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Cayman investment company obtains Chapter 15 protection in the United States
2010-02-19

The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.

Recognition of the liquidation as foreign main proceedings provides for an automatic stay of proceedings with respect to any assets of SIFCO5 within the United States, amongst other things.

Filed under:
Cayman Islands, USA, Delaware, Insolvency & Restructuring, Litigation, Harneys, Interest, Limited liability partnership, Liquidation, Investment company, Liquidator (law), Title 11 of the US Code, Bear Stearns, United States bankruptcy court, US District Court for District of Delaware
Location:
Cayman Islands, USA
Firm:
Harneys
View Original Article
New York district court refuses to recognize hedge funds’ winding up proceedings in the Cayman Islands
2008-06-09

In a recent decision,1 Judge Sweet of the United States District Court for the Southern District of New York affirmed a bankruptcy court decision and refused to recognize under chapter 15 of the Bankruptcy Code either as “foreign main proceedings” or as “foreign nonmain proceedings” the well-publicized liquidations brought in the Grand Court of the Cayman Islands by two Bear Stearns hedge funds (the “Funds”).

Filed under:
Cayman Islands, USA, Capital Markets, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Debtor, Asset management, Hedge funds, Legal burden of proof, Liquidation, Broker-dealer, Comity, Title 11 of the US Code, Bear Stearns, United States bankruptcy court
Location:
Cayman Islands, USA
Firm:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
View Original Article
New York Bankruptcy Court refuses to recognize hedge funds’ winding up proceedings in the Cayman Islands
2007-09-05

In a decision rendered late last week, Judge Lifland of the Southern District of New York Bankruptcy Court refused to recognize under chapter 15 of the Bankruptcy Code, either as “foreign main proceedings” or as “foreign nonmain proceedings,” the well-publicized liquidations brought in the Cayman Islands by two Bear Stearns hedge funds that were victims of volatility in the sub-prime lending market.

Filed under:
Cayman Islands, USA, Capital Markets, Insolvency & Restructuring, Litigation, Paul, Weiss, Rifkind, Wharton & Garrison LLP, Hedge funds, Subprime lending, Liquidation, Distressed securities, Title 11 of the US Code, Bear Stearns, United States bankruptcy court
Location:
Cayman Islands, USA
Firm:
Paul, Weiss, Rifkind, Wharton & Garrison LLP
View Original Article
Re: Agrokor DD et. al. [2018] Case No. 18-12104
2019-02-13

In October 2018 Judge Glenn of the United States Bankruptcy Court (New York) considered the common law principles of comity and the English common law Gibbs rule to grant recognition of a Croatian company's settlement agreement which modified both New York and English law.

Background

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Ashfords LLP, Title 11 of the US Code, United States bankruptcy court
Authors:
Emma Hindon , Alan Bennett
Location:
USA
Firm:
Ashfords LLP
View Original Article
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
View Original Article
Strategic Use of Bankruptcy Examiner Requests
2010-04-28

Seeking to have an independent examiner investigate a debtor or its management can be a powerful tool available to creditors and other interested parties in a bankruptcy case. Typically, a party might request that an examiner be appointed if the debtor or its management is suspected of fraud or other misconduct. The low cost associated with making the request, together with recent positive outcomes for requesting creditors, may help to increasingly popularize the use of examiner requests by parties seeking leverage in bankruptcy plan negotiations.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Shareholder, Debtor, Fraud, Debt, Liquidation, Leveraged buyout, Debtor in possession, Title 11 of the US Code, Delaware Supreme Court, United States bankruptcy court, Sixth Circuit, US District Court for SDNY, Trustee
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Second Circuit joins chorus on inapplicability of Bankruptcy Code Section 502(d) to administrative claims
2009-12-17

The Second Circuit Court of Appeals recently issued its decision on a question of first impression before the court: whether section 502(d) of the Bankruptcy Code applies to administrative claims arising under section 503(b) of the Bankruptcy Code. See, generally, ASM Capital, L.P. v. Ames Dept. Stores, Inc. (In re Ames Dept. Stores, Inc.), 582 F.3d 422 (2d Cir. 2009).

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Federal Reporter, Default judgment, Liquidation, Conveyancing, Title 11 of the US Code, Second Circuit, Ninth Circuit, United States bankruptcy court, Fifth Circuit, Trustee
Authors:
Nicholas J. Brannick
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Does your dog bite? Asking the right questions in actions under Bankruptcy Code Section 502(d)
2009-12-17

The current economy is bad for everybody, particularly small business owners who may not have an adequate equity base to draw on.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Title 11 of the US Code
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Florida Bankruptcy Court issues sweeping ruling against lenders in high stakes fraudulent transfer and preference litigation
2009-12-17

In a recently published opinion, Judge John K. Olson of the United States Bankruptcy Court for the Southern District of Florida permitted the bankruptcy estates of TOUSA, Inc. and its debtor subsidiaries to avoid and recover more than $1 billion of liens and cash that the debtors had transferred to secured lenders in a transaction entered into six months prior to the debtors’ chapter 11 bankruptcy filing. Official Committee of Unsecured Creditors of TOUSA, Inc. v. Citicorp North America, Inc., 2009 Bankr. LEXIS 3311 (Bankr. S.D. Fla. Oct. 13, 2009).

Filed under:
USA, Florida, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Surety, Debtor, Unsecured debt, Fraud, Debt, Joint venture, Subsidiary, Secured loan, Title 11 of the US Code, United States bankruptcy court, US District Court for Southern District of Florida
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Only a matter of time: a look at the December 1, 2009 changes to the time periods governing bankruptcy cases
2009-12-17

On December 1, 2009, numerous changes to the time periods applicable in bankruptcy cases took effect. These changes, which will impact creditors and debtors alike, are relatively straightforward but must be carefully reviewed and thoroughly understood. Time plays a critical role in the administration of bankruptcy cases, affecting the degree of notice a party is required to give before certain actions can be taken or approved by the bankruptcy court as well as deadlines for filing various documents, asserting various rights and satisfying certain statutory obligations.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Commodity broker, Liquidation, Consumer privacy, US Code, Title 11 of the US Code, SCOTUS, United States bankruptcy court
Authors:
Elliot M. Smith
Location:
USA
Firm:
Squire Patton Boggs
View Original Article

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