In a groundbreaking decision of particular importance to participants in Chapter 15 proceedings, the United States Court of Appeals for the Second Circuit issued an opinion making clear that defendants in Chapter 15 proceedings may have Safe Harbor defenses even when a liquidator brings non-U.S. common law claims. This decision, issued on August 5, 2025 in Fairfield Sentry, holds that when a liquidator uses a US Bankruptcy Court to pursue non-U.S. common law claims, it must abide by the safe harbor afforded by Section 546(e) of the U.S.

A version of this article first appeared in the May 2023 edition of "ThoughtLeaders4 FIRE (Fraud Insolvency Recovery Enforcement) Magazine,” Issue 13.

Introduction

Written by- Thomas H. Curran, Thomas H. Curran Associates

How can businesses in your jurisdiction adopt AI and automation responsibly, and what guidance are you offering to ensure regulatory compliance?

July 2025

Petrofac Restructuring Plans Overturned, but Significant Questions Left Unanswered

Key Takeaways

Provision of new money

Executive Summary

Introduction

目次

Ⅰ はじめに

Ⅱ チャプター11とは何か

Ⅲ 取引債権者の取り扱い

Ⅳ 取引債権者が取るべき対応策

Ⅴ おわりに

I はじめに

Earlier this year, the Internal Revenue Service (“IRS”) recognized a victory in United States v. Miller. In this bankruptcy case, the trustee attempted to avoid certain transfers that shareholders of the bankrupt company had made, including a $145,000 transfer to the IRS.

Introduction

In this first instalment of our insights series on construction insolvency, Ironbridge Legal outlines key red flags to look for and practical steps to manage counterparty risk.

An Industry at Risk - With Contagion Potential

Subchapter V of chapter 11 of the U.S. Bankruptcy Code provides a streamlined reorganization process for small business debtors. Similar to a normal chapter 11 case, subchapter V allows a debtor to cramdown a plan without the approval of the unsecured class as long as certain requirements are satisfied.