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Results: 1-10 of 4,062

IBNR value in US insolvencies

  • Mills & Reeve LLP
  • -
  • USA
  • -
  • February 9 2007

The State of New Jersey Appellate Court ruled that the final dividend plan (“FDP”) proposed by the liquidator for Integrity Insurance Company (“Integrity”) was invalid in part because incurred but not reported (“IBNR”) claims were improperly included in the valuation of claims by its policyholders

Delaware Court of Chancery rules that “deepening insolvency” is not a recognizable cause of action in Delaware

  • Edwards Wildman Palmer LLP
  • -
  • USA
  • -
  • January 19 2007

In Trenwick America Litigation Trust v. Ernst & Young, LLP, 906 A.2d 168 (Del. Ch. 2006), the Delaware Court of Chancery definitively weighed in on the tort claim that has become known by the popular name “deepening insolvency” when it dismissed a “deepening insolvency” claim brought by a litigation trust to recover money for the benefit of the creditors of a bankrupt estate

No withholding notice: no defence to winding-up proceedings

  • Wragge & Co LLP
  • -
  • United Kingdom
  • -
  • January 23 2007

When a contractor failed to pay certain agreed invoices the sub-contractor issued a winding up petition

Bankruptcy court orders return of over $140 million of margin payments made by hedge fund to prime broker

  • Fried Frank Harris Shriver & Jacobson LLP
  • -
  • USA
  • -
  • February 16 2007

A recent bankruptcy court decision in the Southern District of New York may raise concern among brokerage firms which execute and clear brokerage transactions for hedge funds and similar investment vehicles

Bankruptcy lease issues: courts use two approaches

  • Gardere Wynne Sewell LLP
  • -
  • USA
  • -
  • January 16 2008

It is not uncommon for a retailer with financial problems to be past due on lease payments

Claim for failed stock trade is subject to mandatory subordination

  • Reed Smith LLP
  • -
  • USA
  • -
  • February 19 2007

In a case of first impression, the U.S. Court of Appeals for the Second Circuit has held that a claim for damages based on a chapter 11 debtor’s failure to issue shares of its common stock in exchange for a claimant’s stock in another company pursuant to a termination agreement is subject to mandatory subordination

Want to avoid successor liability? Then market aggressively

  • Reed Smith LLP
  • -
  • USA
  • -
  • February 19 2007

A company’s failure to meaningfully market its assets led to the dismissal of its attempted Chapter 11 reorganization

Debtor’s loan discharged despite false loan application statements

  • Reed Smith LLP
  • -
  • USA
  • -
  • February 19 2007

In a harsh decision for the lender, the U.S. Court of Appeals for the Tenth Circuit has determined that a debtor’s loan may be discharged in chapter 7 bankruptcy despite the borrower’s admission that his personal financial statement contained materially false representations about his financial condition

Consultant ruled a creditor not a shareholder; subordination overturned

  • Reed Smith LLP
  • -
  • USA
  • -
  • February 19 2007

A business consultant who contracted to receive a percentage of a company’s shares in exchange for helping the company go publicbut never actually received those shares and obtained a money judgment against the company insteadwas not a holder of equity for purposes of subordination under the Bankruptcy Code, the U.S. Court of Appeals for the Ninth Circuit has determined

U.S. Courts of Appeal order

  • Reed Smith LLP
  • -
  • USA
  • -
  • February 19 2007

The U.S. Court of Appeals for the Fifth Circuit has held, in an issue of first impression in the circuit, that a cable service provider was not a utility under section 366 of the Bankruptcy Code