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Insolvency Commercial Bankruptcy

Conyers

Cayman Islands Restructuring: Observations Following Petrofac

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This article follows our previous commentary on the English High Court’s decision in May 2023 to sanction the Adler Group’s restructuring plan and the Court of Appeal’s reversal of that decision in February 2024. The recent...more

Seward & Kissel LLP

Receiving Line, That’s the Spirit? and Booming Business

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Alex Jones’ Infowars will go up for sale yet again, judge rules | CNN Business - The Onion is set to revive its bid on Jones’s outlet and its assets after a federal judge halted the sale in December....more

White and Williams LLP

Of Whiskey and Martha’s Vineyard Realty:  Federal Receivership Ordered for Fast Growing Uncle Nearest Brand

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Companies facing financial difficulties often utilize Chapter 11 to help effectuate a restructuring or sale as part of a case filed in the United States Bankruptcy Court. In other instances, a company’s lender – impatient...more

Walkers

Court of Appeal confirms the Grand Court's power to regulate who will be the voluntary liquidator of an exempted limited...

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Walkers successfully represented the respondent limited partner in appeal proceedings filed by the General Partner (the "GP") of One Thousand & One Voices Africa Fund I, L.P. (in Voluntary Liquidation) (the "Partnership"),...more

Conyers

Recognition with Consequences: Singapore's Terraform Ruling and its Implications for the BVI

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On 11 July 2025, the Singapore International Commercial Court (SICC) in Re Terraform Labs Pte Ltd [2025] SGHC (I) 4 ordered a group of creditors to pay costs to the insolvent estate of blockchain company Terraform Labs. The...more

Jones Day

Clarity in Singapore: How COMI Is Determined Under the UNCITRAL Model Law on Cross-Border Insolvency

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In re Fullerton Capital Ltd [2025] SGCA 11, a BVI-incorporated company entered into insolvency proceedings in the British Virgin Islands ("BVI"). The liquidators sought recognition of the BVI liquidation as a "foreign main...more

Goldberg Segalla

Fourth Circuit: Federal Courts Have Subject-Matter Jurisdiction Over Solvent Debtor Cases

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Court: U.S. Court of Appeals for the Fourth Circuit - On appeal, the Fourth Circuit affirmed a bankruptcy court’s denial of a motion to dismiss for lack of subject matter jurisdiction. Founded in 1927, Georgia-Pacific LLC is...more

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

Herbert Smith Freehills Kramer

Crossing Jurisdictions - Dealing With Tenant Insolvency in the European and US Commercial Real Estate Markets

The global commercial real estate market paints a varied picture, with certain jurisdictions and sectors recovering quicker than others from the COVID-19 pandemic and continuing geopolitical uncertainty. Higher interest rates...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

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

Blake, Cassels & Graydon LLP

Un tribunal albertain applique l’arrêt Petrowest pour suspendre un arbitrage en faveur d’une procédure de mise sous séquestre

Le 26 mai 2025, la Cour du Banc du Roi de l’Alberta (la « CBRA ») a suspendu un projet d’arbitrage en faveur d’une procédure de mise sous séquestre en cours dans l’affaire Mayfield Investments Ltd (Re). C’était la première...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

Blake, Cassels & Graydon LLP

Alberta Court Applies Petrowest to Stay Arbitration in Favour of Receivership Proceeding

On May 26, 2025, the Court of King’s Bench of Alberta stayed a proposed arbitration in favour of an ongoing receivership proceeding in Mayfield Investments Ltd (Re). This decision marks the first time that an Alberta court...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

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

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

Ice Miller

Puff, Puff, Pass the Assets: Purchasing Distressed Assets in the Cannabis Sphere

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Following years of explosive growth and regulatory change, the cannabis industry is at a turning point. Initial enthusiasm has fallen to harsh realities, and many cannabis businesses must address mounting financial pressure,...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

Cranfill Sumner LLP

NC Court of Appeals Denies Motion to Add Self-Insurance Association in Asbestos Exposure Case

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In a published decision with a dissent, the NC Court of Appeals denied the Plaintiff’s motion to add North Carolina Self-Insurance Security Association as a party to the claim....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

Conyers

The Effect of Irregularities on the Validity of a Creditors’ Meeting

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The courts are generally reluctant to interfere with the outcomes of creditors’ meetings at which resolutions are voted on and passed. After all, such resolutions are decided and voted on by the creditors, thereby...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

Nelson Mullins Riley & Scarborough LLP

Bankruptcy Refresher: What Business Leaders Should Know as Corporate Filings Increase

As economic pressures mount—higher interest rates, tighter credit, rising labor and material costs—experts warn of a potential surge in corporate bankruptcies. Bankruptcy filings through the first quarter of 2025 are already...more

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