Bankruptcy Law and Insolvency Law

A bankruptcy filing can preempt state law, permitting termination of a General Partner’s management right. Generally speaking, partnership agreements provide and state laws provide for the removal of a General Partner’s management rights when a General Partner files bankruptcy. But, what happens when the General Partner files bankruptcy and such management rights become property of the estate?

Liability management exercises have become a popular tool for restructuring distressed debt outside of court, but data reveals an 86% failure rate within two years.

Third party releases (3PRs) have long been a feature of restructuring processes in key international restructuring centres including England, Singapore and the United States. However, recent court decisions in all three jurisdictions have brought renewed scrutiny to the circumstances in which such releases can be granted and their permissible scope.