The consideration of the issues relating to TOPOIL begins in one of the three breakout sessions. This one considers whether some sort of restructuring process is appropriate and if so which might be the top options and their relative merits.
In many decisions involving US chapter 15 cases, the bankruptcy court’s principal focus will be on what is the debtor’s center of main interests (COMI). An ancillary issue is whether it is appropriate to create COMI to obtain the benefit of a more favorable jurisdiction to restructure a company’s debt (otherwise known as “COMI shifting”).
The decision of the United States Court of Appeals for the Second Circuit in In re Motors Liquidation Company is yet the latest case to show the difficulty in using the bankruptcy process to resolve tort claims.[1]
The Background Basics
Holders of unclaimed property should take note that Illinois’ state budget bill, SB 9, enacted July 7, 2017, includes significant changes to Illinois’ unclaimed property law. Just days before it was enacted, the Illinois General Assembly amended SB 9 to include a modified version of the Uniform Law Commission’s 2016 Revised Uniform Unclaimed Property Act. Illinois’ new unclaimed property law will become effective January 1, 2018 and will repeal the state’s current unclaimed property law, the Uniform Disposition of Unclaimed Property Act.
On January 31, 2017, the Fifth Circuit Court of Appeals authorized a court-appointed Receiver to avoid arbitration clauses contained in employment and employment-related agreements.[1] While, at first glance, the Court’s decision not to compel a non-signatory to arbitration appears unremarkable, in fact the decision reflects how far the Court was willing to go in order to protect a Receiver’s choice of a judicial forum.
Third Circuit holds that State-specific protections in favor of oil and gas producers did not apply under Article 9 of the UCC
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Summary
On October 14, 2016, U.S. Customs and Border Protection (CBP) published in the Federal Register a notice of proposed rulemaking [USCBP–2016–0065] that, if adopted, would amend the CBP regulations to reflect that official notice of liquidation, suspension of liquidation, and extension of liquidation will be posted electronically on the CBP Web site.
On June 6, 2017, Australian-based mining equipment supplier Emeco Holdings emerged from chapter 15 proceedings in the Southern District of New York following an Australian court’s sanctioning of the company’s scheme of arrangement.
The scheme of arrangement was a component of an innovative, comprehensive restructuring that provided for a three-way merger of three large Australian mining service companies and a restructuring of A$680 million of debt through a debt-for-equity swap, rights offering, and full refinancing.