UK)
    Authors:
    Helen Martin
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Delivery Not Included - what the High Court of Australia’s decision in the ‘Willis’ case means
    2022-03-18

    The High Court of Australia’s decision in Wells Fargo Trust Company, National Association (as Owner Trustee) & Anor v VB Leaseco Pty Ltd (Administrators Appointed) & Ors (the “Willis” case).

    On Wednesday, 16 March 2022, the High Court of Australia handed down its decision in the Willis case.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, King & Wood Mallesons, Due diligence, High Court of Australia
    Authors:
    John Canning , Samantha Kinsey , Dale Rayner , Philip Pan , Cameron Mew
    Location:
    Australia
    Firm:
    King & Wood Mallesons
    Court reaffirms disclosure obligations for examination summons
    2022-03-18

    This week’s TGIF considers the recent decision of In the matter of PIC Lindfield 19 Pty Ltd (in liq)[2022] NSWSC 271, in which former directors of the company in liquidation failed to set aside summonses for public examination on the basis of alleged non-disclosure by the liquidators.

    Key Takeaways

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Corporations Act 2001 (Australia), High Court of Australia, New South Wales Supreme Court
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    Just and equitable winding up: the status quo in Jersey
    2022-03-18

    This article first appeared in FIRE magazine.

    Introduction

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Ogier
    Location:
    Jersey
    Firm:
    Ogier

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