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Creditors Insolvency

Loeb & Loeb LLP

Can Small Business Corporate Debtors Discharge Section 523(a) Debts in a Subchapter V? The Eleventh Circuit Joins the Widening...

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In Benshot, LLC v. 2 Monkey Trading, LLC et al., No. 23-12342, 2025 U.S. App. LEXIS 16936 (11th Cir. July 9, 2025), the U.S. Court of Appeals for the Eleventh Circuit addressed a difficult statutory question under the...more

A&O Shearman

Navigating governance during financial distress

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Financial distress for a company always places additional emphasis on governance—and on the duties of the directors of the company. The Australian legal system has a clear system of duties for directors—a period of financial...more

Carey Olsen

Restructuring and Insolvency in British Virgin Islands (PLC)

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This Q&A guide to restructuring and insolvency law in the British Virgin Islands gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders'...more

White and Williams LLP

Uniform Law Commission Approves Uniform Assignment for Benefit of Creditors Act

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At its recently concluded annual meeting, the Uniform Law Commission (ULC) voted final approval of the Uniform Assignment for Benefit of Creditors Act (“Act”). Set forth below is a short discussion of “ABCs” as they...more

Carey Olsen

Eastern Caribbean Court of Appeal delivers key ruling concerning directors' duties and creditor protection in the British Virgin...

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In the recent decision of Byers & Richardson v Chen Ningning (BVIHCMAP2024/0009) ("Byers"), the Eastern Caribbean Court of Appeal ("COA") considered the scope of the director’s duty to creditors when a company is insolvent or...more

Jones Day

New York Bankruptcy Court Examines COMI for Purposes of Chapter 15 Recognition of Foreign Restructuring Proceedings Involving...

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As chapter 15 of the Bankruptcy Code quickly approaches its 20th anniversary in a global economy, the volume of cross-border bankruptcy cases has rapidly escalated. With multinational companies having affiliates throughout...more

Ropes & Gray LLP

Petrofac Restructuring Plans Overturned: When Considering Restructuring Surplus’ Allocation, Sharing is Caring

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In a much-anticipated judgment (Saipem SPA & Ors v Petrofac Limited & Anor [2025] EWCA Civ 821), the English Court of Appeal overturned the High Court’s sanction of Petrofac’s restructuring plans (the Plans). Petrofac was...more

Walkers

IKON Shina Ltd v Smyshliaeva: Where the rubber meets the road on the enforcement of foreign insolvency judgments in the BVI

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The British Virgin Island (BVI) Court will enforce via BVI Court judgments amounts due under judgments arising out of foreign insolvency processes, provided those judgments satisfy the common law tests of finality,...more

K&L Gates LLP

Back to the Drawing Board for Restructuring Plans—Part 26A of the UK Companies Act 2006

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Saipem & Ors v Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ 821 - Executive Summary: Negotiating Leverage Handed to Out of the Money Creditors - In a sweeping decision, the UK Court of Appeal has...more

Conyers

From Dissolution to Liquidation: Creditor-Led Restoration of Dissolved BVI Companies

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Restoration applications are nothing new in the BVI. With hundreds of thousands of active companies and many more struck off due to administrative oversight, BVI legal practitioners frequently find themselves advising clients...more

King & Spalding

To Benefit or Not to Benefit: That is the Question for Plan Companies Post-Petrofac

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The Court of Appeal’s judgment in Petrofac provides a timely reminder that the primary purpose of the cross-class cram down power under Part 26A restructuring plans is to override the exercise of an unjustified veto by...more

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

Latham & Watkins LLP

Redressing the Balance of Power in Restructuring Plans Petrofac in the Court of Appeal

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The Court of Appeal has reversed the sanction of the Petrofac group’s restructuring plans and allowed the appeal of two dissenting unsecured creditors.Re Petrofac Limited and Petrofac International (UAE) LLC [2025] EWCA Civ...more

A&O Shearman

Petrofac restructuring plan overturned by the Court of Appeal

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In this alert, we consider the Court of Appeal’s judgment setting aside Petrofac’s restructuring plan sanction order, which marks the second occasion on which the Court of Appeal has overturned a previously sanctioned plan...more

A&O Shearman

Committees of inspection in Hong Kong liquidations explained: Who sits at the table?

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Following the making of a winding-up order by the Hong Kong Court, a provisional liquidator or a liquidator can decide whether to apply to the Hong Kong Court for appointment of certain creditors and contributories to form a...more

Morgan Lewis

The Proposed GENIUS Act Raises Concerns Over Insolvency Provisions

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Much attention has been paid to the regulatory and customer protection provisions of the proposed Guiding and Establishing National Innovation of US Stablecoins Act, the so-called GENIUS Act, S. 1582 (the proposed Act)....more

Pillsbury Winthrop Shaw Pittman LLP

Floating Charges Under English Law and Their U.S. Counterparts: A Comparative Insight for Cross-Border Lenders

Creditors under English law can take many forms of security, including fixed charges, mortgages and assignments. One of the more unique features of English security is the floating charge. The English legal system...more

Stark & Stark

Del Monte Foods Canned - Files Chapter 11 Bankruptcy in New Jersey

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Del Monte Foods and numerous affiliates (“Del Monte”) filed voluntary petitions for Chapter 11 bankruptcy protection in the District of New Jersey on July 1st (Case No. (Case no. 25-16984). Del Monte is one of the country’s...more

Conyers

Bermuda Supreme Court Sanctions Pre-Winding Up Asset Sale Despite Creditor Opposition

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In a significant decision from the Commercial Division of the Supreme Court of Bermuda, Justice Shade Subair Williams has provided important clarification on the standards applicable when courts are asked to sanction...more

Patterson Belknap Webb & Tyler LLP

How Foreign Entities Can Obtain U.S. Bankruptcy Protections

Financial uncertainty has spread across the globe. The U.S. disrupted international commerce by repeatedly threatening to impose sweeping tariffs on dozens of countries, including some of the nation’s closest trading partners...more

Nelson Mullins Riley & Scarborough LLP

What to Know About the Receivership Process

As financial pressures mount across industries—from real estate to retail to private equity—lenders, investors, and other stakeholders are increasingly turning to receiverships as an alternative to bankruptcy. A receivership...more

Troutman Pepper Locke

What Is the Life Cycle of a Chapter 11 Bankruptcy Case and Why Do Stakeholders Need to Pay Attention to the Bankruptcy Case? (Part...

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A Chapter 11 bankruptcy is often called “reorganization bankruptcy” and is typically used to preserve and maximize the going concern value of the debtor’s business. The life cycle of a Chapter 11 bankruptcy case can be...more

Cooley LLP

Are You in This Party? The Scope of Section 213 of the Insolvency Act 1986

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The UK Supreme Court recently handed down a judgment in Tradition Financial Services Ltd v Bilta (UK) Ltd & Others in which it considered the scope of section 213 of the Insolvency Act 1986, specifically whether those beyond...more

Morgan Lewis

Singapore High Court Allows Creditor’s Challenge Against Liquidator's Admission of Another Creditor's Proof of Debt

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In the recent case of Park Hotel Group Management Pte Ltd v Aw Eng Hai (in his capacity as a joint and several liquidator of Park Hotel CQ Pte Ltd (in liquidation) and others [2025] SGHC 97, the General Division of the High...more

Akin Gump Strauss Hauer & Feld LLP

Case Comment: Petrofac Restructuring Plans

The Petrofac group, a leading international service provider to the energy and infrastructure industries, has successfully obtained an order sanctioning two inter-conditional restructuring plans (Plans). We explore here the...more

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