The Outside Clinic restructuring plan (RP) was sanctioned last week with HMRC voting in favour of it. In a similar vein to Enzen (see our earlier blog) HMRC initially indicated that it was not inclined to support the plan, but, after negotiating a higher return following the convening hearing, it voted in favour of it. A … Continue Reading
On June 27, 2022, Three Arrows Capital (“3AC”), a crypto hedge fund, commenced liquidation proceedings in the British Virgin Islands and thereafter filed recognition proceedings in, among other countries, the United States and Singapore. As we discussed earlier this year, on December 2, 2022, the bankruptcy court presiding over 3AC’s chapter 15 proceeding pending in … Continue Reading
From time to time, officeholders apply to court to seek approval of a proposed course of action which they have decided to take in connection with their function. But where the court sanctions those decisions, are the officeholders protected from subsequent claims relating to the same? The Court of Appeal, in the case of Denaxe … Continue Reading
A recent order from the United States Bankruptcy Court for the Southern District of New York puts to test the theory that “it is better to ask for forgiveness than permission.” After a lengthy dispute in the bankruptcy cases of Arcapita Bank B.S.C.(c) and its affiliates (the “Debtors”), the court held Bahrain Islamic Bank (“BisB”) … Continue Reading
In a prior post, we explored the risks of utilizing an involuntary bankruptcy petition as a litigation tactic. That post examined a July 2015 decision from the Second Circuit Court of Appeals in the TPG Troy LLC bankruptcy case, in which the court held that when an involuntary bankruptcy petition is dismissed there is a … Continue Reading
