In The Joint and Several Liquidators of QQ Club Limited v. Golden Year Limited, the Court of First Instance held that a liquidator's costs in pursuing an avoidance claim are "fees and expenses properly incurred in preserving, realizing or getting in the assets", and are payable out of the company's assets in priority to all other payments prescribed in rule 179 of the Companies (Winding-up) Rules.
Nearly three years after the High Court decision on the case of BNY Corporate Trustee Services Ltd v Eurosail UK 2007 - 3BL PLC and others was handed down, the case has run its course in the Supreme Court.
So Eurosail-UK 2007-3BL plc (Eurosail) is not ‘balance sheet’ insolvent, no event of default has occurred under the RMBS notes it has issued and a post-enforcement call option (PECO) does not make limited recourse any of the notes it relates to.
The English Supreme Court’s eagerly awaited decision on the Eurosail litigation, concerning how the "balance sheet" test for insolvency should be applied, was released today.
With a population of approximately 300,000, Stockton, Calif., is the largest city in the United States to seek bankruptcy protection.
A trustee or debtor in bankruptcy may sell the bankrupt debtor’s property with bankruptcy court approval under §363 of the Bankruptcy Code.
The United States Court of Appeals for the Ninth Circuit recently held that the bankruptcy court has authority to recharacterize as equity, rather than debt, advances of funds made purportedly as a loan to the recipient prior to its bankruptcy.
After filing a chapter 7 bankruptcy, the debtors tried to surrender their residence to the mortgage lender.
A mortgage lender filed a proof of claim in a chapter 13 bankruptcy claiming total secured debt of $132,945.08, including $14,327.60 in prepetition expenses that were identified as $2,231.93 in late charges and $12,095.67 in attorney fees.
On April 24, 2013, Robert S. Bernstein, Plan Administrator for the Berkline/BenchCraft bankruptcy estates, began filing complaints with the Delaware Bankruptcy Court seeking to recover what he contends are preferential transfers.
San Bernardino’s financial situation has become clearer and the numerous disagreements regarding what documents to share have been resolved.
A discussion on a recent case, where a stalking horse was the winning bidder in a section 363 bankruptcy sale.
In a recent decision, the United States District Court for the Southern District of New York acknowledged that to be granted relief from the automatic stay under 11 U.S.C. § 362(d), a secured creditor has the initial burden to show that there has been a decline—or at least a risk of decline—in the value of its collateral.
A University of Michigan Law School graduate and former partner at the law firm Jones Day, has been selected by Governor Rick Snyder as Detroit's Emergency Financial Manager.
A company bought property from the debtor in the mid-1980s that turned out to be contaminated.