In the recent decision In the Matter of Padma Fund L.P. (unreported, 8 October 2021) (Padma), Justice Parker found that the Grand Court of the Cayman Islands (Court) has no jurisdiction to wind up a Cayman Islands exempted limited partnership (ELP) on the basis of a creditors' petition. Instead, the Court found that an unpaid creditor must present a petition against the general partner (GP) of the ELP.
On October 31, 2021, PWM Property Management LLC, along with several affiliates that own premium commercial space in New York and Chicago, filed a petition for relief under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-11445). The company reports $1 to 10 billion in assets and liabilities.
A person in possession of a debtor’s property upon a bankruptcy filing now has more guidance from the Supreme Court as to the effect of the automatic stay. In City of Chicago, Illinois v. Fulton, 141 S. Ct. 585 (2021), handed down on January 14 of 2021, the Court was faced with the issue of whether the City of Chicago (the “City”) was liable for violation of the automatic stay for refusing to return vehicles it impounded pre-petition. Issuing a narrow decision under Section 362(a)(3) of the Bankruptcy Code, the Court held that it was not.
Maryland Legal Alert for Financial Services
The Bankruptcy Court for the District of Maryland recently proposed a new local rule in response to the U.S. Supreme Court decision that mere retention of bankruptcy estate property by a creditor post-petition does not amount to an exercise of control over estate property in violation of the automatic stay.
Maryland Legal Alert for Financial Services
The High Court, in its recent judgment In the matter of ipagoo LLP (in administration) [2021] EWHC 2163 (Ch) (Ipagoo), has determined that no statutory trust exists over safeguarded funds held under the Electronic Money Regulations 2011 (EMRs). This can be contrasted with the decision In Re Supercapital [2020] EWHC 1685 (Ch) (Supercapital) which found that the Payment Services Regulations 2017 (PSRs) create a statutory trust over safeguarded funds.
Ruby Apartments held the management rights to 242 serviced apartments in Ruby One Tower, Surfers Paradise, when Receivers were appointed on 1 August 2019.The Receivers were appointed by a secured creditor one day after Ruby Apartments had appointed an administrator. Ruby Apartments was part of the Ralan Group.
The Receivers carried on the business of apartment manager until 30 September 2019, when they sold the business as a going concern to a third party purchaser.
In a chapter 13 case, which typically lasts from 3 to 5 years while a debtor makes payments according to a plan, the value of the debtor’s property can fluctuate. In a time like the present, when home prices are rising, sometimes dramatically, that could mean an increase in the value of a debtor’s home during the life of the chapter 13 which changes the financial dynamics in the case.
Preface
Welcome to the Americas Restructuring Review 2020, one of Global Restructuring Review’s annual, yearbook-style reports.
Global Restructuring Review, for anyone unfamiliar, is the online home for international restructuring specialists everywhere, telling them all they need to know about everything that matters.