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Insolvency & Restructuring

09 April 2021
Alicia Herrador Muñoz Composition of active mass under TRLC

Spain - Augusta Abogados

The Consolidated Text of the Bankruptcy Law introduces the concept of the 'active mass' of a bankruptcy, which constitutes all of the assets and rights integrated into the bankrupt's assets on the date of the declaration of bankruptcy, as well as those that are reintegrated to the bankrupt or acquired until the conclusion of the bankruptcy proceedings. This article sets out which assets and rights are included in and excluded from the active mass.

Author: Alicia Herrador Muñoz
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Amelia Sharkey Indirect 'financial effect' of COVID-19 could be sufficient to defeat a winding-up petition

United Kingdom - Squire Patton Boggs

Following the government's extension of the restrictions on winding-up petitions until 30 June 2021, it is useful to note two recent cases that have considered the COVID-19 test that currently applies to winding-up petitions. In the first case, the judge took the view that the low threshold test for determining whether COVID-19 had had an impact on the financial position of the company was to be taken as settled law. In the second case, the judge offered some helpful insight into the meaning of 'financial effect'.

Author: Amelia Sharkey
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Bruce Bennett Supreme Court: mere retention of property does not violate automatic stay

USA - Jones Day

In January 2021 the Supreme Court held that a creditor in possession of a debtor's property does not violate the automatic stay, specifically Section 362(a)(3) of the Bankruptcy Code, by retaining the property after the filing of a bankruptcy petition. The court's decision provides important guidance to bankruptcy courts, practitioners and parties on the scope of the automatic stay's requirements.

Authors: Bruce Bennett, Heather Lennox, Christopher DiPompeo, Dan T Moss
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Recent updates

International Law Office Tell us what you think and you could win a £100 Mastercard voucher

International - International Law Office

Author: International Law Office
Rachael Markham Pre-pack administrations: how do administrators evaluate the evaluator?

United Kingdom - Squire Patton Boggs

Author: Rachael Markham
Dan T Moss Second Circuit: Madoff Ponzi scheme customers did not receive fictitious profit payments "for value"

USA - Jones Day

Authors: Dan T Moss, Mark Douglas
William Jones Commencing proceedings against a Cayman company in liquidation: having a case worth entertaining

Cayman Islands - Ogier

Authors: William Jones, Sam Keogh
Mathew Newman Restructuring and insolvency guide

Guernsey - Ogier

Authors: Mathew Newman, Simon Davies, Alex Horsbrugh-Porter, Christopher Jones