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Insolvency Restructuring Bankruptcy Court

Jones Day

New York Bankruptcy Court: "Defensive" Setoff Rights of Creditor that Did Not File Proof of Claim Cannot Be Extinguished Under...

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The ability of a creditor to offset any liability it may have to a debtor against the amount of the debtor's obligation to the creditor is an important right. The Bankruptcy Code expressly preserves that right, provided it...more

Troutman Pepper

Can I Be Held Liable as a Petitioning Creditor When an Involuntary Bankruptcy Is Dismissed? - Creditor’s Rights Toolkit

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An involuntary bankruptcy can be a powerful tool in a creditor’s arsenal. Involuntary bankruptcies are rarely filed, however, because of the significant risk of liability for the petitioning creditor if the case is dismissed....more

Eversheds Sutherland (US) LLP

US Supreme Court weighs in on insurer rights in bankruptcy

In the ever-evolving landscape of insurance law, a recent decision by the Supreme Court has set a new precedent that could have far-reaching implications for insurers in bankruptcy cases. In the case of Truck...more

Jones Day

Singapore Court Issues Landmark Decision Recognizing Indonesian Restructuring Plan

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The Singapore International Commercial Court ("SICC") has handed down its first insolvency-related ruling. The court granted recognition and full force and effect to Indonesia's flagship airline's restructuring plan. That...more

Dechert LLP

Reshaping UAE's Financial Landscape: The New Bankruptcy Law Explained

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The United Arab Emirates has enacted Federal Decree – Law No. 51/2023 on Financial Restructuring and Bankruptcy (the “Bankruptcy Law”). The Bankruptcy Law aims to enhance economic activity and regional stability by...more

J.S. Held

The Distressed Cannabis Business: An Alternative to Bankruptcy

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Bankruptcy is Not an Option - Bankruptcy can be a very helpful tool for a distressed business. Bankruptcy allows a business to stop collection actions, discharge certain debts, cancel unfavorable contracts, and provides...more

Pillsbury Winthrop Shaw Pittman LLP

Court of Appeals Finds That Insurers May Not Participate in Bankruptcy Negotiations by Invoking an Insured’s Duty to Cooperate

In rejecting an insurer’s attempt to block confirmation of its insured’s bankruptcy plan, the Fourth Circuit found that an insurer may not interject itself into plan negotiations by invoking the duty to cooperate, nor does...more

A&O Shearman

Judge Drain Tackles Private Equity and Fraudulent Transfers in ‘Tops’ Decision

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On October 12, the Honorable Robert D. Drain, U.S. Bankruptcy Judge for the Southern District of New York, issued his final decision from the bench in the bankruptcy cases of supermarket chain Tops Holdings II Corporation...more

Conyers

Joint Provisional Liquidators Appointed: All Year Holdings Limited

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Conyers BVI litigators Richard Evans and Charles Goldblatt secure the appointment of Provisional Liquidators over All Year Holdings Limited (“AYH”) at an urgent hearing before the BVI Commercial Court on 20 December 2021. ...more

Dechert LLP

Avoiding an Out-of-Court Restructuring May Breach Fiduciary Duties

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Introduction Under Delaware law, the board of directors of an insolvent company has wide latitude to pursue good-faith strategies to maximize the value of the firm. Trenwick Am. Litig. Tr. v. Ernst & Young, L.L.P., 906 A.2d...more

Pillsbury Winthrop Shaw Pittman LLP

A Warning to Contract Counterparties: A Debtor Can Sell Your Fully Performed Contract Without Curing Defaults and Paying Your...

A decision by the Third Circuit Court of Appeals serves as a stark reminder that the sale (assignment) of a contract in bankruptcy does not always require full payment of the non-debtor counterparty’s claim. Debtors must...more

Pillsbury Winthrop Shaw Pittman LLP

Third Circuit Confirms Triangular Setoffs Unenforceable in Bankruptcy

The Third Circuit’s recent decision in In re Orexigen Therapeutics Inc., 990 F.3d 748 (3d Cir. 2021) holds that section 553 of the Bankruptcy Code, which governs creditor setoffs, requires “strict bilateral mutuality.” As a...more

Morrison & Foerster LLP

Cross-Border Clash for the Brazilian Dutch Telco in the U.S. Courts

Distressed and special situations investors should take note of the U.S. Bankruptcy Court’s recent decision in Oi’s Chapter 15 case. We present our takeaways for investors. The U.S. Bankruptcy Court refused to recognise...more

Morrison & Foerster LLP

Equitable or Equity Committees: Lessons from Recent Cases

The second half of 2016 saw a surge in the number of requests to form official equity committees, especially in commodity-related restructurings. This most recent restructuring cycle began in August 2015 and remains active....more

Orrick, Herrington & Sutcliffe LLP

Distressed Download - March 2015

What Happens in Delaware Does Not Always Stay in Delaware: Caesars Victorious in Venue Battle - On Wednesday, January 28, the Bankruptcy Court for the District of Delaware transferred venue for the involuntary bankruptcy...more

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