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    Supreme Court Expands Creditors’ by Allowing Denial of a Discharge Under Sec. 523(a)(2)(A) if Debtor Transfers Assets in Violation of State Fraudulent Transfer Statute
    2016-06-21

    Section 523(a)(2)(A) of the Bankruptcy Code allows a creditor to obtain a judgment denying its debtor a discharge of debts incurred by false pretenses or actual fraud. However, if the debt itself was not incurred by actual fraud, but the debtor subsequently transfers his assets with the intent prevent its creditors from obtaining payment, may the creditor still obtain a judgment denying the debtor’s discharge under § 523(a)(2)(A)?

    Filed under:
    USA, Insolvency & Restructuring, Litigation, White Collar Crime, Holland & Hart LLP, Shareholder, Credit (finance), Debtor, Fraud, Debt, Misrepresentation, Common law, Bankruptcy discharge, Supreme Court of the United States, Fifth Circuit
    Location:
    USA
    Firm:
    Holland & Hart LLP
    All That Glitters: Golden Share Can’t Dismiss Bankruptcy
    2016-06-13

    In In re Intervention Energy Holdings, LLC, the question before the United States Bankruptcy Court for the District of Delaware was whether an investor who “bought and paid for [one] Common Unit (including all rights related thereto),”

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Shareholder, Debtor, Fiduciary, Limited liability company, United States bankruptcy court
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Energy Future Holdings Chapter 11 Case - The Largest Game Ever of Texas Hold’em?
    2016-05-31

    The chapter 11 case of Energy Future Holdings (“EFH” or “Debtors”) roared back to life this month.

    Filed under:
    USA, Texas, Energy & Natural Resources, Insolvency & Restructuring, Tax, Kelley Drye & Warren LLP, Shareholder, Private equity, Taxable income, Real estate investment trust
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Fraudulent Transfer Scheme Prevents Discharge of Debtor’s Obligation
    2016-05-23

    An individual files a bankruptcy case to have his debts forgiven, or “discharged.” Where that individual is a principal shareholder or officer of a corporate borrower who has guaranteed payment of his company’s loans, those debts can be substantial. An individual guarantor in that dire situation may try to hide assets – his own or those of his company – and then file a bankruptcy case, in an effort to defeat a lender’s right to be repaid.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, White Collar Crime, Quarles & Brady LLP, Bankruptcy, Shareholder, Surety, Debtor, Fraud, Debt, Bankruptcy discharge
    Authors:
    Christopher Combest
    Location:
    USA
    Firm:
    Quarles & Brady LLP
    Dividends liable to challenge as transactions defrauding creditors?
    2016-08-25

    In the recent case of BTI 2014 LLC v Sequana SA & others [2016] EWHC 1686, the High Court has held for the first time that a dividend can be challenged as a transaction entered into at an undervalue within the meaning of section 423(1) of the Insolvency Act 1986 (the “IA”).

    The Facts

    The facts of the case are long and complex but for present purposes the pertinent facts are as follows.

    Arjo Wiggins Appleton Limited (now Windward Prospects Limited) (“AWA”) was a wholly owned subsidiary of Sequana SA (“SSA”).

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Shareholder, Debtor, Fraud, Dividends, Board of directors, Interest, Consideration, Debt, Good faith, Subsidiary, Insolvency Act 1986 (UK), High Court of Justice (England & Wales)
    Authors:
    Cathryn Williams , Jonathan Dunkley
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    A lifeboat with conditions: new guidance from the PPF
    2016-08-19

    The Pension Protection Fund (“PPF”) has updated its approach to employer restructuring guidance and its general guidance for restructuring and insolvency professionals. These documents set out certain criteria that should be met when making proposals to the PPF in respect of a sponsoring employer suffering an insolvency event.

    1. The PPF Approach to Employer Restructuring:

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Reed Smith LLP, Accessibility, Shareholder, Liability (financial accounting), Investment funds, Refinancing, Sponsor (commercial), Valuation (finance), The Pensions Regulator (UK), Pension Protection Fund, Trustee
    Authors:
    Rebecca Thorp , William Sutton
    Location:
    United Kingdom
    Firm:
    Reed Smith LLP
    Approaching insolvency-interests of creditors and duties to shareholders
    2016-08-22

    In a recent case, BTI 2014 LLC v Sequana SA & others, the High Court was asked to consider the circumstances in which the directors of a company are required to consider the interests of creditors and the extent to which the payment of a dividend by a company can be susceptible to challenge under section 423 of the Insolvency Act 1986 (IA 1986).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Cummings Law Ltd, Confidentiality, Shareholder, Private equity, Breach of contract, Dividends, Fiduciary, Audit, Board of directors, Limited liability company, Venture capital, Code of conduct, Solicitors Regulation Authority (UK), Insolvency Act 1986 (UK)
    Authors:
    Claire Cummings
    Location:
    United Kingdom
    Firm:
    Cummings Law Ltd
    English Law Schemes of Arrangement: Class Composition
    2016-08-24

    Focus on the AB InBev and SABMiller merger

    Filed under:
    United Kingdom, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Orrick, Herrington & Sutcliffe LLP, Share (finance), Brexit, Shareholder, Board of directors, Consideration, Voting, Activist shareholder
    Authors:
    Stephen Phillips , Scott Morrison , Jack Mead
    Location:
    United Kingdom
    Firm:
    Orrick, Herrington & Sutcliffe LLP
    Halcrow: Latest restructuring of a pension scheme
    2016-07-22

    BACKGROUND

    Halcrow Group Limited (HGL) and Halcrow Water Services Limited (together Halcrow), two subsidiaries of Halcrow Holdings Limited (HHL), were the sponsoring employers with legal responsibility for funding the Halcrow Pension Scheme (HPS).

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Macfarlanes LLP, Shareholder, Debt, Consent, Sponsor (commercial), Valuation (finance), The Pensions Regulator (UK), Pension Protection Fund, Trustee
    Authors:
    Camilla Barry , Sheamal Samarasekera
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP
    When an Asset is not an Asset
    2016-07-19

    The Court of Appeal has recently considered the status of contingent assets within the balance sheet test for insolvency in the context of a company’s inability to pay its debts. Under Section 123 Insolvency Act 1986, a company is deemed unable to pay its debts if its assets are less than its liabilities including contingent liabilities but nothing is said about the status of contingent assets.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Shareholder, Dividends, Beneficiary, Debt, Liability (financial accounting), Balance sheet, Liquidator (law), Insolvency Act 1986 (UK), Court of Appeal of England & Wales
    Authors:
    Susan Kelly
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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