On January 6, 2009, the United States Court of Appeals for the Second Circuit rendered a decision in the case of Riker, Danzig, Scherer, Hyland & Perretti v. Official Comm. of Unsecured Creditors (In re: Smart World Tech., LLC) that clarifies the implications of a bankruptcy court's "pre-approval" of the terms of a professional's retention by the bankruptcy estate under Sections 327 and 328 of the Bankruptcy Code.
On 2 March 2007 the High Court handed down the first decision on whether non-domestic rates are payable by an administrator as an expense, and in priority to his remuneration, under Rule 2.67 Insolvency Rules 1986 ("IR"). The judge determined that rates in respect of occupied business premises are a "necessary disbursement" (Rule 2.67(f) IR) of an administration.
Although it was not argued, the judge also expressed the view that this liability to pay rates incurred during the period of the administration would be unaltered if the property were unoccupied during this time.
There has been a significant increase in insolvencies in the construction, real estate, retail and wholesale sectors of the Russian economy, according to the statistics in the Competition Development Bulletin “Concentration on the Russian Markets: Trends in the Period of Recession” published in December 2015 by the Analytical Centre of the Government of the Russian Federation.
On May 4, 2016, the Court of Appeals for the Third Circuit held that a bankruptcy settlement in the form of a tender offer did not violate the principles of the bankruptcy process. See opinion here.
What is this all about?
India is proposing a new insolvency and bankruptcy code. It’s all part of the “Make In India” campaign by Narendra Modi’s government who are trying to attract businesses to India.
Current law
It does not appear that there has been a single separate law for bankruptcy legislation in the country’s history. Currently / historically the following have been used for insolvency purposes:
Individuals may want to think twice before seeking relief under chapter 11 following a recent decision from the Ninth Circuit Court of Appeals. In Zachary v.
Two days before Christmas, the Seventh Circuit Court of Appeals issued a ruling that is likely to have a dramatic impact in the highly-contested Caesars Entertainment bankruptcy case. The decision may also give a green light to other debtors seeking to enjoin lawsuits brought against non-debtor affiliates.
Click here to read this article in French.
It is now possible for creditors and co-contractors of insolvent companies to take certain steps in French insolvency proceedings and make certain statements “online”.
Published in the middle of August, the 2015-1009 decree of 18 August 2015 could easily have gone unnoticed, if it hadn’t been expected for several months by us “technophile” practitioners.
On 1 October 2015, several changes to UK insolvency legislation are coming into force. Insolvency practitioners and stakeholders should take note of the following key amendments to make sure they are up to date with these changes.
KEY POINTS