Michelle Saney

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Parties Beware—Noncompliance with Delaware ABC Statute Can Lead to Serious Consequences (US)

Last month the Delaware Chancery Court sent a clear message to Delaware companies that failure to strictly comply with the Delaware Assignment for the Benefit of Creditors (“ABC”) statute will result in severe consequences, including dismissal. On December 27, 2023, WMT (an ABC) LLC (the “Assignee”) filed an assignment petition which provided that it had … Continue Reading

Highland Capital Asks Supreme Court to Review Fifth Circuit Exculpation Excision Ruling

Last November we wrote about the Fifth Circuit Court of Appeals’ decision in Highland Capital Management, L.P., where the court reversed the bankruptcy court’s approval of a plan’s exculpation clause for non-debtors and limited the universe of parties covered by that provision. Relying on Bank of New York Trust Co., NA v. Official Unsecured Creditors’ … Continue Reading

Cross Border Recognition, 25 years on: the view from each side of the Pond

The recent decision in Re Astora Women’s Health LLC illustrates the importance of cross-border recognition of insolvency processes, highlighting the benefits of a joined-up global approach which recognises that modern business do not stop for international borders. With Astora hot off the presses and the twenty-fifth anniversary of the UNCITRAL Model Law on the horizon … Continue Reading

Equitable Mootness No Bar to “Slicing & Dicing” Exculpation Clause From Confirmation Order

While the Judge-made doctrine of equitable mootness continues to beguile and often stymie parties-in-interest seeking to appeal an order confirming a chapter 11 plan (as well as other orders which are on appeal prior to confirmation of a plan), appellants in the Fifth Circuit can continue to rest assured that the doctrine will be applied … Continue Reading
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