Bankruptcy

UK Supreme Court Confirms Existence of Directors' Duties to Creditors

In BTI 2014 LLC v. Sequana S.A. [2022] UKSC 25 (Sequana) the UK’s highest court, the Supreme Court (the Court), has considered for the first time the circumstances in which directors are required to consider the interests of creditors in carrying out their fiduciary duty to act in good faith in the interests of the company.

Celsius Bankruptcy Court Tees Up Tentative Briefing Schedule to Hear Issue of First Impression: Are Keys and Digital Assets Property of the Estate?

Are customers’ digital assets held by exchange platforms in so-called “Custodial” and “Withhold” accounts property of the bankruptcy estate?

Tenant Restructuring Plan Does Not Relieve Third-Party Guarantor of Payment Obligation, English Court Rules

On 15 August 2022, Deputy Master Arkush handed down judgment in the case of Oceanfill Limited v Nuffield Health Wellbeing Limited and Cannons Group Limited [2022] EWHC 2178.

Ninth Circuit Provides Clarity on the Scope of Receiverships

The US Court of Appeals for the Ninth Circuit affirmed an order denying the defendants’ motion to discharge a receiver who had been appointed to aid in the execution of a judgment for violations of the Copyright Act. WB Music Corp et al. v. Royce International Broadcasting Corp., Case No. 21-55264 (9th Cir. Aug. 31, 2022) (Tashima, Watford, Friedland, JJ.)

Italy's New Business Crisis and Insolvency Code Takes Effect

On July 15, 2022, Italy’s Code of Business Crisis and Insolvency (CCII or Crisis Code) took effect, following three previous measures: (i) Legislative Decree 14/2019, (ii) the “corrective” Legislative Decree 147/2020, and (iii) Legislative Decree 83/2022 implementing European Directive 2019/1023 (although some minimal parts of the Crisis Code are already in effect).

'An unusual case in all sorts of ways' - English High Court Considers Administration Application for Russian VTB Bank's London Arm

In a hearing yesterday, 6 April 2022, the High Court considered an application of the directors of VTB Capital PLC (VTB UK) for the appointment of Teneo Financial Advisory Limited as administrators.

Lender's Abbreviation of Debtor's Middle Name on Financing Statements Was 'Seriously Misleading'

Bankruptcy Court: Chapter 7 Trustee Bound By Pre-Conversion Actions of Debtors

Bankruptcy Court Rejects US Trustee Fees on Distributions From Trust in 'Paragon Offshore'

Avoidance Powers Cannot Be Used to Generate Windfalls For Debtors