ILO Newsletter 12/14/2012

Insolvency & Restructuring

Court rules on future damage due to event before insolvency proceedings open

A recent judgment of the Supreme Court made clear that future damage of an unknown amount arising from an event that occurred before the opening of insolvency proceedings may be asserted only as a bankruptcy claim in the insolvency proceedings. The estimated amount of damage must be disclosed when the claim is asserted against the bankrupt company. 


Dr. Alexander Isola

M.C.J. (NYU) Partner