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Seventh Circuit limits duties of fairness opinion provider to scope of engagement letter

Squire Sanders
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USA
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February 29 2008

Last week, the US Seventh Circuit Court of Appeals issued its opinion in The HA2003 Liquidating Trust v. Credit Suisse Securities (USA) LLC, a case arising out of the bankruptcy of HA-LO Industries, a manufacturer and marketer of promotional products that sought bankruptcy protection in July 2001 after a disastrous attempt to expand into e-commerce via the acquisition of Starbelly.com, a pre-revenue dot-com startup for which HA-LO paid US$240 million

Expenses in administration: rates

Squire Sanders
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United Kingdom
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July 18 2007

In March 2007 the High Court ruled that that non-domestic rates are payable as an expense of the administration as a “necessary disbursement” under Rule 2.67(1)(f) Insolvency Rules 1986 (IR), in priority to payment of the administrator’s remuneration

Landlords (with guarantees) unfairly prejudiced by company voluntary arrangements: Re PRG Powerhouse Limited

Squire Sanders
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United Kingdom
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May 4 2007

In a decision that will have important repercussions for creditors with the benefit of guarantees, the High Court this week has held that a company in financial difficulties may not propose a voluntary arrangement which is unfairly prejudicial on its terms to certain creditors

Second Circuit clarifies meaning and application of retention provision under Bankruptcy Code

Squire Sanders
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USA
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January 14 2009

On January 6, 2009, the United States Court of Appeals for the Second Circuit rendered a decision in the case of Riker, Danzig, Scherer, Hyland & Perretti v. Official Comm. of Unsecured Creditors (In re: Smart World Tech., LLC) that clarifies the implications of a bankruptcy court's "pre-approval" of the terms of a professional's retention by the bankruptcy estate under Sections 327 and 328 of the Bankruptcy Code

Delaware bankruptcy court’s Pillowtex decision favors preference defendant relying on subsequent new value defense

Squire Sanders
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USA
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October 20 2009

The October 15, 2009 decision of the US Bankruptcy Court for the District of Delaware in In re Pillowtex opens the door for creditors in the Third Circuit to increase their "new value" preference defense under the "subsequent advance" approach

Prescribed part and security holders

Squire Sanders
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United Kingdom
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July 25 2008

One of the significant changes to distributions in insolvency made by the Enterprise Act 2002 was the abolition of the preferential status of debts owed to the Crown and the introduction of a provision for the creation of a ‘ring-fenced fund’ (also known as the “prescribed part”, an amount currently capped at £600,000) from the proceeds of floating charges created after 15 September 2003 to be applied in distribution to unsecured creditors

Administration expenses: rates

Squire Sanders
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United Kingdom
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March 2 2007

On 2 March 2007 the High Court handed down the first decision on whether non-domestic rates are payable by an administrator as an expense, and in priority to his remuneration, under Rule 2.67 Insolvency Rules 1986 ("IR"

Precautionary measures in bankruptcy proceedings

Squire Sanders
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Spain
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July 3 2008

In its decision dated November 13th 2007, Madrid’s Provincial Court accepted the appeal against a decision delivered by Madrids Mercantile Court (number 6), which denied the adoption of civil precautionary measures, which were requested together with an action for joint and several liability against the administrators of Afinsa

Tribunals Courts and Enforcement Act 2007

Squire Sanders
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United Kingdom
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December 21 2007

This Act received Royal Assent in July 2007 but no date for implementation has been published yet

Florida Bankruptcy Court issues sweeping ruling against lenders in high stakes fraudulent transfer and preference litigation

Squire Sanders
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USA
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December 17 2009

In a recently published opinion, Judge John K. Olson of the United States Bankruptcy Court for the Southern District of Florida permitted the bankruptcy estates of TOUSA, Inc. and its debtor subsidiaries to avoid and recover more than $1 billion of liens and cash that the debtors had transferred to secured lenders in a transaction entered into six months prior to the debtors’ chapter 11 bankruptcy filing

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Search results

Seventh Circuit limits duties of fairness opinion provider to scope of engagement letter

Expenses in administration: rates

Landlords (with guarantees) unfairly prejudiced by company voluntary arrangements: Re PRG Powerhouse Limited

Second Circuit clarifies meaning and application of retention provision under Bankruptcy Code

Delaware bankruptcy court’s Pillowtex decision favors preference defendant relying on subsequent new value defense

Prescribed part and security holders

Administration expenses: rates

Precautionary measures in bankruptcy proceedings

Tribunals Courts and Enforcement Act 2007

Florida Bankruptcy Court issues sweeping ruling against lenders in high stakes fraudulent transfer and preference litigation

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