The Supreme Court recently issued its long-awaited decision in Harrington v. Purdue Pharma L.P., 144 S.Ct. 2071 (U.S. 2024) (“Purdue Pharma”), addressing whether nonconsensual third-party releases are permissible under the Bankruptcy Code. In a 5-4 decision, the Court ruled that nonconsensual third-party releases are not permitted under the Bankruptcy Code. Notably, however, the Supreme Court
Restructuring Globalview
Current Global and Cross Border Restructuring Matters
Blog Authors
Latest from Restructuring Globalview
UKCloud – An Addition to the ‘Avanti’ and ‘Spectrum’ Trilogy on Fixed and Floating Charges
Earlier this year ICC Judge Baister handed down judgment in the case of UKCloud Ltd, building on the decision in Avanti[1] by providing further analysis around the distinction between fixed and floating charges – following a dearth of caselaw on the point since Spectrum.[2]
This blog pulls together some of the key messages…
Use and Abuse (?) of Restructuring Proceedings in Poland – How can Creditors Protect their Rights?
The statistics are clear that the number of restructuring proceedings in Poland is on rise.
Among all types of restructuring proceedings available in Poland, the procedure which is of most interest is the approval of an arrangement, primarily because it is the least formal and it offers special protection against enforcement.
However, with the increase…
Validity of Appointments and Reliability of UK Companies House Register
In the case of JDK Construction Limited the Court of Appeal had to consider whether an earlier decision by a High Court judge that liquidators had been validly appointed was correct.
The answer to that question turned on whether the resolutions that the company had passed to place the company into voluntary liquidation were valid…
(UK) Are preferential creditors unsecured creditors?
It seems like s248 of the Insolvency Act 1986 (“Act”) is flavour of the month with the judiciary at the moment, with two recent cases analysing this in the context of administration extensions (read our previous blogs here and here ) and now a further decision considering this in the context of converting an administration…
Reflections on The UK Pensions Regulator’s (TPR) Powers that could see Insolvency Practitioners facing £1million fines
There is a tension between UK insolvency and pensions laws. Put simply, this is because insolvency laws look to protect all of the company’s creditors, but pension laws seek to protect the interests of the pension creditors alone.
When new offences and criminal sanctions were introduced in 2021 enabling TPR to issue fines of up…
(UK) Should we all be a bit more relaxed about procedural hiccups in notices appointing administrators?
As practitioners we pour over notices of intention to appoint (NOIA) and notices of appointment of administrators (NOA) to make sure every detail is accurate. Why? Because no one wants to risk an invalid appointment because there was a minor mistake or error that was overlooked. Understandably errors occur, particularly when the appointment of administrators…
Bankruptcy Court Applies First-of-Its-Kind Valuation Method to Estimate Cryptocurrency Claims (US)
The bankruptcy court presiding over the FTX Trading bankruptcy last month issued a memorandum opinion addressing valuation of cryptocurrency-based claims and how to “calculate a reasonable discount to be applied to the Petition Date market price” for certain cryptocurrency tokens. As noted in Bankruptcy Judge John Dorsey’s opinion, “[n]o bankruptcy court has ever estimated the…
(UK) What is misfeasance trading? What does this mean for directors and their advisors?
For those that are that way inclined (which includes us at #SPBRestructuring!), the 500 plus page Wright v Chappell judgment which sets out the BHS wrongful trading claim against its former directors makes for an interesting read. It paints a colourful picture of the downfall of the BHS group, from the point that it was…
“Should Have Known Better” – Bankruptcy Court Denies Relief to File Late Claims Despite Litigation Having Commenced After Bar Date (US)
File your proof of claim before the bar date. That’s a principle every creditor in a bankruptcy case should adhere by. But on June 7, 2024, the United States Bankruptcy Court for the Southern District of New York may have increased the degree of diligence parties need to conduct to determine whether they are a…