Mr Kevin Maclay

Kevin Maclay


Insolvency & Restructuring

Narrower harbours: Supreme Court limits Section 546(e) securities safe harbour
USA | 30 March 2018

The Supreme Court recently held that Section 546(e) of the Bankruptcy Code does not apply to transfers in which financial institutions are mere intermediaries. This decision plainly rejects what was, in many judicial circuits, a long-held interpretation of Section 546(e) and leaves certain transactions previously thought to be inviolate vulnerable to later being unwound if one of the parties files for bankruptcy within the relevant statutory period.

First Circuit finds creditors' committees have unconditional right to intervene in adversary proceedings
USA | 09 February 2018

The First Circuit Court of Appeals recently held that Section 1109(b) of the Bankruptcy Code provides a creditors' committee with an "unconditional right to intervene" in an adversary proceeding. This decision further bolsters the right of creditors' committees to intervene in and be heard on all matters within a bankruptcy case and positions the First Circuit in line with the Second and Third Circuits, which both have similarly concluded that the code affords an unconditional right to intervene.

Limitations on corporation's ability to free itself from legacy liabilities
USA | 20 June 2014

When a corporation undergoes multiple corporate restructurings which spin off most of its assets while keeping most of its liabilities, under what circumstances may its creditors pursue those spun-off assets? In a recent ruling a court held that corporate defendants which separated most of their liabilities from most of their assets were liable under a fraudulent transfer theory to tort and environmental claimants.