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    Venue Reform May Be Gaining Momentum
    2021-09-29

    On the heels of this month’s confirmation of Purdue Pharma’s controversial plan of reorganization which contained third-party releases in favor of the Sackler family members, a new bill has been introduced in the Senate seeking an end to what some critics refer to as “bankruptcy forum shopping.” The bill is a companion bill to H.R.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Crowell & Moring LLP
    Authors:
    Frederick (Rick) Hyman , Monique Almy
    Location:
    USA
    Firm:
    Crowell & Moring LLP
    Bankruptcy debtor prevails over SBA in district of Arizona PPP loan dispute
    2021-09-28

    The Paycheck Protection Program (“PPP”) was a forgivable loan program administered by the US Small Business Administration (“SBA”) that was created as part of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020. The PPP ended on May 31, 2021. Since the passage of the CARES Act, litigation has ensued over whether companies in bankruptcy are eligible to receive PPP loans.

    Filed under:
    USA, Arizona, Company & Commercial, Insolvency & Restructuring, Litigation, Snell & Wilmer LLP, Coronavirus, Paycheck Protection Program, Small Business Administration (USA), CARES Act 2020 (USA), Ninth Circuit
    Authors:
    Andrea M. Hicks , Molly J. Kjartanson , Tanya N. Lewis
    Location:
    USA
    Firm:
    Snell & Wilmer LLP
    Courts Begin Interpreting New Due Diligence Requirements for Trustees Before Filing Preference Actions
    2021-09-28

    In an underreported amendment to the Bankruptcy Code, the Small Business Reorganization Act amended §547(b) of the Code to add an explicit requirement for the bankruptcy trustee or debtor in possession to conduct “reasonable due diligence” before filing a preference action. The apparent goal of this amendment to the Bankruptcy Code is to reduce the number of frivolous preference lawsuits pursued by trustees.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Hunton Andrews Kurth LLP, Bankruptcy, Due diligence, Trustee
    Authors:
    Gregory G. Hesse , Michael R. Horne
    Location:
    USA
    Firm:
    Hunton Andrews Kurth LLP
    Winding up a BVI company: Even if the Court has powers over directors resident in Hong Kong, the 2nd core requirement may still not be satisfied
    2021-09-28

    Introduction

    In the recent case of Re Grand Peace Group Holdings Ltd [2021] HKCFI 2361, which concerns the winding-up of a foreign incorporated listed company, the Court of First Instance revisited the 2nd core requirement and considered whether the possibility of the court making an order to compel the directors of the company to execute the documents necessary for the liquidators to take control of the company’s BVI subsidiaries would be sufficient to be considered as a real possibility of benefit to the petitioner.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, ONC Lawyers
    Authors:
    Ludwig Ng , Ivy Wang
    Location:
    Hong Kong
    Firm:
    ONC Lawyers
    August 2021: Supreme Court clarifies the parameters of the tort of lawful act economic duress; Competition Appeal Tribunal grants first ever Collective Proceedings Order; and Privy Council holds that the ‘reflective loss’ rule is a substantive rule of law
    2021-09-27

    PH Insight for News and Analysis of the Latest Developments from the Courts of England and Wales for August 2021

    In this edition. . .

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Paul Hastings LLP, Coronavirus, European Commission, UK Supreme Court
    Authors:
    Alex Leitch , Jack Thorne , Harry Denlegh-Maxwell , Alison Morris , Jonathan Robb , Gesa Bukowski
    Location:
    United Kingdom
    Firm:
    Paul Hastings LLP
    3rd Cir. Holds Bankruptcy Amendments Did Not Overrule ‘Willfulness’ Defense to Automatic Stay Violations
    2021-09-27

    The U.S. Court of Appeals for the Third Circuit recently affirmed lower court rulings that a bankrupt debtor was entitled to receive damages and attorneys’ fees for a creditor’s violation of the automatic stay in bankruptcy.

    In so ruling, the Court held that:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    SDNY Bankruptcy Court OKs Purdue Pharma’s Plan of Reorganization Featuring Third-Party Releases for Sacklers in Exchange for Contributing $4.325 Billion to Opioid Victim Settlement Fund
    2021-09-27

    On September 1, 2021, Judge Robert Drain issued a much-anticipated oral ruling approving Purdue Pharma L.P.’s plan of reorganization. The plan, which has garnered significant attention from the media, legislators, academics, and practitioners, releases current and future members of the Sackler family and many of their associates and affiliated companies – none of whom filed for bankruptcy themselves – from liability in connection with any possible harm caused by OxyContin and other opioids that Purdue Pharma manufactured and distributed.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Samuel R. Rabuck , Sean T. Scott , Thomas S. Kiriakos , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    Dealing with parallel insolvency proceedings in different jurisdictions?
    2021-09-27

    When creditors try to recover debt from a distressed company in different jurisdictions, they will incur significant costs. In particular, in Hong Kong, the creditors could apply to the High Court for sanctioning a scheme of arrangement, in the hope of settling the debt. While the High Court would decide on whether it is appropriate to sanction the scheme, it would also consider if it is appropriate for the creditors to pursue parallel proceedings in multiple jurisdictions.

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Hauzen, Court of First Instance (Hong Kong)
    Location:
    Hong Kong
    Firm:
    Hauzen
    An Insurer’s Questions: Interpretation and Waiver
    2021-09-23

    The questions that an insurer asks prospective insureds on an application for insurance, and the answers given in response, can have important ramifications on the parties’ rights and obligations going forward. The proper interpretation of those questions can often prove crucial in determining whether the insured has complied with their obligation to disclose material facts and give a fair presentation of risk. The consequences of any misrepresentation or material non-disclosure can be significant, including denial of coverage by the insurer.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Insurance, Litigation, 4 Pump Court
    Authors:
    Jonathan Schaffer-Goddard , Elliott Cook , Roddy Dunlop KC
    Location:
    United Kingdom
    Firm:
    4 Pump Court
    Hong Kong Companies’ Court for the first time refused to grant assistance to soft-touch provisional liquidators
    2021-09-23

    The recent case of Re China Bozza Development Holdings Ltd [2021] HKLRD 977 demonstrated the attitude and increased scrutiny of the Hong Kong Companies’ Court towards offshore soft-touch provisional liquidation.

    The leading authority on the meaning of soft-touch is the British Virgin Islands case of Re Constellation Overseas Ltd BVIHC (Com) 2018/0206,0207,0208, 0210 and 0212 . (§3) :

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, King & Wood Mallesons
    Authors:
    Edmund Wan
    Location:
    Hong Kong
    Firm:
    King & Wood Mallesons

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