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Hogan Lovells

Out of the money, but not down and out: UK Court of Appeal overturns Petrofac restructuring plans

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On 1 July 2025, the Court of Appeal handed down its judgment overturning the twin restructuring plans proposed by Petrofac Limited and Petrofac International (UAE) LLC under Part 26A of the Companies Act 2006 (the plans)....more

Blake, Cassels & Graydon LLP

Canadian Insolvency: Key Developments and Emerging Trends

Several significant judicial decisions occurred in 2024 that are relevant to commercial lenders and businesses as well as restructuring professionals. This bulletin summarizes the key developments of 2024 and highlights areas...more

Troutman Pepper Locke

Fifth Circuit Ruling Alters Uptier Transaction Landscape

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Overview: The Fifth Circuit’s highly anticipated decision on December 31, 2024, in the Serta Simmons case has significant implications for borrowers and lenders in financial distress situations. The issue on appeal concerned...more

Jones Day

Delaware Bankruptcy Court Reinforces the High Bar for Revocation of a Chapter 11 Plan Confirmation Order

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Confirmation of a chapter 11 plan providing for the reorganization or liquidation of a debtor is the culmination of the chapter 11 process. To promote the fundamental policy of finality in that process, the general rule is...more

Pillsbury Winthrop Shaw Pittman LLP

Bankruptcy Court Rejects Attempts to Lock Up Creditor Votes in Favor of Reorganization Plan

Recent decisions reflect a renewed focus on lock-up provisions by bankruptcy courts. The U.S. Bankruptcy Court for the Southern District of New York recently severed a provision from a post-petition agreement that required...more

Mintz - Bankruptcy & Restructuring Viewpoints

Delaware Bankruptcy Court Grants Derivative Standing to Creditors’ Committee to Sue Members and Officers of Delaware LLC

In early February, a Delaware bankruptcy judge set new precedent by granting a creditors’ committee derivative standing to pursue breach of fiduciary duty claims against a Delaware LLC’s members and officers. At least three...more

Harris Beach Murtha PLLC

California Court Ruling Could Potentially Open Up a Pathway to Bankruptcy for Cannabis-Related Businesses

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A California court recently confirmed a plan for a cannabis-related business to sell its equity assets in a Canadian cannabis company and distribute the proceeds to creditors, a milestone ruling that may open a new path for...more

Ward and Smith, P.A.

Fourth Circuit Says "Do the Math" For Attorneys' Fees Awards

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In North Carolina, a loan agreement can require a borrower to pay attorneys' fees upon default to reimburse the lender for collection expenses....more

Jones Day

Fraud, Electronic Data Sources and Claims to Privilege in the United Kingdom—Lessons From Brian Glasgow v David Ames

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In Short - The Situation: Insolvency officeholders increasingly find their investigations into a company's affairs frustrated by the comingling of records on a "group" server. Claims to privilege by other group entities (or...more

Arnall Golden Gregory LLP

Don’t Rock the Vote, Baby: 11th Circuit Confirms That Materially Adverse Ch. 11 Plan Modifications Require a New Disclosure...

In a detailed and emphatic ruling on January 5, 2023, the U.S. Court of Appeals for the 11th Circuit made it clear that if a pending Chapter 11 plan, after initial plan solicitation and voting by creditors, is modified in any...more

Skadden, Arps, Slate, Meagher & Flom LLP

How Directors Can Manage the UK Supreme Court’s ‘Balancing Exercise’ in Difficult Times

Economic downturns can put both companies and their boards to the test. An important judgment from the U.K. Supreme Court in October 2022, the Sequana case,1 clarifies the obligations of directors of a company facing the...more

Skadden, Arps, Slate, Meagher & Flom LLP

Skadden’s 2023 Insights – Five Critical Areas for the Year Ahead

The pandemic’s impact may be subsiding, but businesses are encountering new challenges across the globe, including the potential for an economic retrenchment, rising interest rates, shifting regulatory and litigation...more

Blake, Cassels & Graydon LLP

La Cour suprême du Canada clarifie l’application des clauses d’arbitrage en matière d’insolvabilité

Dans le cadre de sa récente décision Peace River Hydro Partners c. Petrowest Corp., 2022 CSC 41 (l’« affaire Peace River »), la Cour suprême du Canada (la « CSC ») a précisé les circonstances dans lesquelles une convention...more

Blake, Cassels & Graydon LLP

Supreme Court of Canada Clarifies Application of Arbitration Clauses in Insolvency

In the recent case of Peace River Hydro Partners v. Petrowest Corp., 2022 SCC 41 (Peace River), the Supreme Court of Canada (the SCC) clarified the circumstances in which an otherwise valid arbitration agreement may be held...more

Bennett Jones LLP

The Supreme Court of Canada Rules on Intersection of Insolvency and Arbitration Law

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On November 10, 2022, the Supreme Court of Canada (SCC) issued its much-anticipated decision in Peace River Hydro Partners v Petrowest Corp, 2022 SCC 41, addressing a key intersection of insolvency and arbitration law—whether...more

Venable LLP

UK Supreme Court Issues Long-Awaited Judgment Regarding Company Directors' Duties to Creditors

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​​​​​​​In an important decision for U.S. companies with UK subsidiaries, the UK Supreme Court recently handed down its long-awaited judgment in BTI 2014 LLC v. Sequana S.A., the first case in which the UK's highest court...more

White & Case LLP

Call of Duty: Sequana and the state of directors’ duties

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Recently, the Supreme Court of the United Kingdom released its judgment in BTI 2014 LLC v Sequana SA1. This marks the first occasion on which the nature, scope and content of directors' duties to creditors when a company is...more

Goodwin

Do Directors Have a Duty to Consider the Interests of Creditors Prior to Insolvency?

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On 5 October 2022, the English Supreme Court handed down its decision in BTI 2014 LLC v Sequana SA and others. This (as described by Lady Justice Arden) “momentous” decision principally concerns whether directors are under...more

Skadden, Arps, Slate, Meagher & Flom LLP

UK Supreme Court Rules in Favour of Directors in Seminal Case on Directors’ Duties in ‘Zone of Insolvency’

In what Lady Arden described as a “momentous decision for company law,” the Supreme Court of the United Kingdom has confirmed that there are circumstances in which company directors are required to consider the interests of...more

Jones Day

Third Circuit Sets Standard for Appointment of Future Claims Representatives in Asbestos Bankruptcy Cases

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Unlike professionals retained in a chapter 11 case by trustees, debtors, or official committees, the Bankruptcy Code provides little guidance regarding the appointment of a representative for "future claimants" in a chapter...more

Proskauer Rose LLP

Suing Directors of a Troubled Business: When Form Trumps Substance

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Creditors of distressed businesses are often frustrated by shareholder-controlled boards when directors pursue strategies that appear to be designed to benefit shareholders at the creditors’ expense. In these circumstances,...more

Greenberg Glusker LLP

[Webinar] Breaking Down Bankruptcy Fraudulent Transfer and Preference Actions for Attorneys - September 15th, 10:00 am - 11:00 am...

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This presentation is prepared for in-house counsel and other attorneys practicing outside of the bankruptcy space and will address the following questions that often arise when dealing with a party that later goes into...more

Proskauer - Minding Your Business

The (Third) Party’s Over? Recent Decisions Cast Doubt on the Continued Vitality of Third Party Releases in Chapter 11...

Two recent decisions by U.S. District Courts have rejected attempts to include nonconsensual third party releases in chapter 11 reorganization plans. These rulings suggest third party releases may be facing increasing push...more

Bennett Jones LLP

Court of Appeal Refines the Corporate Attribution Doctrine

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The corporate attribution doctrine concerns the attribution of the actions of a corporation’s directing mind to the corporation itself.  On March 10, 2022, in Ernst & Young Inc. v. Aquino [Aquino], the Court of Appeal...more

Kerr Russell

No Foolin’: Bankruptcy Code Changes Go Into Effect On April 1

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For both debtors and creditors, the numbers are important in a bankruptcy proceeding. The Judicial Conference of the United States has announced that certain dollar amounts and dollar limitations in the U.S. Bankruptcy Code...more

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