Temporary Payment Deferral Act 2020
This proposal aims to prevent avoidable insolvencies and offer the court the option to:
We at 1CL admire and encourage commitment to a cause, but even we blanched this week when we read of the determination of a 20 year old Slovenian woman, Julija Adlesic, who cut off her own hand with a circular saw in order to claim a €1,000,000 insurance payout. We can only imagine how irritated she must have been when police retrieved the hand and doctors were able to reattach it. All too predictably, the story ended in tears, when she was sentenced to a two year custodial sentence for attempted insurance fraud.
In the first article of our Business Rehabilitation Spotlight Series, we provided an overview of the anatomy of a typical business rehabilitation in Thailand where we focused on the key considerations for Thai and Foreign Creditors.
This week’s TGIF looks at a decision of the Supreme Court of New South Wales where a liquidator sought to distribute a surplus of $8.7 million despite one of the shareholders who was potentially entitled to a portion of the surplus being bankrupt and a debtor of the company.
Key takeaways
Over the summer, we wrote about why health care companies may want to consider buying assets out of bankruptcy, taking advantage of the Bankruptcy Code Section 363 sale process (a “363 Sale”). We are back with our second post, to provide more detail to the process and discuss some pros and cons of 363 Sales.
Let’s say you’re a hemp/CBD business (that also services the cannabis industry in a limited capacity) and COVID-19 has hit you. Hard. You’ve stretched your resources as far as you can, but you’re still on the ropes financially.
This post concerns computation of time under Bankruptcy Rule 9006. The specific issue addressed is whether a bankruptcy court — when computing a filing deadline — should count a day when its clerk’s office is closed, even if the electronic filing system is available. In a recent case, a federal district judge explained why in his view the day shouldn’t be counted. Labbadia v. Martin (In re Martin), No. 3:20-cv-939, 2020 WL 5300932, (SRU) (D. Conn. Sept. 4, 2020).
Singapore confirms further widening of third-party funding options
The COVID-19 pandemic has forced many hospitality professionals and their clients to confront bankruptcy, insolvency, and loan workout issues for the first time since the Great Recession. Chapter 11 presents a host of unique issues for hotels and other hospitality businesses. This article highlights a few key chapter 11 bankruptcy concepts for non-bankruptcy lawyers and other industry professionals to consider as they advise their distressed clients in the coronavirus environment.
This week, the Third Circuit issued an opinion in NJDEP v. American Thermoplastics Corp et al., No. 18-2865, which adds a new wrinkle on CERCLA section 113(f)(2), which bars non-settling parties from bringing claims for contribution against settling parties, while also placing new emphasis on CERCLA section 104 cooperative agreements in the context of settlements.