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    First scheme of arrangement for a Vietnamese company is sanctioned
    2013-09-05

    The High Court has sanctioned a scheme of arrangement between a Vietnamese company and certain of its creditors; the first time a Vietnamese company has taken advantage of this restructuring process in England.

    Background

    Filed under:
    United Kingdom, Vietnam, Insolvency & Restructuring, Litigation, Mayer Brown, Debt, State-owned enterprise, Default (finance)
    Authors:
    Devi Shah , Jessica Walker
    Location:
    United Kingdom, Vietnam
    Firm:
    Mayer Brown
    Pensions regulator statement: FSDs and insolvency
    2012-07-30

    The Pensions Regulator (the “Regulator”) has published a statement setting out its approach to the issuing of financial support directions (“FSDs”) in insolvency situations. The statement is designed to calm fears following the decision in the joined Nortel and Lehman cases that the “super priority” of FSDs could have a negative impact on the corporate rescue and lending industries.

    Background

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Mayer Brown, Defined benefit pension plan, The Pensions Regulator, Lehman Brothers
    Authors:
    Devi Shah , Andrew Block
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    True sale or not - the nature of the factoring agreement
    2012-02-17

    Did you know...

    it has been argued that a factoring arrangement over invoices of a company could be challenged as a charge over book debts and thus is void against liquidators of the company unless registered under section 80 of the Companies Ordinance.

    Filed under:
    Hong Kong, Banking, Insolvency & Restructuring, Litigation, Mayer Brown, Accounts receivable
    Authors:
    John M. Marsden , Phoebe K.Y Lo
    Location:
    Hong Kong
    Firm:
    Mayer Brown
    Seventh Circuit upholds secured lenders’ right to credit bid in asset sales under a Chapter 11 plan
    2011-07-06

    The US Court of Appeals for the Seventh Circuit has weighed in on the question of whether a secured creditor’s ability to credit bid—to offset the amount of the creditor’s debt against the purchase price of sale assets rather than bid in cash—is a right guaranteed by statute even in “cramdown” plans of reorganization conducted under Chapter 11 of the Bankruptcy Code. On June 28, 2011, the court ruled in favor of secured creditors with its much anticipated decision in In re River Road Hotel Partners, LLC (River Road).1

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Debt, Fair market value, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Seventh Circuit
    Authors:
    Brian Trust , Thomas S. Kiriakos
    Location:
    USA
    Firm:
    Mayer Brown
    European directories – collective sigh of relief for senior creditors
    2010-10-25

    Release provisions

    The scope of the powers afforded to the security agent by the so called “release provisions” found in many intercreditor agreements employed in LBO deals has come under scrutiny recently. A number of restructurings have relied upon using the security agent’s powers to implement a restructuring and many others will have at least considered using them.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Mayer Brown, Share (finance), Debtor, Consent, Liability (financial accounting), Holding company, Court of Appeal of England & Wales
    Authors:
    John Clark , Neil Caddy , Ashley Katz , Ian McDonald , Devi Shah
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Arbitration and bankruptcy in Brazil
    2010-07-20

    Although in some jurisdictions arbitration is a long-established form of alternative dispute resolution, this mechanism has only recently been regulated in Brazil. The Brazilian Commercial Code, enacted in 1850, already included a few sparse provisions regarding commercial arbitration, but there were no references to specific rules. It was not until 1996 that Brazil passed its first specific arbitration statute, Law No. 9,307/96 (Arbitration Law).

    Filed under:
    Brazil, Arbitration & ADR, Insolvency & Restructuring, Mayer Brown, Bankruptcy, Debtor, Arbitration clause, Arbitration award, Liquidation, Capital punishment, UNCITRAL, United States bankruptcy court
    Location:
    Brazil
    Firm:
    Mayer Brown
    Lehman Brothers International (Europe) (in administration)
    2009-10-26

    Summary

    The joint administrators of Lehman Brothers International (Europe) (“LBIE”) have released their second statutory six month progress report for the period 15 March 2008 to 14 September 2009 (the “Report”).

    A full copy of the Report is attached, which includes detail about the positions realised and expenses to date. Key points of interest are as follows:

    Filed under:
    European Union, Insolvency & Restructuring, Mayer Brown, Unsecured debt, Dividends, Interest, Lehman Brothers, High Court of Justice
    Authors:
    Ian McDonald , Ashley Katz , Kristy Zander
    Location:
    European Union
    Firm:
    Mayer Brown
    Opinion of Interest - In re Wolfson: A Potential Re-Evaluation of the “Undue Hardship” Test for Student Loan Borrowers
    2022-03-02

    In its January 14, 2022 decision in In re Wolfson, the United States Bankruptcy Court for the District of Delaware discharged Chapter 7 debtor Ryan K.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, United States bankruptcy court
    Authors:
    Aaron Gavant , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Winding up petitions: a return to the old normal? Except for landlords
    2021-09-29

    The new month sees a partial re-instatement of the legislation permitting creditors to serve winding up petitions on companies. However, the UK Government has adopted a softly, softly approach; this is seen from the temporary increase in the amount that must be owed from the modest £750 to £10,000 and the requirement for creditors to seek proposals for payment from a debtor business, giving them 21 days for a response, before they can proceed with winding up action. The measures are said to protect small businesses as they seek to rebuild their stability.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Mayer Brown, Coronavirus
    Location:
    United Kingdom
    Firm:
    Mayer Brown
    Too Little Too Late? After Much Debate, SBA Allows Debtors to Access PPP Loans - But Only on a Limited Basis
    2021-05-03

    After more than one year since the Paycheck Protection Program, or PPP, was established pursuant to the US Cares Act in March 2020, the Small Business Administration (“SBA”) has recently reversed its policy that prohibited companies in bankruptcy from applying for PPP funding due to their status as debtors in bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Paycheck Protection Program, CARES Act 2020 (USA), Small Business Administration (USA)
    Location:
    USA
    Firm:
    Mayer Brown

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