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    Insolvent foreign subsidiaries
    2011-12-29

    Generic Legal Advice Memorandum AM 2011-003 (August 18, 2011)

    Overview

    Filed under:
    USA, Insolvency & Restructuring, Tax, Alston & Bird LLP, Shareholder, Liability (financial accounting), Tax deduction
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Bankruptcy court holds that section 546(e) safe harbor does not apply to “settlement payments” made in a small, private leveraged buyout that poses no systemic risk to the securities market
    2011-05-11

    In Geltzer v. Mooney (In re MacMenamin’s Grill, Ltd.), Adv. Pro. No. 09-8266 (Bankr. S.D.N.Y. April 21, 2011), the United States Bankruptcy Court for the Southern District of New York held that the safe harbor in section 546(e) of the Bankruptcy Code does not apply to a small, private leveraged buyout (LBO) transaction that posed no systemic risk to the stability of the financial markets.

    Filed under:
    USA, New York, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Shareholder, Debtor, Fraud, Safe harbor (law), Interest, Leveraged buyout, Title 11 of the US Code, United States bankruptcy court, US District Court for SDNY
    Authors:
    Jason H. Watson , David A. Wender , Jonathan T. Edwards
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Bankruptcy reorganization
    2011-02-28

    The taxpayer was able to convince the court that the creditors who got the stock in the reorganization were not the prior owners. Because the events occurred in 1992, under a prior version of the continuity of proprietary interest rules, continuity of ownership was broken and a section 338(h)(10) election could be made and the basis in the assets inside the corporation stepped up to fair market value, with no tax liability because the seller was in bankruptcy with large net operating losses (NOLs).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Alston & Bird LLP, Tax exemption, Bankruptcy, Shareholder, Debtor, Interest, Federal Reporter, Debt, Liquidation, Fair market value, Subsidiary, Seventh Circuit
    Authors:
    Jasper L. (Jack) Cummings , Jr.
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Update - Boart Longyear schemes of arrangement approved
    2017-09-25

    In our previous blog post, we examined the decision of the New South Wales Court of Appeal to uphold the composition of classes of creditors in the Boart Longyear restructuring by way of scheme of arrangement.

    Filed under:
    Australia, New South Wales, Insolvency & Restructuring, Litigation, Hogan Lovells, Shareholder, Unsecured debt, Debt, Secured creditor, Unsecured creditor, Court of Appeal of England & Wales
    Authors:
    Scott Harris , James Hewer
    Location:
    Australia
    Firm:
    Hogan Lovells
    French Legal and Regulatory Update June 2017
    2017-07-24

    The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for June 2017.

    Please note that French legal concepts are translated into English for information only and not as legal advice. The concepts expressed in English may not exactly reflect or correspond to similar concepts existing under the laws of the jurisdictions of the readers.

    If you would like to consult this newsletter from past months, please click here.

    Filed under:
    European Union, France, Banking, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Insurance, Intellectual Property, IT & Data Protection, Real Estate, Tax, White Collar Crime, Hogan Lovells, Shareholder, Money laundering, Beneficial ownership, Terrorism financing
    Location:
    European Union, France
    Firm:
    Hogan Lovells
    What constitutes 'financial assistance'?
    2016-03-18

    Section 44 of the Companies Act 71 of 2008 governs the instances when a company may provide financial assistance for the purchase of the company's securities. (It is important to note that section 44(1) carves out the application of the entire section 44 for financial assistance given in the ordinary course of business by a company whose primary business is lending money.)

    Filed under:
    South Africa, Company & Commercial, Insolvency & Restructuring, Litigation, Hogan Lovells, Shareholder, Security (finance)
    Location:
    South Africa
    Firm:
    Hogan Lovells
    The abuse of business rescue: beware the serial debtor
    2014-12-11

    The advent of the new Companies Act 71 of 2008 (the Act) brought with it a shift from a creditor-protectionist society towards a business rescue model that is debtor-protectionist. In consequence, there has been a swarm of applications taking advantage and exploiting this new scheme. This shift has unfortunately led to considerable abuse of the business rescue procedure.

    Filed under:
    South Africa, Insolvency & Restructuring, Litigation, Hogan Lovells, Shareholder, Liquidation
    Authors:
    Alex Eliott , Kylene Weyers
    Location:
    South Africa
    Firm:
    Hogan Lovells
    New proposals to amend Shareholder Rights Directive
    2014-05-06

    On 9 April 2014, the Commission published proposals to amend the existing Shareholder Rights Directive (2007/36/EC).

    Filed under:
    European Union, Capital Markets, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Hogan Lovells, Corporate governance, Shareholder
    Location:
    European Union
    Firm:
    Hogan Lovells
    How deep do you bury the golden egg?
    2014-04-09

    The Court of Appeal has declined jurisdiction to wind up Yung Kee Holdings Limited (the "Company"), a company incorporated in the British Virgin Islands ("BVI"), upholding the decision of Harris J at first instance that the Company did not have "sufficient connection" with Hong Kong. 

    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, Hogan Lovells, Shareholder, Liquidation
    Authors:
    Chris Dobby , Timothy Hill , Allan Leung , Mark Lin , Damon So , Patrick Sherrington
    Location:
    Hong Kong
    Firm:
    Hogan Lovells
    Russian law aspects of insolvency
    2012-01-23
    1. INTRODUCTION

    A simple, clear and effective insolvency regime is a vital element in attracting both domestic and foreign investment in a jurisdiction like Russia. To be effective, an insolvency regime has to balance the interests of various classes of creditors, as well as the interests of creditors generally in relation to other interested parties, such as shareholders or participants. An insolvency regime is expected to give the debtor an opportunity to discharge its obligations and continue its business activity.

    Filed under:
    Russia, Insolvency & Restructuring, Hogan Lovells, Legal personality, Shareholder, Debtor
    Location:
    Russia
    Firm:
    Hogan Lovells

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