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    Preference Actions: What Is the Ordinary Course of Business Defense?
    2024-01-18

    The Bankruptcy Code’s Section 547(b) allows a trustee or debtor in possession to recover property transferred to a creditor, known as a preference action. However, the Code also provides defenses to a preference action, including the ordinary course of business defense.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper
    Authors:
    David M. Fournier , Evelyn J. Meltzer , Kenneth A. Listwak , Tori Lynn Remington
    Location:
    USA
    Firm:
    Troutman Pepper
    Third-party funding in insolvency scenarios - Singapore
    2024-01-18

    Since the implementation of the Insolvency, Restructuring and Dissolution Act 2018 (the IRDA), liquidators and judicial managers in Singapore have been statutorily authorised to use third-party funding for a range of claw-back actions. They are also able to transfer company assets to funders; to assign the fruits of legal actions to funders; and to grant super-priority to funders.

    Filed under:
    Asia-Pacific, Singapore, Insolvency & Restructuring, Litigation, Litigation Capital Management, Liquidation, Litigation funding, Third-party funding, Insolvency
    Authors:
    Niall Hanna
    Location:
    Asia-Pacific, Singapore
    Firm:
    Litigation Capital Management
    Hunt v Singh: guidance on director's duties to creditors following Sequana
    2024-01-19

    The English High Court decision of Hunt v Singh [2023] EWHC 1784 (Ch) has provided the most substantive authority on directors' duties to creditors since the decision of the Supreme Court in BTI 2014 LLC v Sequana SA and others [2022] UKSC 25 (“Sequana”). The case specifically considered the point at which a director’s duty to take into account the interests of creditors arises.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Tax, Brodies LLP, HM Revenue and Customs (UK), UK Supreme Court
    Authors:
    Nicky-Ray Watson
    Location:
    United Kingdom
    Firm:
    Brodies LLP
    Court of Appeal summaries (January 15 - January 19)
    2024-01-20

    Following are our summaries of the civil decisions of the Court of Appeal for Ontario for the week of January 15, 2024.

    Filed under:
    Canada, USA, Ontario, Banking, Company & Commercial, Derivatives, Family, Insolvency & Restructuring, Litigation, Real Estate, Blaney McMurtry LLP, Due diligence, Barclays, Commodity Futures Trading Commission (USA), FERC, HSBC, Bank of Nova Scotia, Competition Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
    Authors:
    John Polyzogopoulos , Ines Ferreira
    Location:
    Canada, USA
    Firm:
    Blaney McMurtry LLP
    A Deep Dive into 2023's Insolvency Regime - Part 5
    2024-01-21

    In the concluding part of our exploration into the 2023 insolvency landscape, Part 5 delves into two significant cases that shape the dynamics of the Insolvency and Bankruptcy Code (IBC), offering insights into constitutional challenges and the treatment of properties acquired through auction sales.

    Dilip B. Jiwrajka v. Union of India

    Constitutional Validity of Sections 95 to 100 in Part III of IBC

    Background:

    Filed under:
    India, Insolvency & Restructuring, Litigation, Singhania & Partners LLP, Insolvency, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Authors:
    Vikas Goel
    Location:
    India
    Firm:
    Singhania & Partners LLP
    SDNY Amends Guidelines for Prepackaged Chapter 11 Cases
    2024-01-22

    On January 22, 2024, the chief judge of the U.S. Bankruptcy Court for the Southern District of New York entered General Order M-621 adopting amended procedural guidelines governing prepackaged Chapter 11 cases.

    The guidelines provide a comprehensive framework for the administration of prepackaged Chapter 11 cases in the district. Among other things, they recognize and address “Rapid Prepackaged Chapter 11 Case[s],” defined as cases “where the Debtor seeks confirmation of the plan to be granted between one (1) and fourteen (14) days after the petition date.”

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Skadden Arps Slate Meagher & Flom LLP, US Congress
    Authors:
    Robert D. Drain, , Moshe S. Jacob
    Location:
    USA
    Firm:
    Skadden Arps Slate Meagher & Flom LLP
    Texas court holds Bankruptcy Code overrides Delaware LLC Act
    2024-01-18

    On December 12, 2023, in the case of In re Envision Healthcare Corp., Case No. 23-90342, Judge Christopher M. López of the US Bankruptcy Court for the Southern District of Texas determined that Section 541 of the Bankruptcy Code conflicts directly with, and therefore trumps, Section 18-304 of the Delaware LLC Act to prevent the termination of a member’s interests in a Delaware limited liability company arising from such member’s bankruptcy filing.

    Summary of Section 18-304 of the Delaware Limited Liability Company Act (LLC Act)

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, DLA Piper, Delaware Court of Chancery, Delaware Supreme Court
    Authors:
    Matthew Sarna , Robert Klyman
    Location:
    USA
    Firm:
    DLA Piper
    ‘Quasi-judicial’ role of liquidators in treating disputed claims under the IBC
    2024-01-18

    The Insolvency and Bankruptcy Code, 2016 (“IBC”) is silent on the treatment of a disputed or contingent claim, which is pending adjudication before a judicial or quasi-judicial body, giving rise to a contentious issue. The decision of the Hon’ble Supreme Court in Committee of Creditors of Essar Steel Limited v.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Cyril Amarchand Mangaldas, Liquidation, Insolvency and Bankruptcy Board of India, Insolvency and Bankruptcy Code (India), Supreme Court of India, National Company Law Tribunal
    Authors:
    Gyanendra Kumar , Shreya Som , Soumyaditya Dasgupta , Shivam Tiwari
    Location:
    India
    Firm:
    Cyril Amarchand Mangaldas
    Economy, Pandemic Drove Up Bankruptcy Filings in 2023 With No Abatement Expected This Year
    2024-01-18

    A look back at bankruptcy trends and litigation in 2023 reveals a spike in bankruptcy filings driven by economic factors and fallout from the pandemic while in upper courts several interesting cases were decided involving proofs of claim, stay violations, and discharge issues.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Bankruptcy, Supreme Court of the United States
    Authors:
    Alan C. Hochheiser
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Czech Republic’s New Act on Preventive Restructuring: Game-Changer in Creditor-Debtor Relationships
    2024-01-18

    On 23 September 2023, the new Act on Preventive Restructuring (284/2003 Coll.) entered into effect in the Czech Republic (the “Czech Preventive Restructuring Act”), incorporating the EU Directive 2019/1023 on preventive restructuring frameworks in the Czech legal environment.

    Filed under:
    Czech Republic, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Vladimír Polách , Danica Šebestová , Ivan Chalupa
    Location:
    Czech Republic
    Firm:
    Squire Patton Boggs

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