Under federal law, a debtor may be criminally prosecuted for various kinds of misconduct in connection with a bankruptcy case, including concealing assets, falsifying information, embezzlement, or bribery. See 18 U.S.C. §§ 152, 157. The U.S. Trustee, which serves as a watchdog over the bankruptcy process, will refer such cases to the U.S. Attorney’s Office for investigation and prosecution.

The £150 million judgment makes clear the full impact of the trading misfeasance offence for directors.

In a recent decision by the Supreme Court of New South Wales regarding unfair preference claims - In the matter of Pacific Plumbing Group Pty Limited (in liquidation) [2024] NSWSC 525 – Justice Black provides guidance to liquidators on what is required to recover payments made to a third party on behalf of an insolvent company as unfair preferences.

In particular, the case highlighted that a liquidator has the burden of proof to show that:

In MaIlinckrodt PLC v. Sanofi-Aventis U.S. LLC, No. 23-1111, the U.S. Court of Appeals for the Third Circuit affirmed a Delaware bankruptcy court decision finding a debtor’s obligation to pay a perpetual royalty was an unsecured claim that was dischargeable in bankruptcy. The decision is a cautionary tale for contract counterparties that negotiate future payment rights.

Background

Insolvency and Restructuring Bulletin

Wanneer een juridisch geschil wordt voorgelegd aan de rechter, zijn er griffierechten verschuldigd. Griffierecht is de vergoeding die door de gerechtelijke instantie wordt geheven voor het in behandeling nemen van de zaak. De hoogte van deze kosten hangt bijvoorbeeld af van de aard van de zaak, het inkomen van een rechtszoekende, en of een natuurlijk persoon of rechtspersoon procedeert. Onder omstandigheden kan een (rechts)persoon in aanmerking komen voor het verlaagd griffierecht voor onvermogenden.

Verlaagd griffierecht voor onvermogenden

Der Bundesgerichtshof hat mit Urteil vom 24. Juli 2024 (II ZR 206/22) entschieden, dass ein aus dem Amt ausgeschiedener Geschäftsführer gemäß § 823 Abs. 2 BGB i.V.m. § 15a InsO grundsätzlich auch für Schäden von Neugläubigern haftet, die erst nach seinem Ausscheiden in vertragliche Beziehungen mit der Gesellschaft getreten sind, wenn die verschleppungsbedingte Gefahrenlage zum Zeitpunkt der Schadensentstehung noch fortbestand.

Sachverhalt

The general rule is that claims of the bankruptcy estate against third parties (e.g., preference claims and tort claims) can be sold to third parties in a § 363 sale.[Fn. 1]

However, a recent opinion from the U.S. Fifth Circuit Court of Appeals discusses whether a state’s champerty law impairs a § 363 sale.[Fn. 2] 

When a legal dispute is brought to court, court fees are payable. Court fee is the fee levied by the judicial authority for handling the case. The amount of these fees depends, for example, on the nature of the case, a litigant’s income, and whether a natural person or legal entity is litigating. Under these circumstances, a (legal) person may qualify for the reduced court fee for insolvent persons.

Reduced court fee for insolvent persons

Pursuant to the Civil Cases Fees Act, the reduced court fee for the insolvent may be levied in the following two cases:

Gläubigerbenachteiligungsvorsatz bei der Vorsatzanfechtung im Rahmen von Grundstücksverkäufen (BGH, Urteil vom 22. Februar 2024 – IX ZR 226/20).