News Archive

Posted: July 14, 2017
Posted: July 12, 2017
German CoCo BondsIntroduction
Posted: July 12, 2017
It’s hard to believe that summer is here and 2017 is now into the second half of the year. From what I hear it has been a strong 2017 for members of the ACIC. We are all looking forward to a strong second half of the year. 
Posted: July 12, 2017
A High Level Summary of the Recast European Insolvency RegulationIntroduction
Posted: July 12, 2017
A New Era of Greater Scheme ScrutinyIntroduction
Posted: July 12, 2017
Payless Holdings Inc. LLC, Re 2017 ONSC 2321In Payless Holdings Inc., LLC, Re (“Payless”), an application for the approval of certain debtor-in-possession (“DIP”) financing arrangements between, among others, a US parent in Chapter 11 and its Canadian subsidiary, was rejected on the basis that the arrangements did not provide sufficient protection for all Canadian creditor parties that stood to be affected.Facts
Posted: July 12, 2017
XPG v. Royal Bank, 2017 ONSC 2598Introduction
Posted: June 17, 2017
Posted: June 13, 2017
Singapore’s firm trajectory towards becoming an international hub for debt restructuring received a boost with the Companies (Amendment) Act 2017 coming into force on 23 May 2017.
Posted: June 7, 2017
On June 8, 2017 the United States House of Representatives passed H.R.
Posted: May 30, 2017
Posted: May 15, 2017
In Carmel Financial Corporation, Inc. v. Castro, 2016 WL 7478048 (Tex. App. -- Houston [14th Dist.] December 29, 2016), the court of appeals held that a company’s fixture filing did not independently create a lien on the real property on which the fixture was located. In April 2008, Carmel Financial Corporation (“Carmel”) financed the purchase and installation of a water treatment system.  Carmel perfected its security interest in the water treatment system by filing a fixture filing which described only the water treatment system.
Posted: May 15, 2017
In Banco Popular, North America v. Kanning, 638 Fed.Appx. 328 (5th Cir. 2016), the court of appeals held that a debtor’s assignment of his life insurance policy to a lender was enforceable and that the lender’s lien was not extinguished by the declaration of bankruptcy by the named beneficiary of the policy. On December 3, 2007, Banco Popular, North America (“Banco”) made a loan to BEMK, Inc.
Posted: May 15, 2017
Nw. Bus. Fin., LLC v. Able Contractor, Inc., 383 P.3d 1074 (Wash. App. 2016).
Posted: May 15, 2017
Huffman v. Gollersrud (In re Westby), 2017 Bankr. LEXIS 423 (Bankr. D. Ore. 2017).
Posted: May 15, 2017
Gault v. Sass Electric, Inc., 2016 WL 5539872 (Cal. Ct. App. 2016).
Posted: May 15, 2017
Lesa, LLC v. Family Trust of Kimberley and Alfred Mandel, 2016 WL 6599912 (N.D. Cal. 2016)
Posted: May 12, 2017
Private Sale of Partnership Interests Violated UCC
Posted: April 24, 2017
Posted: March 8, 2017
Posted: March 4, 2017
Please join us at the ACIC's 2017 Spring Investment Forum on April 27-28 at the Four Seasons Hotel in Chicago, Illinois.
Posted: February 28, 2017
NJK Holding Corp. v. Araz Group, Inc., 878 N.W.2d 515 (Minn. Ct. App. 2016)The Minnesota Court of Appeals (“Appellate Court”)‑held that under Minnesota law, a promise to forgive debt is a credit agreement and must be in writing in order to be enforceable. 
Posted: February 28, 2017
Opportunity Finance, LLC, v. Kelley, 822 F.3d 451 (8th Cir. 2016)
Posted: February 28, 2017
             Second Circuit Court of Appeals Reminds Lenders that Less Can Be More When Drafting Collateral Descriptions in UCC Financing Statements – Ring v. First Niagara Bank, N.A. (In re Sterling United, Inc.), 2016 WL 7436608 (2d Cir. 2016). 
Posted: February 28, 2017
            Southern District of New York Orders Priority of Payment for Interest on Subordinated Lenders’ Claim – U.S. Bank Nat’l Ass’n v. T.D. Bank, 2017 U.S. Dist. LEXIS 14954 (S.D.N.Y. Jan. 27, 2017).            On January 27, 2017, the Southern District of New York issued a ruling based on its reading of an intercreditor agreement that resulted in the unusual result of a subordinated creditor receiving payment of post-petition interest on its claim prior to the payment of principal on a senior creditor’s claim.

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