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Frustration of Purpose and Impossibility Doctrines in the COVID-19 Era | Holland & Knight LLP

Emergent Capital, Inc Announces Completion of Restructuring

Emergent Capital, Inc. Announces Completion of Restructuring BOCA RATON, FL / ACCESSWIRE / April 8, 2021 / Emergent Capital, Inc. (OTCQX:EMGC) ( Emergent or the Company ) announced that on April 7, 2021 it has consummated its previously announced restructuring. Accordingly, Emergent moved its operations to its former subsidiary, Lamington Road DAC, a designated activity company with limited liability incorporated under the laws of Ireland ( Lamington ) and formed the Lamington Road Grantor Trust, a grantor trust organized under the laws of the Cayman Islands (the Trust ), to hold certain securities of Lamington called profit participating notes. The restructuring was done in accordance with the Emergent s Plan of Reorganization, as confirmed by the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court ) on December 30, 2020.

Maryland Bankruptcy Court Rules Corporate Debtors May Discharge Nondischargeable Debts in Subchapter V Chapter 11 Case | Miles & Stockbridge P C

To embed, copy and paste the code into your website or blog: The Small Business Restructuring Act of 2019, Pub. L. 116-54, 133 Stat. 1079 (Aug. 23, 2019) (“SBRA”) became effective February 19, 2020. SBRA, among other things, created a new Subchapter V under Chapter 11 of Title 11 of the United States Code, designed to provide business debtors a more streamlined bankruptcy process for reorganization. The streamlined process was expected to reduce the time and expense of small business reorganizations when compared to the current Chapter 11 process. Subchapter V is available to both individuals and business entities who have primarily business debts and subject to a number of eligibility limitations.

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