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    Full-steam Ahead for Mainland-Hong Kong Cooperation Mechanism to Recognise and Assist Insolvency Proceedings in Pilot Areas and Beyond
    2023-12-06

    The pilot measure for mutual recognition and assistance of insolvency proceedings between the courts of three pilot areas in Mainland China and Hong Kong was agreed in mid-2021, which is known as the Cooperation Mechanism.

    Since then, liquidators in Hong Kong have had a more certain and structured route to seek, through Hong Kong Court, recognition and assistance from the designated Mainland courts in the three pilot areas including Shanghai, Shenzhen and Xiamen.

    Key Takeaways

    Filed under:
    China, Hong Kong, Insolvency & Restructuring, Litigation, Mayer Brown, Insolvency
    Authors:
    Vincent W C Law , Raymond C. L. Yang , Johnson Ng , Emily H. K. Chen
    Location:
    China, Hong Kong
    Firm:
    Mayer Brown
    What is a Section 363 Bankruptcy Sale and How Does the Process Work?
    2023-12-07

    A Section 363 sale is a sale of a company's assets pursuant to Section 363 of the Bankruptcy Code. The Bankruptcy Court will approve a 363 sale if the debtor can demonstrate a "substantial business justification" for the sale.

    Key Issues

    In general, Section 363 bankruptcy sales proceed as follows:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Due diligence
    Authors:
    David M. Fournier , Evelyn J. Meltzer , Kenneth A. Listwak , Tori Lynn Remington
    Location:
    USA
    Firm:
    Troutman Pepper
    Fifth Circuit: Bid Protections for Stalking Horse in Bankruptcy Asset Sale Satisfied Both Business Judgment and Administrative Expense Standards
    2023-12-07

    Bankruptcy and appellate courts disagree over the standard that should apply to a request for payment of a break-up fee or expense reimbursement to the losing bidder in a sale of assets outside the ordinary course of the debtor's business. Some apply a "business judgment" standard, while others require that the proposed payments satisfy the more rigorous standard applied to administrative expense claims.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Due diligence, Fifth Circuit
    Authors:
    Paul M. Green
    Location:
    USA
    Firm:
    Jones Day
    Delayed sanction hearing under Part 26A Companies Act 2006 - a rare sight!
    2023-12-07

    The High Court has recently considered and allowed the application of an opposing creditor to extend the time allocated for the hearing to sanction a restructuring plan under Part 26A of the Companies Act 2006. David Garner reports on the sanction hearing below.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Capital Law LTD, Insolvency, Companies Act 2006 (UK), Corporate Insolvency and Governance Act 2020
    Authors:
    David Garner
    Location:
    United Kingdom
    Firm:
    Capital Law LTD
    Purdue Pharma Oral Arguments at U.S. Supreme Court: A Summary & A Compilation of Justices’ Comments/Questions
    2023-12-07

    Oral arguments at the U.S. Supreme Court in Harrington v. Purdue Pharma L.P. happened on December 4, 2023. Here is a link to the official transcript of such arguments.

    My Impression

    I’ve read that transcript—and still don’t know what the Court is going to do.

    But based on the comments/questions of the justices (which are summarized and compiled below), I do have one impression:

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Koley Jessen PC, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Cure and Reinstatement of Defaulted Loan Under Chapter 11 Plan Requires Payment of Default-Rate Interest
    2023-12-07

    Section 1124(2) of the Bankruptcy Code gives chapter 11 debtors a valuable tool for use in situations where long-term prepetition debt carries a significantly lower interest rate than the rates available at the time of emergence from bankruptcy. Under this section, in a chapter 11 plan, the debtor can "cure" any defaults under the relevant agreement and "reinstate" the maturity date and other terms of the original agreement, thus enabling the debtor to "lock in" a favorable interest rate in a prepetition loan agreement upon bankruptcy emergence.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day
    Authors:
    Oliver S. Zeltner
    Location:
    USA
    Firm:
    Jones Day
    U.S. Supreme Court Bankruptcy Roundup
    2023-12-07

    The Court heard argument in the case on December 4, 2023.

    Third-Party Releases in Chapter 11 Plans

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Supreme Court of the United States
    Location:
    USA
    Firm:
    Jones Day
    Welcome guidance provided by English Court's second reported decision on the new moratorium procedure
    2023-12-07

    The English High Court has clarified the test it will apply on an application for a moratorium. A company can get the benefit of a moratorium without applying to court but a court application is necessary if a winding up petition has already been presented or the company is an overseas company.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Taylor Wessing
    Authors:
    Louise Jennings
    Location:
    United Kingdom
    Firm:
    Taylor Wessing
    Eighth Circuit: Avoidance Causes of Action Are Property of the Bankruptcy Estate that Can Be Sold
    2023-12-07

    A debtor's non-exempt assets (and even the debtor's entire business) are commonly sold during the course of a bankruptcy case by the trustee or a chapter 11 debtor-in-possession ("DIP") as a means of augmenting the bankruptcy estate for the benefit of stakeholders or to fund distributions under, or implement, a chapter 9, 11, 12, or 13 plan.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Internal Revenue Service (USA), Internal Revenue Code (USA), Eighth Circuit
    Authors:
    Julian E.L. Gale
    Location:
    USA
    Firm:
    Jones Day
    New York Bankruptcy Court: Foreign Representative in Chapter 15 Case Need Not Be Appointed by Foreign Court
    2023-12-07

    In most cases seeking recognition of a foreign bankruptcy proceeding in the United States under chapter 15 of the Bankruptcy Code, the foreign debtor's "foreign representative" has been appointed by the foreign court or administrative body overseeing the debtor's bankruptcy case.

    Filed under:
    Global, USA, Insolvency & Restructuring, Litigation, Jones Day, Power of attorney
    Authors:
    Corinne Ball , Dan T. Moss , Michael C. Schneidereit , Isel M. Perez , Ryan Sims , David S. Torborg
    Location:
    Global, USA
    Firm:
    Jones Day

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