Puerto Rico v. Franklin CA Tax-Free Trust, No. 15-233
Acosta-Febo v. Franklin CA Tax-Free Trust, No. 15-255

It is said that muddy water is best cleared by leaving it be.  The Supreme Court’s December 4 decision to review the legality of Puerto Rico’s local bankruptcy law, the Recovery Act, despite a well-reasoned First Circuit Court of Appeals opinion affirming the U.S. District Court in San Juan’s decision voiding the Recovery Act on the grounds that it conflicts with Section 903 of the U.S. Bankruptcy Code, suggests, at a minimum, that at least four of the Justices deemed the questions raised too interesting to let the First Circuit have the last word.

In re Caribbean Medical Testing Center, Inc. (Bankr. D. Puerto Rico) Case no. 11-06124

In re Hotel Airport Inc. (Bankr. D. Puerto Rico) Case no. 11-06620

The Romanian High Court of Cassation and Justice has ruled on April 4th, 2019 the decision no. 12 (Decision in the interest of the law) that put an end to the controversy over the legal regime of the expenses representing local taxes owed by the debtor for the immovable assets sold within the insolvency procedure.

This controversy has revolved around the question whether these taxes might be qualified either as budgetary receivables or expenses for the preservation of assets.

Many questions arise when a contractual partner enters into insolvency. One question is what happens with the debtor's ongoing contracts when the insolvency starts? Are they maintained or terminated?

One of the main principles governing insolvency proceedings states that the debtor's reorganisation should be sought before bankruptcy. To this end, the Romanian Insolvency Law (RIL) provides a series articles supporting the debtor's potential reorganisation.

Following a lengthy process which started in 2012 aiming to reform the Romanian insolvency framework as part of a wider judicial reformation program, the New Insolvency Law (Law no. 85/2014 regarding the prevention of insolvency and the insolvency proceedings) entered into force on 28 July 2014.

In the case, the insolvency proceedings had not been used for the purposes provided by Law 85/2006 on insolvency proceedings (Law 85) but for other purposes.

The New Civil Procedure Code (NCPC) was postponed several times before eventually coming into force on 15 February 2013. The legislators anticipate that the new law will speed up proceedings and offer a greater level of protection to civil rights.

The Presidium of the Russian Supreme Court has approved a Review* of the judicial practice in disputes related to claims made by persons or entities (below referred to as persons) controlling a debtor and its affiliates in bankruptcy proceedings.

The Review provides important clarifications on the specifics of the participation in bankruptcy proceedings of persons affiliated with a debtor and persons controlling the debtor’s activities.