International Insolvency

International Committee Webinar Update

In February, the committee hosted two webinars. The first, on Feb. 14, was the second in the planned webinar series “Directors Duties Across Borders in the Insolvency Zone.” The focus of this webinar was on the Americas. Debra Grassgreen (Pachulski Stang Ziehl & Jones) moderated the discussion. The panelists were The Hon. Daniel Cario Casto (recently retired as a Judge at First Bankruptcy Court of Sao Paulo, Sao Paulo State Court of Justice (Brazil)), Allan Nackan of B. Riley Farber (Canada), Margot MacInnis from Grant Thornton (Cayman Islands) and Dr. Ivan J.

Byers v Saudi National Bank [2023] UKSC 51: Supreme Court Offers Clarity on Claims for ‘Knowing Receipt’

The English Supreme Court has dismissed an equitable personal claim in knowing receipt brought by Saad Investments Co. Ltd. and its joint liquidators (Saad) against a Saudi Arabian financial institution, and in doing so provided welcome elucidation on the cause of action — the law on which “has perplexed judges and academics alike for several decades.”[1]

Substantive Consolidation in India

Courts administering India’s insolvency and restructuring law, the Insolvency and Bankruptcy Code 2016 (IBC), have been grappling with the challenges posed by corporate group insolvencies. Many Indian businesses operate through family-controlled group structures, and their insolvency has been a matter of considerable public concern in India in recent years, particularly with real estate development groups.[1]

Can a U.S. Court Sell a Foreign Debtor’s U.S. Assets ‘Free and Clear’?

Delaware’s Judge Laurie Selber Silverstein tackled several novel questions about a U.S. court’s authority in chapter 15 to approve novel, foreign transactions and sell the foreign debtor’s property in the U.S.

New York Judge Rejects a ‘Lockup’ Long Before a Plan Is Negotiated

New York’s Judge Martin Glenn disapproved a lockup agreement masquerading as a plan-support agreement that required the creditor to vote for any plan the debtor might propose.

In re Black Press Ltd.: A Black Eye for Corporate Enterprise Group Recognition

June 2024

An Interview with Circuit Judge Thomas Ambro: How Article III Judges See Bankruptcy Law, Bankruptcy Judges and the Bankruptcy Code

Cross-Border Recovery in Fraudulent Schemes

Exporting Corporate Bankruptcies