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    Hedge fund must disclose ID of investor allegedly involved in fraudulent conveyance, despite foreign secrecy law
    2008-07-29

    In a recent opinion,1 the U.S. District Court for the Southern District of New York emphasized that foreign confidentiality statutes do not deprive an American court of the power to order a party subject to its jurisdiction to produce evidence — even though the act of production may be considered a criminal offense in a foreign jurisdiction and subject the party to serious consequences, including imprisonment and fines.

    Background

    Filed under:
    USA, New York, Capital Markets, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, White & Case LLP, Confidentiality, Bankruptcy, Fraud, Privately held company, Discovery, Hedge funds, Liquidation, Holding company, Conveyancing
    Location:
    USA
    Firm:
    White & Case LLP
    US bankruptcy court denies recognition of Cayman insolvency proceedings concerning Bear Stearns funds
    2007-11-14

    Can a United States bankruptcy court deny recognition of a foreign insolvency proceeding even if no one opposes such recognition? In a recent decision, Judge Burton Lifland, a highly respected bankruptcy judge and one of the authors of Chapter 15 of the Bankruptcy Code, says yes.

    Liquidators of Bear Stearns Funds Seek Relief under Chapter 15

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, White & Case LLP, Bankruptcy, Debtor, Injunction, Class action, Limited liability company, Liability (financial accounting), Liquidation, Investment funds, Liquidator (law), Title 11 of the US Code, UNCITRAL, US Congress, Bear Stearns, United States bankruptcy court
    Location:
    USA
    Firm:
    White & Case LLP
    Northwest Airlines bankruptcy court rules that members of the “ad hoc equity committee” must disclose all data called for by Rule 2019
    2007-04-13

    Recently, in In re Northwest Airlines Corp.,1 Bankruptcy Judge Allan Gropper issued an opinion requiring a group of hedge funds that had formed an ad hoc committee of equity security holders (the “Ad Hoc Equity Committee”) to disclose “the amounts of claims or interests owned by the members of the committee, the times when acquired, the amounts paid therefor, and any sales or other disposition thereof” in order to comply with Rule 2019 of the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”).

    Background

    Filed under:
    USA, Aviation, Insolvency & Restructuring, Litigation, White & Case LLP, Share (finance), Bankruptcy, Shareholder, Debtor, Hedge funds, Motion to compel, United States bankruptcy court
    Location:
    USA
    Firm:
    White & Case LLP
    Insolvency 2021: Law and Practice
    2021-11-30

    1. State of the Restructuring Market

    1.1 Market Trends and Changes

    State of the Restructuring and Insolvency Market

    There were 27,359 insolvencies in France as of the end of September 2021, down 25.1% from the same period in 2020, and down 47.9% from September 2019. Such reduction is relatively stable across all sectors, including those most severely affected by the health-related restrictions, such as accommodation and food services (down 44.2% year-on-year) and trade (down 28.1% year on year).

    Filed under:
    Global, USA, Banking, Insolvency & Restructuring, Insurance, Real Estate, White & Case LLP, Due diligence, Coronavirus, Solvency II Directive (2009/138/EU)
    Authors:
    Saam Golshani , Alexis A Hojabr , Alice Leonard
    Location:
    Global, USA
    Firm:
    White & Case LLP
    On 1 January 2021 the Corporate Stabilisation and Restructuring Act (StaRUG) has come into force and introduced the new ‘Preventive Restructuring Framework’ in Germany
    2021-01-25

    Prior to the introduction of the Preventive Restructuring Framework by the StaRUG out-of-court restructurings in Germany other than the restructuring of German law-governed bonds generally required unanimous approval by all affected creditors. Existing in-court procedures were only available in case of insolvency, and entailed substantial court involvement.

    Filed under:
    Germany, Insolvency & Restructuring, White & Case LLP
    Location:
    Germany
    Firm:
    White & Case LLP
    COVID-19: UK Government Financial Assistance Measures
    2020-04-19

    On 20 March 2020, the Chancellor of the Exchequer announced the UK Government would be launching multiple financial support schemes. The schemes are designed to provide financial assistance to British businesses affected by the COVID-19 pandemic and associated lockdown. Financial schemes will be supplemented by further measures aimed at supporting business continuity, including a job retention scheme and temporarily relaxing the UK’s insolvency regime.

    COVID-19 Corporate Financing Facility (“CCFF”)

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Tax, White & Case LLP, Coronavirus, Commercial tenant, HM Revenue and Customs (UK)
    Location:
    United Kingdom
    Firm:
    White & Case LLP
    Recent Singapore Case Highlights Considerations Relating to Worldwide Moratorium
    2019-04-15

    A worldwide moratorium is one of the most important protections and tools available to a debtor in the Singapore cross-border restructuring regime. A recent Singapore High Court case, Re: Zetta Jet Pte Ltd and Others (Asia Aviation Holdings Pte Ltd, intervener) [2019] SGHC 53 ("Re Zetta Jet (2)"), highlighted some important considerations relating to such a worldwide moratorium, in particular dealing with potential conflicts between different jurisdictions.

    Singapore's Cross-border Restructuring Regime

    Filed under:
    Singapore, USA, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, White & Case LLP
    Authors:
    Weibin Quek
    Location:
    Singapore, USA
    Firm:
    White & Case LLP
    July 2018 2018 Summer review M&A legal and market developments
    2018-07-17

    July 2018

    2018 Summer review M&A legal and market developments

    In this issue...

    Contractual provisions.............................................................1 Company law...........................................................................4

    Listed companies....................................................................7 Good faith................................................................................9

    Authors: Philip Broke, Veronica Carson

    Filed under:
    United Kingdom, Scotland, Capital Markets, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, White & Case LLP, Public company, Good faith, Warranty, Parent company, High Court of Justice, Court of Appeal (England and Wales)
    Location:
    United Kingdom
    Firm:
    White & Case LLP
    Supreme Court defended secured creditor stating that premises in insolvency management shall be treated as being part of the pledged building
    2017-03-14

    In Russian insolvency procedures, it is quite common for third parties to try to exclude property from a debtor’s insolvent estate (konkursnaya massa) by claiming title to its real property in the absence of the registered title. These third parties may refer to the agreements that had been made prior to the commencement of the insolvency procedure as well as to the actual transfer of property to them.

    Filed under:
    Russia, Insolvency & Restructuring, Litigation, White & Case LLP
    Authors:
    Julia Zagonek , Pavel Boulatov
    Location:
    Russia
    Firm:
    White & Case LLP
    Treatment of senior unsecured debt in European leveraged finance transactions
    2015-10-06

    Introduction

    Over the last few years, the European leveraged finance market has seen rapid growth of senior secured high yield notes (“SSN”) and senior secured covenant-lite term loan  B (“TLB”) financings. A common feature of both SSNs and TLBs (together “Senior Secured Debt”) is that their terms typically permit the incurrence of senior unsecured debt by a borrower and its restricted subsidiaries (a “Credit Group”) subject to either satisfaction of a  financial ratio or through various permitted debt baskets.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, White & Case LLP, Unsecured debt
    Authors:
    Martin Forbes , Justin Wagstaff , Paul Clews
    Location:
    USA
    Firm:
    White & Case LLP

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