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    Bondholders of insolvent Argentine company denied relief by US Bankruptcy Court
    2008-01-31

    In a recent decision, the United States Bankruptcy Court for the Southern District of New York (the “U.S. Court”) exercised its abstention powers and dismissed an involuntary chapter 11 petition filed against an Argentine company, Compania de Alimentos Fargo, SA (“Fargo”).1 Fargo, a debtor in an insolvency proceeding in Argentina, had moved to dismiss the involuntary petition principally because its Argentine bankruptcy case was still pending.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cadwalader Wickersham & Taft LLP, Bankruptcy, Unsecured debt, Interest, Comity, Subsidiary, Secured loan, Deutsche Bank, Citibank, United States bankruptcy court, Trustee
    Location:
    USA
    Firm:
    Cadwalader Wickersham & Taft LLP
    Delaware Bankruptcy Court: debtors can offset administrative claims before general unsecured claims
    2015-05-15

    While section 503(b)(9) claims deserve priority payment over general unsecured claims, they do not provide a basis for stripping a debtor’s defenses in determining the allowed amount of a section 503(b)(9) claim.

    Note: Pepper Hamilton LLP serves as co-counsel to the Official Committee of Unsecured Creditors (the Committee) in the ADI case. The views expressed herein are solely those of the authors and not of the Committee.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, Unsecured debt, United States bankruptcy court
    Location:
    USA
    Firm:
    Troutman Pepper
    Property interests / subordination: plan ahead, or you may be stuck behind
    2012-09-13

    Scotiabank De Puerto Rico v. Brito (In re Plaza Resort at Palmas), 469 B.R. 398 (B.A.P. 1st Cir. 2012) –

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Troutman Pepper, Unsecured debt, Scotiabank
    Location:
    USA
    Firm:
    Troutman Pepper
    Automatic stay
    2012-08-23

    Hiraldo v. Banco Popular Depuerto Rico (In re Hiraldo), 471 B.R. 676 (D. P.R. 2012) –

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, Unsecured debt, Mortgage loan
    Location:
    USA
    Firm:
    Troutman Pepper
    Chapter 11 secured loans: “lien stripping” lives
    2012-08-21

    In re Heritage Highgate, Inc., 679 F.3d 132 (3rd Cir. 2012) –

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, Unsecured debt, Collateral (finance), Interest
    Location:
    USA
    Firm:
    Troutman Pepper
    How to reclaim something that isn’t there: a creative way around § 546(c)
    2011-07-12

    Back in the mists of time, a seller that had a valid reclamation claim but was denied the return of its goods was entitled to an administrative expense claim (a claim with a higher priority than a general unsecured claim and thus a better chance of getting paid) or a lien on the debtor’s assets. The 2005 amendment to § 546(c) of the Bankruptcy Code changed all that by stripping away those alternative remedies.

    Filed under:
    USA, Nebraska, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, Unsecured debt, Interest, Covenant (law), Mortgage loan, Right of first refusal, Title 11 of the US Code, Uniform Commercial Code (USA), United States bankruptcy court
    Location:
    USA
    Firm:
    Troutman Pepper
    Looking a gift horse in the mouth: Second Circuit finds class-skipping gift violates absolute priority rule
    2011-02-14

    The Bankruptcy Code sets forth the relative priority of claims against a debtor and the waterfall in which such claims are typically paid. In order for a court to confirm a plan over a dissenting class of creditors – what is commonly called a “cram-down” – the Bankruptcy Code demands thateither (i) the dissenting class receives the full value of its claim, or (ii) no classes junior to that class receive any property under the plan on account of their junior claims or interests. This is known as the “absolute priority rule.”

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Share (finance), Shareholder, Debtor, Unsecured debt, Interest, Debt, Consent, Secured creditor, Unsecured creditor, Warrant (finance), Secured loan, Second Circuit, United States bankruptcy court, Third Circuit
    Authors:
    Henry J. Jaffe , Deborah Kovsky-Apap
    Location:
    USA
    Firm:
    Troutman Pepper
    Administration orders and limitation periods
    2010-10-21

    When a company goes into administration, time does not stop running against its creditors' claims for the purposes of the Limitation Act 1980. This is different to where a company goes into liquidation as time does then stop running. The effect there is that the claim stays live whereas in an administration, once the limitation period has expired, the claim is time-barred.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Shareholder, Unsecured debt, Statute of limitations, Liquidation, Limitation Act 1980 (UK), Enterprise Act 2002 (UK)
    Authors:
    Ian Weatherall , Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Global enterprise signals global financial support direction
    2010-07-09

    Why has the Financial Support Direction (FSD) been issued?

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Gowling WLG, Share (finance), Legal personality, Unsecured debt, Interest, Market liquidity, Debt, Transfer pricing, Holding company, Subsidiary, Bénéfice
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Creditors' interests come first
    2010-06-24

    In Pick v Sumpter and another, the first defendant's trustee in bankruptcy applied for an order for possession of the defendants' matrimonial home. At the hearing in May 2006, the evidence showed that the sum outstanding as at November 2005 was £25,571 but did not take into account legal costs. That sum was an estimate and did not take into account statutory interest on the bankrupt's debts beyond the date of the hearing, solicitor's costs of the possession hearing or any increase or decrease in the trustee's remuneration.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Bankruptcy, Costs in English law, Unsecured debt, Interest, Debt, Trustee
    Authors:
    Ian Weatherall , Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG

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