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Update on Lehman Brothers insolvency proceedings in the US, UK and Japan

  • Locke Lord LLP
  • -
  • Japan, United Kingdom, USA
  • -
  • October 7 2008

On September 20, 2008, the Bankruptcy Court approved the sale of certain assets of Lehman Brothers Holdings Inc. ("LBHI") and Lehman Brothers Inc. ("LBI"), including those related to its Canadian Capital Markets and Investment Banking businesses, to Barclays Capital, Inc. ("Barclays"

English High Court rules on law applicable to the effects of an EU insolvency proceeding on pending lawsuits

  • Locke Lord LLP
  • -
  • Poland, United Kingdom
  • -
  • October 14 2008

In Elektrim SA (In Bankruptcy) v Vivendi Universal (& Ors) 2008 EWHC 2155 (Comm) the claimant and defendant companies had entered into an investment agreement governed by Polish law, which contained an arbitration clause providing for arbitration in London

Reconstructions - tax problems you can avoid

  • Dentons
  • -
  • United Kingdom
  • -
  • October 9 2008

A business you are buying or selling, if reorganised for sale, may be less valuable if you do not avoid tax pitfalls

High Court gives independent trustee power to distribute the surplus on a scheme wind-up

  • Freshfields Bruckhaus Deringer LLP
  • -
  • United Kingdom
  • -
  • September 30 2008

In Bridge Trustees Limited v Noel Penny, Judge Purle QC, sitting as an additional Judge of the High Court, held that the Court could use its inherent jurisdiction to permit an independent trustee to distribute surplus in a scheme that was winding up

Continuity of employment in insolvency context

  • Shepherd & Wedderburn LLP
  • -
  • United Kingdom
  • -
  • October 20 2008

The Employment Appeal Tribunal (EAT) has held, in Da Silva Junior v Composite Mouldings and Design Limited, that continuity of employment was preserved where an employee of a company in voluntary liquidation was subsequently employed by a company with the same majority shareholder

High Court sets aside a deed of release that had been executed by mistake

  • Freshfields Bruckhaus Deringer LLP
  • -
  • United Kingdom
  • -
  • October 15 2008

In the case of Andrew Fender v National Westminster Bank PLC Judge Purle QC set aside a deed of release that had been executed in the mistaken belief that the company was no longer indebted to the bank

Determining termination values under the GMRA - avoiding the banana skins

  • Norton Rose Fulbright LLP
  • -
  • United Kingdom
  • -
  • October 14 2008

Following the administration proceedings recently instituted against a number of UK entities (Affected Companies), many counterparties (Counterparties) may wish to terminate transactions under the TBMAISMA Global Master Repurchase Agreement (GMRA) entered into between them and Affected Companies

Reorganised businesses and insolvencies tax pitfalls you can avoid

  • Dentons
  • -
  • United Kingdom
  • -
  • October 9 2008

A business you are buying or selling, if reorganised for sale, may be less valuable if you do not avoid tax pitfalls

Insolvent lenders and market disruption

  • Wragge Lawrence Graham & Co LLP
  • -
  • United Kingdom
  • -
  • October 21 2008

In the current economic climate, there are a number of key issues facing borrowers in the event of lender insolvency or default

Investment firm insolvency: protection for trustees

  • Squire Patton Boggs
  • -
  • United Kingdom
  • -
  • October 24 2008

In the current market turmoil, several banking and insurance names have already had to be rescued by government-brokered packages