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    Landlords Beware: Lease Terminations May Be Voidable In Bankruptcy
    2016-03-24

    The Seventh Circuit Court of Appeals recently handed down a decision with significant implications for landlords contemplating lease termination agreements with distressed tenants. Ruling on a direct appeal in the chapter 11 case In re Great Lakes Quick Lube LP, the court held that a lease termination agreement between a landlord and a financially distressed tenant can be voided as either a fraudulent conveyance or a preferential transfer in the tenant’s subsequent bankruptcy case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Landlord, Leasehold estate
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Marshalling the troops when debtors become insolvent: A refresher on the equitable doctrine of marshalling
    2019-10-31

    The equitable doctrine of marshalling can protect the security interests of subordinate secured creditors when a debtor becomes insolvent.

    Marshalling is a neglected tool in the insolvency toolbox, but it can play an important role in protecting the security interests of subordinate secured creditors.

    Filed under:
    Australia, Banking, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz, Debtor
    Authors:
    Jonathon McRostie
    Location:
    Australia
    Firm:
    Clayton Utz
    NSW Conveyancing Act a useful tool for creditors and insolvency practitioners
    2018-08-30

    Section 37A can be used by future, contingent and prospective creditors to recover assets, meaning the transferor need not be indebted at the time of the transfer.

    Recovering assets from a debtor is usually done via the recovery provisions in the Corporations Act 2001 (Cth) or theBankruptcy Act 1966 (Cth), but there is another option, at least in New South Wales, which offers creditors, insolvency practitioners and any prejudiced parties a useful alternative. A recent case demonstrates its advantages (Lardis v Lakis [2018] NSWCA 113; Clayton Utz acted for the successful creditor).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz
    Authors:
    Jennifer Ball
    Location:
    Australia
    Firm:
    Clayton Utz
    No tenure for tenants of liquidated landlords
    2013-12-05

    The High Court has ruled that liquidators of lessors can disclaim leases, thus terminating the leasehold interests of tenants.

    However, yesterday's High Court decision in Willmott Growers Group Inc. v Willmott Forests Limited (Receivers and Managers Appointed) (In Liquidation) [2013] HCA 51 leaves open another issue: do liquidators need to get Court approval before exercising this power, and, if so, how easy or difficult would it be to get that approval?

    Key Points

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz, Landlord, Leasehold estate, Liquidation, Liquidator (law)
    Authors:
    Karen O'Flynn
    Location:
    Australia
    Firm:
    Clayton Utz
    A liquidator's disclaimer of a lease extinguishes a tenant's leasehold interest
    2012-10-25

    Key Points:

    The decision will give liquidators the certainty of knowing that disclaimer of a lease means that a tenant no longer has any interest in the land.

    A recent decision of the Victorian Court of Appeal has confirmed that a liquidator of a landlord can disclaim a lease with full effect, so that the land is no longer encumbered by a tenant's interest.

    Filed under:
    Australia, Victoria, Insolvency & Restructuring, Litigation, Real Estate, Clayton Utz, Leasehold estate, Interest, Liquidation, Victoria Supreme Court
    Authors:
    Scott Sharry , Laura Hawes
    Location:
    Australia
    Firm:
    Clayton Utz
    Victoria's new Farm Debt Mediation Scheme - how does it work?
    2012-10-25

    Key Points:

    There are various issues of which a secured creditor must be aware in seeking to either comply with its obligations or take steps to enforce a mortgage under the Act.

    Victoria's new Farm Debt Mediation Act 2011 (Vic) commenced operation on 1 December 2011 and is largely modelled on the equivalent New South Wales legislation, the Farm Debt Mediation Act 1994 (NSW).

    Filed under:
    Australia, Arbitration & ADR, Banking, Insolvency & Restructuring, Real Estate, Clayton Utz, Debtor, Debt, Mortgage loan, Mediation
    Authors:
    Paul James
    Location:
    Australia
    Firm:
    Clayton Utz
    Abu Dhabi Global Market publishes new commercial regulations and begins financial regulation consultation
    2015-07-14

    On 15 June 2015, the Abu Dhabi Global Market (Global Market), Abu Dhabi’s financial free zone, published the following six new regulations concerning the regulation of non-financial services in the Global Market:

    Filed under:
    United Arab Emirates, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Real Estate, Latham & Watkins LLP, Financial regulation
    Location:
    United Arab Emirates
    Firm:
    Latham & Watkins LLP
    COVID-19: Impact on Legal Positions of Landlords in Germany
    2020-06-24

    As a result of the legal amendments on German tenancy law that were passed in March 2020 in connection with the COVID-19 pandemic, landlords are not allowed to terminate lease agreements for default of rental payments occurring in the period from April 1 to June 30, 2020, until June 30, 2022, if those defaults result from the COVID-19 pandemic.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Real Estate, Latham & Watkins LLP, Landlord, Coronavirus
    Location:
    Germany
    Firm:
    Latham & Watkins LLP
    "Bankruptcy Remote" Special Purpose Entities in Commercial Mortgage Lending: Characteristics, Enforcement and Limitations
    2020-10-15

    Part I -- Introduction

    Filed under:
    USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Real Estate, Dechert LLP, Corporate governance, Coronavirus
    Location:
    USA
    Firm:
    Dechert LLP
    “Nobody Fell Off the Turnip Truck Yesterday”: What’s at Stake for Commercial Real Estate Lenders in Sutton 58?
    2019-05-31

    Sutton 58 Associates LLC v. Pilevsky et al., is a New York case which gets to the heart of the enforceability of classic single-purpose entity restrictions in commercial real estate lending. At issue is how far a third-party may go to cause a violation of a borrower’s SPE covenants, and whether those covenants are enforceable at all.

    A Defaulted Construction Loan and Frustrated Attempts to Foreclose:

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Real Estate, Dechert LLP, United States bankruptcy court, New York Supreme Court
    Location:
    USA
    Firm:
    Dechert LLP

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