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Connecticut Bankruptcy Courts Rule That New Homestead Act Applies Retroactively to Claims Arising Before Act’s Effective Date

A homestead exemption is a law that protects a certain amount of equity in an individual’s primary residence from the claims of his or her creditors or, in some states like Florida, the amount of the exemption is unlimited...more

The NRA's Chapter 11 Filing Takes Aim at the State of New York: Is it off Target?

The National Rifle Association (commonly known as the NRA), a New York not-for-profit corporation with its principal place of business in Virginia, has tested the limits of how accommodating Chapter 11 can be to a solvent...more

New Bankruptcy Relief Provisions Brought to You by the 2021 Federal Appropriations Act

The new Consolidated Appropriations Act, 2021 (the “Act”), which was signed into law on December 27, 2020 (H.R. 133), includes within its 5,593 pages a number of new bankruptcy relief provisions for businesses as part of what...more

Can a Lease Terminated Under State Law be Revived in the Tenant's Bankruptcy?

In these troubled times when lease and other contract defaults, as well as bankruptcies, abound, it may be useful to reexamine what happens to a lease of commercial real estate when it has been terminated in accordance with...more

Bankruptcy Court Overrides SBA’s Prohibition Against Extending PPP Loans to Companies in Bankruptcy

The Paycheck Protection Program is a federal loan program that was brought into law on March 27, 2020, by the Coronavirus Aid, Relief, and Economic Security Act, known as the “CARES Act.”...more

New Small Business Reorganization Act Makes It Easier For Small Businesses To Reorganize

Chapter 11 can be a daunting and expensive process for any business to undertake, but its myriad requirements tend to have a disproportionate effect on small businesses....more

United States Trustee Rebuked by New York Bankruptcy Judge for Objecting to Retention of Nine West Interim CEO

For at least the past 14 years while the so-called “Jay Alix Protocol” has been in effect as a national policy of the Office of the United States Trustee (“UST), and prior to that in a handful of decisions, interim Chief...more

Bankruptcy Beat: New York Bankruptcy Court Prohibits Stripping of Mortgage Lien Against Debtor's Multi-Family Residential Real...

In both Chapter 13 consumer bankruptcy cases and individual Chapter 11 cases, a debtor is prohibited from modifying a claim that is “secured only by a security interest in real property that is the debtor’s principal...more

Bankruptcy Beat: Another Tool in the Toolbox of Bankruptcy Trustees and Debtors in Possession: The Pre-Judgment Asset-Freeze...

In a decision handed down on January 4, 2016, a New York Bankruptcy Court issued a preliminary injunction preventing the transfer of any assets of the Defendant in an adversary proceeding in which a turnover of monies, along...more

Bankruptcy Beat: Jockeys Nearing Finishing Line in 25-Year Civil and Bankruptcy Litigation with their Former Business Managers

Hall of fame horse racing jockeys Laffit Pincay, Jr. and Chris McCarron first sued their former business managers, Vincent and Robert Andrews, in California District Court in 1989 for fraud, breach of fiduciary duty and other...more

Bankruptcy Beat: Decision Approves Cramdown of Secured Creditors in Chapter 11 With Sub-Market Interest Rate And Disallows...

On May 4, 2015, the U.S. District Court for the Southern District of New York affirmed the controversial and widely discussed decision of the Bankruptcy Court in In re MPM Silicones, LLC, 2014 WL 4436335 (Bankr. S.D.N.Y....more

Bankruptcy Beat: Bankruptcy Court Rules That Undersecured Creditor Could Object to Claims that Were Listed on the Debtor’s...

In In re 3333 Main, LLC, Case No. 13-51533 (ECF No. 172) (Bankr. D. Conn. May 29, 2014) (Shiff, J.), the Debtor listed a number of unsecured claims on its bankruptcy schedules without indicating they were disputed, contingent...more

Chapter 11 and the Sales Tax Permit

Effective July 1, 2013, Connecticut passed a new law providing that the state must refuse to issue or renew a sales tax permit to any person or entity that owes taxes to the state until the taxes are paid or satisfactory...more

Chapter 11 May Help Save Sales Tax Permits for Distressed Businesses

Effective July 1, 2013, Connecticut passed a new law providing that the State must refuse to issue or renew a sales tax permit to any person or entity that owes taxes to the state until the taxes are paid or satisfactory...more

10/15/2013  /  Chapter 11

Bankruptcy Court Rejects Forum-Shopping Ploy

Originally published in the Connecticut Law Tribune on March 11, 2013. It has become a reality of bankruptcy practice that most large or complex Chapter 11 cases are filed and administered in one of two so-called...more

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