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Bankruptcy Court Doors Swing Open For Cannabis Companies, But Just Slightly
2023-01-31

Are bankruptcy doors now opening for cannabis companies? A decision last week from a California bankruptcy court indicates perhaps so, at least for cannabis companies that are no longer operating.

Factual Background

Filed under:
USA, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs
Authors:
Mark A. Salzberg
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Highland Capital Asks Supreme Court to Review Fifth Circuit Exculpation Excision Ruling
2023-01-25

Last November we wrote about the Fifth Circuit Court of Appeals’ decision in Highland Capital Management, L.P., where the court reversed the bankruptcy court’s approval of a plan’s exculpation clause for non-debtors and limited the universe of parties covered by that provision. Relying on Bank of New York Trust Co., NA v. Official Unsecured Creditors’ Comm.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Supreme Court of the United States
Authors:
Mark A. Salzberg , Norman N. Kinel , Michelle Saney
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Bankruptcy Court Allows Service of a Subpoena Via Twitter
2023-01-17

When a court-appointed trustee or liquidator is tasked with liquidating an entity, they need to gain possession of all of the entity’s assets. In crypto cases, this task can prove difficult when trying to identify and control all of the entity’s different digital assets and obtain cooperation from the entity’s former operators. Unfortunately, in the case of Three Arrows Capital (“3AC”), the two founders have refused to cooperate with recovery efforts and have absconded to unknown foreign countries.

Filed under:
British Virgin Islands, USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Squire Patton Boggs, Hedge funds, Liquidation, Cryptocurrency, United States bankruptcy court
Authors:
Kyle F. Arendsen
Location:
British Virgin Islands, USA
Firm:
Squire Patton Boggs
View Original Article
(UK) 2023: The Year of the Restructuring Plan?
2023-01-09

It is difficult to predict what 2023 might hold for businesses in the UK. Given the difficult economic environment, many will already be facing a challenging start to the year. Although the challenges of the pandemic (such as lock downs) have gone, others have materialised. Energy price hikes and inflation rises continue to make trading conditions tough.

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Squire Patton Boggs, Liquidation, HM Revenue and Customs (UK)
Authors:
Rachael Markham , Charlotte Møller
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Who Owns the Crypto, the Customer or the Debtor?
2023-01-09

Whose crytpo is it? With the multiple cryptocurrency companies that have recently filed for bankruptcy (FTX, Voyager Digital, BlockFi), and more likely on the way, that simple sounding question is taking on huge significance. Last week, the Bankruptcy Court for the Southern District of New York (Chief Judge Martin Glenn) attempted to answer that question in the Celsius Network LLC bankruptcy case.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Cryptocurrency, FTX
Authors:
Mark A. Salzberg
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
The Register of Overseas Entities From a Restructuring and Insolvency (R&I) Perspective
2023-01-09

This guide should not be relied on as a definitive guide to the legislation and should not be relied on as legal advice. The particular circumstances of any situation will need to be considered to determine if the overseas entity is one that is captured by the legislation, if the estate is a qualifying estate, and whether the beneficial owners need to be registered. As a result, this guide is intended only as a high-level overview.

This guide covers the position of property and land situated in England and Wales only.

What is the Register of Overseas Entities?

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, Real Estate, Squire Patton Boggs, Anti-money laundering, Insolvency, Economic Crime (Transparency and Enforcement) Act 2022 (UK)
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
The Register of Overseas Entities From a Restructuring and Insolvency Perspective
2023-01-05

This guide should not be relied on as a definitive guide to the legislation and should not be relied on as legal advice. The particular circumstances of any situation will need to be considered to determine if the overseas entity is one that is captured by the legislation, if the estate is a qualifying estate, and whether the beneficial owners need to be registered. As a result, this guide is intended only as a high-level overview.

This guide covers the position of property and land situated in England and Wales only. 

Filed under:
United Kingdom, Company & Commercial, Insolvency & Restructuring, White Collar Crime, Squire Patton Boggs, Beneficial ownership, Anti-money laundering, Insolvency, Economic Crime (Transparency and Enforcement) Act 2022 (UK)
Authors:
John Alderton , Russell Hill , Devinder Singh
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article
Cross Border Recognition, 25 years on: the view from each side of the Pond
2022-12-13

The recent decision in Re Astora Women’s Health LLC illustrates the importance of cross-border recognition of insolvency processes, highlighting the benefits of a joined-up global approach which recognises that modern business do not stop for international borders.

With Astora hot off the presses and the twenty-fifth anniversary of the UNCITRAL Model Law on the horizon the team at SPB have taken stock of the cross-border recognition framework from the perspective of the UK and the US.

Astora

Filed under:
European Union, Global, United Kingdom, USA, Insolvency & Restructuring, Litigation, Public, Squire Patton Boggs, Insolvency, UNCITRAL
Location:
European Union, Global, United Kingdom, USA
Firm:
Squire Patton Boggs
View Original Article
Claims Agents Beware: Business Arrangement With Claims-Trading Platform Raises Court’s Concern
2022-11-28

Online claims-trading platform Xclaim Inc. came under scrutiny this past summer in the Madison Square Boys & Girls Club Inc. bankruptcy case pending in the United States Bankruptcy Court for the Southern District of New York. Since at least 2019, Xclaim has executed agreements with at least five notice and claims agent firms to synchronize their proofs of claim registers with Xclaim’s website where such claims are posted for sale.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs
Authors:
Kyle F. Arendsen
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Which issues affecting the insolvencies of failed energy companies has the court clarified?
2022-11-16

On 11th November 2022, Mr Justice Zacaroli handed down judgment on an application for directions made by the officeholders of ten different energy supply companies (“ESC” or “ESCs”) seeking clarification on issues arising in the insolvencies of the ESCs which had not previously been the subject of judicial consideration.

In terms of quantum, the issues were valued at in excess of a hundred million pounds across the ten insolvencies and potentially many more millions of pounds on other ESC insolvencies not before the court.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Unjust enrichment
Authors:
Devinder Singh
Location:
United Kingdom
Firm:
Squire Patton Boggs
View Original Article

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