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    Credits with respect to joint and several surety in the bankruptcy proceedings
    2011-11-30

    The object of this article is to analyze a controversial issue which is considered in recent times by the Mercantile Courts as a current incident involved in the Bankruptcy Proceedings and more specifically, to analyze the Judgement issued by the Court of First Instance no. 9 and Mercantile Court of Cordoba dated April, 19th 2010, in which the aforementioned incident is involved.  

    This incident is essentially based on establishing the treatment that should be granted to the additional guarantees provided by third parties in bankruptcy proceedings.  

    Filed under:
    Spain, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Surety, Debtor, Joint and several liability
    Authors:
    Paula Casado
    Location:
    Spain
    Florida district court sends strong message regarding expansive interpretation of fraudulent conveyance law in bankruptcy
    2011-02-18

    In a 113-page decision (click here to read decision) that is sure to be applauded by lenders and bond traders alike, Judge Alan S. Gold of the United States District Court for the Southern District of Florida, in overturning a Bankruptcy Court opinion that has caused lenders much concern, has issued a stern ruling that provides a bulwark against efforts by creditors and trustees in bankruptcy to expand the scope of the fraudulent conveyance provisions under the Bankruptcy Code.

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bond (finance), Bankruptcy, Surety, Unsecured debt, Debt, Joint venture, Default (finance), Subsidiary, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Sandra E. Mayerson , Nicholas J. Brannick
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Third Circuit restricts lenders’ right to credit bid on collateral sold through a plan of reorganization
    2010-04-28

    The Third Circuit Court of Appeals dealt a blow to secured creditors in its recent decision holding that a debtor may prohibit a lender from credit bidding on its collateral in connection with a sale of assets under a plan of reorganization. In the case of In re Philadelphia Newspapers, LLC, No. 09-4266 (3d Cir. Mar. 22, 2010), the court, in a 2-1 decision, determined that a plan that provides secured lenders with the “indubitable equivalent” of their secured interest in an asset is not required to permit credit bidding when that asset is sold.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Credit (finance), Debtor, Collateral (finance), Interest, Federal Reporter, Limited liability company, Debt, Personal property, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit, Third Circuit, US District Court for Eastern District of Pennsylvania
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Commission endorses restructuring and asset relief package for KBC
    2009-12-31

    On 18 November 2009, the Commission approved a restructuring and asset relief package for KBC under the EC State aid rules. KBC is a Belgian integrated banking and insurance group, based primarily in Belgium and Central and Eastern Europe. KBC has received three aid measures to support it during the economic crisis: in December 2008 a recapitalisation of €3.5 billion; in June 2009, a second recapitalisation of €3.5 billion and an asset relief measure on a portfolio of Collateralised Debt Obligations (“CDO”). Approval of these measures was subject to KBC submitting a restructuring plan.

    Filed under:
    Belgium, European Union, Banking, Insolvency & Restructuring, Insurance, Trade & Customs, Squire Patton Boggs, Debt, Portfolio (finance), State aid, Collateralized debt obligation, Valuation (finance), European Commission
    Authors:
    Diarmuid Ryan , Tom S. Pick
    Location:
    Belgium, European Union
    Firm:
    Squire Patton Boggs
    Bankruptcy issues in intercreditor agreements
    2009-05-31

    Introduction

    This article addresses bankruptcy issues commonly arising in connection with intercreditor agreements, and is intended to provide a general examination of provisions that relate specifically to bankruptcy or other insolvency proceedings. By reviewing variations of these provisions that have appeared in negotiated second lien financings, the discussion provides a checklist that will be useful at the front end of deals of this kind.

    Filed under:
    USA, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Debt, Limited partnership, Default (finance), Leverage (finance), Convertible bond, Bank of America
    Authors:
    Jeffrey A. Marks
    Location:
    USA
    Firm:
    Squire Patton Boggs
    Company voluntary arrangements: creditors with guarantees
    2007-07-18

    Re Powerhouse Limited: Prudential Assurance Company Limited v PRG Powerhouse Limited [2007] EWHC 1002 Ch Guarantees are widely used in commercial transactions to provide assurance to creditors that debts or other obligations owed to them are discharged fully in the event the principal debtor fails to perform. This assurance was shaken by the steps taken in early 2006 by PRG Powerhouse Limited (Powerhouse) to enter into a company voluntary arrangement (CVA) that contained proposals to release certain parent company guarantees given to landlords of premises being vacated by Powerhouse.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Retail, Surety, Debtor, Unsecured debt, Landlord, Debt, Liquidation, Secured creditor, Prejudice, Insolvency Act 1986 (UK), High Court of Justice
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Non, non ! Le caractère « averti » de la caution ne résulte pas de facto de sa fonction de dirigeant
    2016-06-28

    Fidèle à sa jurisprudence, la Cour de cassation réitère sa position : de la seule fonction de dirigeant ne peut se déduire la qualité de caution avertie. En pareil cas, c’est à l’établissement de crédit de prouver qu’il s’est acquitté de son devoir de mise en garde lorsqu’il en est effectivement tenu.

    Cass. Com. 22 mars 2016, FS-P+B, n° 14-20.216

    Filed under:
    France, Company & Commercial, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Visa (document), Bail, Court of cassation
    Authors:
    Véronique Collin
    Location:
    France
    Firm:
    Squire Patton Boggs
    Information and consultation in insolvencies - who wins, really?
    2016-05-18

    The Employment Tribunal ruled last month that the former employees of Sahaviriya Steel Industries UK Limited (in liquidation) are entitled to the maximum protective award for a complete failure by SSI to inform and consult them about their redundancies (90 days’ pay for each of the 1100 employees affected).

    Filed under:
    United Kingdom, Employment & Labor, Insolvency & Restructuring, Squire Patton Boggs, Employment tribunal
    Authors:
    Mark Prior , Ramez Moussa
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Are you a Person with Significant Control - and why does it matter?
    2016-04-04

    From April 2016 companies and limited liability partnerships (“LLPs”) (except for publicly traded companies) will be required to create and maintain a register of persons with “significant control” over the company (“PSC Register”) and in due course send that information to Companies House where it will be publically searchable.

    What’s the purpose of the new regulations?

    Filed under:
    United Kingdom, Insolvency & Restructuring, Squire Patton Boggs, Limited liability partnership, Beneficial ownership, Companies House
    Authors:
    Gemma Whale , Philip Sutton
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    A rock and a hard place…
    2016-02-16

    It is very much the nature of the job that appointed Office Holders are required to make difficult and challenging decisions on each and every case they take. On some occasions those decisions are well received – on others, not so well. Creditors affected by those decisions can take comfort that the Office Holder is experienced in making those difficult decisions, is an Officer of the Court, has their own licence to protect and, fundamentally, has a duty to treat all creditors fairly.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Squire Patton Boggs
    Authors:
    Russell Hill
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs

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