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Articles by Irish Scheme
Majestic Star Is No Longer Vital? Florida Bankruptcy Court Finds That An S Corporation Election Is Property Of The Bankruptcy Estate
Market participants should pay careful attention to the lessons of In re Vital Pharmaceuticals, No. 22-17842-PDR, 2023 Bankr. LEXIS 2483 (Bankr. S.D. Fla. Oct. 6, 2023), in what is, admittedly, a typically esoteric but important intersection between tax and restructuring. Many large-scale equity investments will be structured to use so-called "flow-through" structures, such as partnerships or limited liability companies that do not "check the box," as part of general tax planning.
Cryptocurrency Brings Disruption To Bankruptcy Courts—What Parties Can Expect And The Open Issues Still To Be Resolved (Part Two) - Insolvency/Bankruptcy - United States
In this second part of our blog exploring the various issues courts need to address in applying the Bankruptcy Code to cryptocurrency, we expand upon our roadmap. In part one, we addressed whether cryptocurrency constitutes property of the estate, the impacts of cryptocurrency's fluctuating valuation, issues of perfection, and the effects of cryptocurrency on debtor-in-possession financing.
Pre-Petition Settlement Agreement Not An Assumable, Assignable, Executory Contract
In Svenhard's Swedish Bakery v. United States Bakery, Bk. No. 19-15277, 2023 WL 5541420 (9th Cir. Aug. 29, 2023), the Ninth Circuit held that a settlement agreement that resolved an employer's withdrawal liability to a multiemployer pension fund was not an executory contract that could be assumed and assigned to a third-party when that employer subsequently filed for bankruptcy.
Due Diligence Is A Virtue, But Does A Preference Plaintiff Have To Prove It?
A bankruptcy trustee's pursuit of preference claims causes heartburn for trade credi‑ tors. It's one thing to be owed a potentially uncollectable receivable from a financially distressed customer that is heading toward or has filed bankruptcy; it's quite another to have to turn over payments that were made in the period leading up to the customer's bankruptcy filing, which the creditor likely spent significant time and effort collect‑ ing.
Crypto Meets Bankruptcy: Developments, Risks, And Concerns
While perhaps inevitable that the largely unregulated cryptocurrency industry would become acquainted with the world of bankruptcy court, that intersection has certainly occurred. After facing a series of challenges and much scrutiny in recent years, the crypto industry experienced several high-profile bankruptcies in 2022.
English Law Creditors Bound By Irish Scheme Of Arrangement
In a radical departure from settled case law, the English High Court has eroded the protections of English law creditors guaranteed by the Rule in Gibbs1 . In Silverpail Dairy (Ireland) Unlimited Company v. McCarthy [2023] EWHC 895 (Ch), the English High Court applied Irish law to English governed law debt claims, including unpaid amounts owing to HM Revenue and Customs (HMRC), so as to bind English law creditors to an Irish law scheme of arrangement.
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