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Special Report on

Equitable Subordination of Shareholder Loans?

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Academic work on both sides of the Atlantic suggests that traditional mandatory rules should give way to individual solutions which are freely negotiated between creditors and corporate debtors. Moreover, recent judgments of the European Court of Justice have spurred regulatory competition between Member States. The incumbent system is also being challenged by the Europe-wide introduction of the International Accounting Standards/International Financial Reporting Standards, and the European Insolvency Regulation is questioning how company law and insolvency law shall be realigned in the future. Reform of the European rules on ...
restructuring distressed companies using debt-equity swaps
The German economy has experienced minimal growth for a number of years. Insolvencies have reached record levels, and the number of businesses outside of formal insolvency proceedings, but in need of restructuring, is significant. Recently, however, a number of positive factors have fueled hopes for a revival of the German economy. There has been a strong increase in German industrial production activity and a substantial increase in the generation of new orders and capital expenditures by German businesses. Agreements with employees regarding wage and salary increases have been moderate on the whole, and financing conditions ... market research, surveys and trends
CMS Opinion Template
equitable subordination, and turnover. The bankruptcy court rejected ATN's fraudulent transfer claims, finding them to be barred by New Jersey's four-year statute of limitations period because the “obligation” giving rise to the transfer ..... well as a $5.5 promissory note from Carpenter, acting on behalf of ATN. Significantly, Freemen received an affidavit from Carpenter declaring his insolvency in exchange for ATN's forgiveness of Carpenter's shareholder loans and ... market research, surveys and trends


WorldTrade Executive
waste legislation by replacing three Directives with one, and it contains greater emphasis on prevention of waste and ambitious new recycling goals. Page 4 MasterCard Suspends EU Cross-Border Fees Due to Commission Pressure MasterCard suspends its cross border fees within the EU in response to an EC decision that its interchange fees between European countries does not comply with competition law. Page 3 New Disclosure Regime for Significant Short Positions in the UK The UK’s Financial Services Authority announces a new and controversial disclosure regime for significant short positions in quoted companies undertaking rights issues. industry trends, business articles and survey research
Recharacterization and the Nonhindrance of Creditors
Using a 1977 article by Robert Clark as the starting point, this article attempts to shed new light on the question of whether and when shareholder loans to her company should be either equitably subordinated or, as courts have done in a few recent cases, recharacterized as equity. In its emphasis on the particular issue of shareholder loans, the article has a narrower compass than Clark’s article, which uses a four-part typology to explore the relationship among fraudulent conveyance law, equitable subordination, veil piercing and dividend restrictions. But the article also expands Clark's analysis in several ... industry trends, business articles and survey research
BOND, SCHOENECK & KING, PLLC Syracuse, New York, Attorneys for Syracuse University, By: Joseph Zagraniczny, Esq. Jonathan B. Fellows, Esq. DLA PIPER LLP (US) [ 1 ] , New York, New York, Proposed Attorneys for the Debtor and Debtor in Possession, By: Timothy W. Walsh, Esq. Christopher R. Thompson. Esq. HISCOCK & BARCLAY LLP, Syracuse, New York, Attorneys for Niagara Mohawk Power Corporation, By: Susan R. Katzoff, Esq. MARTIN GLENN, Bankruptcy Judge. Syracuse University ("Syracuse") moves the Court in the alternative for an order (i) transferring venue of this case to the United States Bankruptcy Court for the Northern ... market trends, news research and surveys resources


GMBH – SPECIAL ISSUE Shareholder Loans in Corporate Insolvency – A ...
10 See, e.g., Andreas Cahn, Equitable Subordination of Shareholder Loans?, 7 EUROPEAN BUSINESS. ORGANIZATION LAW REVIEW (EBOR) 287 (2006); Peter O. Mülbert, ... technology research, surveys study and trend statistics
Hoffinger Industries - Debt recharacterized as equity and ...
of loans payable which are due to shareholders by Hoffinger Industries, Inc.” Defs.' Ex. ...... If there is no debt, equitable subordination is not an ... technology research, surveys study and trend statistics
covers shareholder loans given in times of crisis. Similarly, but under a somewhat different set of circumstances, the equitable subordination doctrine in ...
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WikiAnswers - What is the Ultra vires Doctrine
describes acts attempted by a corporation that are beyond the scope of powers granted by the corporation's Articles of Incorporation or in a clause in its Bylaws; in the laws authorizing its formation, or similar founding documents. Acts attempted by a corporation that are beyond the scope of its charter are void or voidable. Basic principles included the following: 1. An ultra vires transaction cannot be ratified by all the shareholders, even if they wish it to be ratified. 2. The doctrine of estoppel usually precluded reliance on the defense of ultra vires where the transaction was fully performed by one party 3. A ...