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(UK) Timing, disclosure and fairness: lessons from the Adler judgment
On 23 January 2024, the Court of Appeal handed down its much anticipated judgment[1] on the appeal of the Adler restructuring plan pursuant to Part 26A of the Companies Act 2006 (“RP”), which was...
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Sri Lanka’s Restructuring Plan Is Here to Stay (US)
In March 2022, the International Monetary Fund (the “IMF”) assessed Sri Lanka’s public debt to be unsustainable after the country entered the pandemic with thin reserve buffers, high debt levels, and...
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Changes to the UK Water Special Administration Regime – Do Pension Trustees...
Changes are afoot to the statutory regime governing special administrations for regulated water companies (the SAR) following the publication of a suite of new legislation. Impact of the changes on...
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Aggregate’s UK Restructuring Plan Sanction Hearing: Adler in Action
On 7th February 2024, Mr Justice Richards heard closing submissions in the English High Court for a contested sanction hearing for Aggregate Group’s Part 26A restructuring plan. This hearing presented...
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Mallinckrodt Trust Asserts Novel Argument in Response to Safe Harbor Defense...
A common defense to a fraudulent transfer claim in bankruptcy concerning a securities transaction is the “safe harbor” defense under section 546(e) of the Bankruptcy Code. In a unique twist, a...
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The Restructuring Outlook in Australia, Asia Pacific and the US in 2024
In our latest insight we look back at the key restructuring cases and events from last year in the United States, Asia-Pacific, and Australia and consider the outlook in 2024 for restructuring...
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Additional Caution Required for Insolvency Practitioners Relying on Companies...
Over the past week, reports have emerged about filings that have been made at Companies House marking a charge as satisfied, without the company’s or relevant lender’s knowledge. There were rumours...
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Members Voluntary Liquidations (MVL) – Update
In recent months, there have been a few changes regarding MVLs which we have set out in this insight as a helpful reminder to practitioners. Our insight considers the changes to filing statements of...
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Quick Guide to Administration (UK)
For those unfamilar with the various insolvency processes it is not always easy to differentiate between them. In our latest insight we have produced a quick guide to administration that explains the...
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Update for Insolvency Practitioners on UK Companies House Filings
Following our previous alert, in which we highlighted an issue with entries relating to registered security maintained at Companies House being incorrectly updated to indicate that they had in fact...
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Texas Bankruptcy Court Declines to Deem Nonvotes as Votes in Favor of Plan (US)
As seen in the recent proliferation of bankruptcy cases seeking a structured dismissal or conversion after a successful sale, debtors constantly seek creative and efficient ways to wind up a case,...
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New York’s Renewed Efforts to Pass Sovereign Debt Legislation (US)
As discussed in our prior blog entitled “New York’s Sovereign Debt Restructuring Proposals,”[1] three bills were introduced in the New York state legislature to overhaul the way sovereign debt...
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UK Litigation Funding post PACAR – Tying up Loose Ends
Last year we discussed the impact of funding insolvency litigation following the Supreme Court decision in PACAR where the court found that litigation funding agreements (LFAs) were damaged based...
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Subchapter V Debt Limit: Don’t Get Caught Assuming Congress Will Act (It...
In my most recent blog post, I provided some tips for creditors who find themselves in the Subchapter V arena. This is somewhat of a follow-up to that one. There is a general consensus that Subchapter...
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(UK) What practical changes can IPs expect from the proposed amendments to...
The UK Financial Conduct Authority (FCA has issued a consultation about proposed changes to its Guidance for Insolvency Practitioners. The aim is to clarify existing guidance and provide more...
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Parties Beware—Noncompliance with Delaware ABC Statute Can Lead to Serious...
Last month the Delaware Chancery Court sent a clear message to Delaware companies that failure to strictly comply with the Delaware Assignment for the Benefit of Creditors (“ABC”) statute will result...
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Assume and Wait – Delaware Bankruptcy Court Approves Debtors’ Novel Lease...
When a liquidating debtor seeks to assume a lease, one of the lessor’s immediate questions is who will be the assignee. But what happens when a liquidating debtor seeks to assume a lease and waits up...
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Do you need the consent of paid secured creditors to an administration...
This question was considered in the recent case of Pindar where the judge concluded that an administration had been validly extended where the consent of one of the secured creditors (who had been...
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A Committee May Survive Dismissal of a Debtor’s Chapter 11 Case (US)
This author—whose practice is heavily weighted toward representation of official committees in large chapter 11 cases—has previously penned articles relating to questions surrounding the permanency of...
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(UK) The Court Considers the Question of Whether Secured Creditor Consent is...
No, it isn’t. We now have two cases where the Court has confirmed that insolvency practitioners do not need the consent of paid secured creditors when extending an administration under para. 78 of...
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