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    UK Insolvency Service consultation paper: improving the transparency of, and confidence in, pre-packaged sales in administrations
    2010-04-09

    On 31 March 2010, the UK Insolvency Service released a new consultation paper entitled "improving the transparency of, and confidence in, pre-packaged sales in administrations.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Public consultations, Precondition, Packaging and labeling
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Administrations: how the court balances conflicting interests
    2009-12-25

    Summary and implications

    Two recent cases involving company administrations have seen the court take very different approaches to an administrator’s demands. The court has shown that it will look at the overall purpose of the administration before deciding whether to allow administrators to use their powers. Clients should consider:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Nabarro LLP, General contractor, Design, Precondition, Packaging and labeling, Prejudice
    Location:
    United Kingdom
    Firm:
    Nabarro LLP
    Pre-pack sales in administrations - best value for creditors?
    2009-04-06

    A “pre-packaged sale”, or “pre-pack”, is an arrangement under which the sale of all or part of a company’s business or assets is negotiated with a purchaser prior to the appointment of an administrator, and effected shortly (perhaps immediately) after appointment. The administrator effects the sale without the business being offered to the open market.

    Filed under:
    United Kingdom, Insolvency & Restructuring, DMH Stallard LLP, Retail, Fraud, Liability (financial accounting), Precondition, Packaging and labeling, Chief executive officer
    Location:
    United Kingdom
    Firm:
    DMH Stallard LLP
    Fifth Circuit affirms denial of remediation cost claim from bankrupt company’s escrow account
    2011-07-01

    The Fifth Circuit Court of Appeals has affirmed decisions of the bankruptcy court and a federal district court that the purchaser of a bankrupt company’s assets cannot recover the costs of environmental remediation from an escrow account established as part of the purchase agreement.In re Evans Indus. Inc., No. 10-30387 (5th Cir. 6/21/11) (unpublished).

    Filed under:
    USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Real Estate, Shook Hardy & Bacon LLP, Environmental remediation, Bankruptcy, Costs in English law, Breach of contract, Warranty, Packaging and labeling, Trustee, United States bankruptcy court, Fifth Circuit
    Authors:
    David Erickson , Mark D. Anstoetter
    Location:
    USA
    Firm:
    Shook Hardy & Bacon LLP
    A closer look at the NewPage bankruptcy
    2011-09-11

    On September 7, 2011, NewPage Corporation ("NewPage" or "Debtors") filed petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware.  As stated in NewPage's Declaration in Support of First Day Motions (the "Declaration" or "Decl."), filed with the Bankruptcy Court, NewPage produces coated paper used in magazines, brochures catalogs and textbooks.  NewPage manufactures its products in paper mills located in Kentucky, Maine, Maryland, Michigan, Minnesota, Wisconsin and in Nova Scotia, Canada.  Decl. at *4.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Fox Rothschild LLP, Bankruptcy, Trade union, Packaging and labeling, United States bankruptcy court, US District Court for District of Delaware
    Authors:
    L. Jason Cornell
    Location:
    USA
    Firm:
    Fox Rothschild LLP
    Cost recovery not allowed from purchaser’s escrow
    2011-07-12

    On June 21, 2011, the Fifth Circuit Court of Appeals ruled in In re Evans Industries, Inc., that a purchaser of assets from a bankrupt company cannot make a claim against a holdback escrow account for expenses incurred while cleaning up hazardous waste that the bankrupt company left behind. Pursuant to an asset purchase agreement, Grief Industrial Packaging and Services purchased five facilities from Evans Industries, Incorporated.

    Filed under:
    USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Taft Stettinius & Hollister LLP, Environmental remediation, Bankruptcy, Breach of contract, Warranty, Packaging and labeling, Trustee, United States bankruptcy court
    Authors:
    Frank J. Deveau
    Location:
    USA
    Firm:
    Taft Stettinius & Hollister LLP
    UK Insolvency Service consultation paper: improving the transparency of, and confidence in, pre-packaged sales in administrations
    2010-04-09

    On 31 March 2010, the UK Insolvency Service released a new consultation paper entitled "improving the transparency of, and confidence in, pre-packaged sales in administrations.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Public consultations, Precondition, Packaging and labeling
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
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