In American jurisprudence, resolution of disputes often involves the use of important tools to obtain information necessary to achieving a client’s goals. These tools are collectively known as “discovery.” Discovery is most often used in litigation; however, it may also be used as part of the bankruptcy process, without the need for a pending lawsuit.
On March 17, 2021, the National Congress rejected 12 of the 14 vetoes by President Jair Bolsonaro (veto nº 57/2020) on Law nº 14,112/2020, which amended the Brazilian Bankruptcy Code (Law nº 11,101/2005 - “LREF”).
In a recent decision, the Bankruptcy Court for the Southern District of New York held that a purported debt held by an entity with a near-majority membership interest in the Debtor was actually equity disguised as a loan.
Background
Can a foreign order or judgment be immediately enforced in Hong Kong? Generally, the answer is no. Depending on where the judgment comes from, either it must first pass registration under the Foreign Judgments (Reciprocal Enforcement) Ordinance, or if not caught by that ordinance, there is also a common law regime for other judgments.
Bedivere Insurance Company has been placed into liquidation and a deadline of December 31, 2021 has been set as the deadline for policyholders to file a Proof of Claim.
The Pennsylvania Commonwealth Court has ordered Bedivere Insurance Company to be liquidated and the Pennsylvania Insurance Commission has taken over its remaining assets. Bedivere Insurance Company’s year-end 2020 financials showed a negative $227.5 million in policyholder surplus. The policyholder surplus at the end of 2019 was $24.2 million. Asbestos losses drove the deterioration.
The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID
The Greater Bay Area (GBA) initiative is an ambitious scheme to link the nine cities in Guangdong’s Pearl River Delta, Hong Kong and Macau into an integrated economy and world class business hub.
Bankruptcy courts often dismiss appeals of chapter 11 plans when granting the relief requested in the appeal would undermine the finality and reliability of the corresponding plans, a doctrine known as Equitable Mootness. Over the past several years, certain circuits criticized the doctrine for its lack of statutory basis and effect of avoiding review on the merits.1
The worldwide Covid 19 pandemic has touched and affected us all in many different ways. In this blog I will look at how those of us who work in debt recovery need to take on board the impact the pandemic has had on mental health and factor that into their strategies. Mental health cannot be ignored as my partner, Cory Bebb, wrote in his recent blog
In a recent decision, the Court of Appeals for the Third Circuit closed the door on triangular setoffs, ruling that the mutuality requirement under Section 553 of the Bankruptcy Code must be strictly construed and requires that the debt and claim sought to be setoff must be between the same two parties. In re: Orexigen Therapeutics, Inc., No. 20-1136 (3d. Cir. 2021).
Background