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    Ratification of Agreements by the Court in Bankruptcy
    2021-04-05

    Introduction  

    In order to preserve a bankrupt's assets for distribution to creditors, any disposition of the bankrupt's property from the date of the bankruptcy application is considered void. However, this position is not absolute – the Court may consent to or ratify the disposition. In Sutherland, Hugh David Brodie v Official Assignee [2021] SGHC 65, the Singapore High Court set out the applicable principles that it would take into account when considering whether to ratify such disposition.

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Bankruptcy
    Authors:
    Sheila Ng , Raelene Pereira
    Location:
    Singapore
    Firm:
    Rajah & Tann Asia
    New Chapter 11 Filing - The Collected Group, LLC
    2021-04-05

    On April 5, 2021, The Collected Group, LLC, along with certain affiliates that design, distribute, and retail three contemporary, consumer-inspired, apparel lifestyle brands: Joie, Equipment, and Current/Elliott, filed a petition under Chapter 11 of the Bankruptcy Code in the Bankruptcy Court for the District of Delaware (Case No. 21-10663).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Small Business Administration (USA)
    Location:
    USA
    Firm:
    Cole Schotz PC
    Frozen in time: do limitation periods apply to claims against Cayman companies in liquidation?
    2021-04-05

    Legal claims can only be brought within the applicable limitation period prescribed by the Limitation Act (1996 Revision). A defendant to any claim that is time-barred has a complete defence. Prior to the recent decision ofRitchie Capital Management LLC et al (Ritchie) v Lancelot Investors Fund Ltd (Lancelot) and General Electric Company (GE), it had been generally understood that the Cayman approach to claims against companies in liquidation would follow the English position on the issue of limitation.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Litigation, Ogier
    Authors:
    Jennifer Fox , Victoria King
    Location:
    Cayman Islands
    Firm:
    Ogier
    Consider Skipping the “Certified” Option When Serving Pleadings
    2021-04-02

    When serving pleadings in an adversary proceeding, you may want to skip the certified option and go with regular first-class mail, or do both.

    Federal Rule of Bankruptcy Procedure 7004 governs service of process in adversary proceedings. The statute specifically provides for service by first class mail. And while some courts will also permit service of pleadings by certified mail, other courts forbid the use of certified mail.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP
    Authors:
    Maxwell K. Weiss , Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Wither Non-Debtor Releases? Purdue Pharma and the Proposed SACKLER Act
    2021-04-02

    On Friday, March 19, 2021, Congressional lawmakers introduced a bill that would amend the U.S. Bankruptcy Code to prohibit bankruptcy judges from permanently enjoining or releasing legal claims of states, tribes, municipalities or the U.S. government against non-debtors.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy
    Authors:
    Samuel R. Rabuck , Sean T. Scott , Aaron Gavant
    Location:
    USA
    Firm:
    Mayer Brown
    COVID-19 drives changes to judicial reorganisation procedures
    2021-04-02

    The COVID-19 crisis has emphasised the importance of having performant insolvency proceedings. As of now, new measures are in force which aim to optimise the judicial reorganisation procedure. We elaborate on the three most relevant changes.

    Belgian insolvency law organises two main types of insolvency proceedings: bankruptcy (faillissement/faillite) which is a winding-up proceeding and judicial reorganisation (gerechtelijke reorganisatie/réorganisation judiciaire) which is a safeguard proceeding.

    Filed under:
    Belgium, Insolvency & Restructuring, Litigation, Loyens & Loeff, Coronavirus
    Authors:
    Marc Vermylen , Vanessa Marquette
    Location:
    Belgium
    Firm:
    Loyens & Loeff
    Appellate Courts Split On Bankruptcy Ownership Of Malpractice Claims
    2021-04-02

    The debtors' legal malpractice claim was "not property of their bankruptcy estate," held a split Ninth Circuit on June 30, 2020. In re Glaser, 816 Fed. Appx. 103, 104 (9th Cir. June 30, 2020) (2-1). But the U.S. District Court for the District of Minnesota one week later affirmed a bankruptcy court judgment that "the [debtor's] estate was the proper owner" of such a claim. In re Bruess, 2020 WL3642324, 1 (D. Minn. July 6, 2020).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Supreme Court of the United States, Ninth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    U.S. Supreme Court Allows Repossessing Secured Lender To Hold Collateral Pending Bankruptcy Stay
    2021-04-02

    A secured lender's "mere retention of property [after a pre-bankruptcy repossession] does not violate" the automatic stay provision [362(a) (3)] of the Bankruptcy Code, held a unanimous U.S. Supreme Court on Jan. 14, 2021. City of Chicago v. Fulton, 2021 WL 125106, 4 ( Jan. 14, 2021). Reversing the Seventh Circuit's affirmance of a bankruptcy court judgment holding a secured lender in contempt for violating the automatic stay, the Court resolved "a split" in the Circuits. Id. at 2. The Second, Eighth and Ninth Circuits had agreed with the Seventh Circuit.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Supreme Court of the United States, Ninth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    No Setoff Here: Third Circuit Resolves Triangular Setoff Debate Once and for All
    2021-04-03

    Introduction

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
    Authors:
    Matt Barr , Ryan C. Rolston
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Court Winds Up Company Based on Disputed APNs: HMRC v Ozcal Limited [2020] EWHC 3771 (Ch)
    2021-04-01

    In 2014, Accelerated Payment Notices (“APNs”) were introduced by the Government under the Finance Act 2014, allowing HMRC to request upfront payments on account of disputed tax and/or National Insurance contributions relating to certain tax avoidance schemes.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, JMW Solicitors, HM Revenue and Customs (UK)
    Authors:
    Philippa Lai
    Location:
    United Kingdom
    Firm:
    JMW Solicitors

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