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    Moratorium for Scheme of Arrangement Granted over Liabilities Incurred as Trustee-Manager
    2025-03-05

    Introduction

    A trustee-manager, in the context of a business trust, actively runs the trust's operations while safeguarding the interests of investors. In the course of acting as a trustee-manager, the entity may incur liabilities in relation to activities of the business trust. How are these liabilities treated in a restructuring and insolvency? And can a trustee-manager propose a scheme of arrangement for debts incurred in its capacity as trustee-manager?  

    Filed under:
    Singapore, Insolvency & Restructuring, Litigation, Rajah & Tann Asia, Moratorium, Insolvency, Business Trusts Regulations 2005 (Singapore), Business Trusts (Summary Financial Statement) Regulations 2005 (Singapore), Business Trusts Act 2004 (Singapore), Insolvency, Restructuring and Dissolution Act 2018 (Singapore), Trustee, Singapore High Court
    Authors:
    Chew Xiang , Priscilla Soh
    Location:
    Singapore
    Firm:
    Rajah & Tann Asia
    Liability of Trustees in Bankruptcy for CGT on Real Property
    2024-09-11

    Did you know that bankruptcy trustees are now liable for capital gains tax (CGT) on the sale of real property? Section 254 of the Income Tax Assessment Act 1936 (Cth) imposes specific obligations on trustees and agents, covering income, profits, and gains of a capital nature in their representative capacity. This has recently taken on new importance for bankruptcy trustees.

    What has changed?

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Macpherson Kelley, Bankruptcy, Capital gains tax, Australian Taxation Office, Income Tax Assessment Act 1936 (Australia), Bankruptcy Act 1966 (Australia), Trustee, Infrastructure
    Authors:
    Daniel Wignall
    Location:
    Australia
    Firm:
    Macpherson Kelley
    Guidance from the High Court on the Test of ‘Ownership and Control’ in Relation to UK Sanctions
    2024-08-12

    A recent judgment in Kevin Hellard & Ors v OJSC Rossiysky Kredit Bank (in liquidation) & Ors [2024] EWHC 1783 (Ch) the High Court considers the ‘ownership and control’ test in Bankruptcy, involving trustee powers and Russian Bank creditors.

    Filed under:
    Russia, United Kingdom, Insolvency & Restructuring, Litigation, Trade & Customs, Rahman Ravelli, Secured creditor, Sanctions, Office of Financial Sanctions Implementation (UK), Trustee, Banks
    Authors:
    Syedur Rahman
    Location:
    Russia, United Kingdom
    Firm:
    Rahman Ravelli
    What does an ‘insolvent trust’ mean for its creditors, and how can they be protected?
    2024-02-21

    The concept of an ‘insolvent trust’ is somewhat of a paradox. A trust is not a separate legal entity in the way that companies are and, as such, cannot be insolvent in the technical sense. Trustees legally own assets in a trust for the benefit of beneficiaries.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Stewarts, Insolvency, Trustee
    Authors:
    Tim Symes , James Boissier
    Location:
    United Kingdom
    Firm:
    Stewarts
    Applying “Intent” Standard For Denying A Discharge Under § 727(a)(2) (Wylie v. Miller)
    2024-07-23

    Under 11 U.S.C. § 727(a)(2), an individual debtor may be denied a discharge, in its entirely, for making a transfer “with intent to hinder, delay, or defraud” a creditor or the trustee.

    On April 17, 2023, the Bankruptcy Court for Eastern Michigan ruled:

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Tax, Koley Jessen PC, Bankruptcy, Debtor, Trustee, United States bankruptcy court, Sixth Circuit, US District Court for Eastern District of Michigan, U.S. Court of Appeals
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Increasing the odds of winning in an insolvent Corporation auction
    2024-06-10

    Acquiring an insolvent corporation’s operations during a legal proceeding (rehabilitation, recovery, or debt settlement) presents numerous business opportunities. However, the holding of an insolvency auction, an integral part of the sale, may threaten these opportunities. During a sale, the insolvent corporation’s trustee (or the administrators) needs to maximize proceeds from the auction to pay creditors. Therefore, the trustee must consider offers from additional bidders before accepting a proposal.

    Filed under:
    Israel, Insolvency & Restructuring, Barnea Jaffa Lande, Insolvency, Trustee
    Authors:
    Idan Miller
    Location:
    Israel
    Firm:
    Barnea Jaffa Lande
    Supreme Court Denies Refunds to Debtors Who Paid Excess Fees to U.S. Trustee
    2024-06-14

    Today, in Office of the United States Trustee v. John Q Hammons Fall 2006, LLC, the Supreme Court held that debtors who paid fees in bankruptcy cases administered by the U.S. Trustee Program are not entitled to any relief, even though the Court previously ruled that those debtors had been unconstitutionally overcharged. This decision is the culmination of several years of litigation concerning differential fee structures across judicial districts.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Trustee, Supreme Court of the United States
    Authors:
    Zack Tripp , Joshua Wesneski , Jacob Altik , Max Bloom
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Insolvent trusts: the order of priority is……
    2022-10-27

    In one of the most important trust decisions of recent years, which was handed down on Thursday 13 October 2022, the Judicial Committee of the Privy Council (the JCPC) held that the rights of indemnity of successive trustees against the assets of an insolvent trust fund (ie a trust fund that is unable to meet those liabilities) rank pari passu and not on a first in time basis.

    Filed under:
    Jersey, Insolvency & Restructuring, Litigation, Non-profit Organizations, Mourant, Insolvency, Trustee
    Authors:
    Jeremy Wessels , Justin Harvey-Hills
    Location:
    Jersey
    Firm:
    Mourant
    Landmark Privy Council ruling establishes scope and ranking of ex-trustees’ interest in an insolvent trust
    2022-10-26

    Jersey law ruling will have far reaching ramifications for trust administration in common law jurisdictions

    Filed under:
    Jersey, United Kingdom, Banking, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Protection and indemnity, Insolvency, Trustee, Courts of Jersey
    Authors:
    Richard Norridge , Philip Lis , Hussein Mithani
    Location:
    Jersey, United Kingdom
    Firm:
    Herbert Smith Freehills LLP
    Case Update: Second Circuit Breathes New Life Into Madoff Trustee's Efforts to Recover Ponzi Scheme Payments
    2021-11-15

    In In re Bernard L. Madoff Investment Securities LLC, 12 F.4th 171 (2d Cir. 2021), the U.S. Court of Appeals for the Second Circuit revived litigation filed by the trustee administering the assets of defunct investment firm Bernard L. Madoff Inv. Sec. LLC ("MIS") seeking to recover hundreds of millions of dollars in allegedly fraudulent transfers made to former MIS customers and certain other defendants as part of the Madoff Ponzi scheme.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, White Collar Crime, Jones Day, Due diligence, Ponzi scheme, Trustee, Second Circuit
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day

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