Bankruptcy Updates

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Bankruptcy Court Order Compelling Surrender of Property Upheld on Appeal

On November 23, 2015, in the first appellate decision of its kind, the District Court for the Southern District of Florida affirmed a bankruptcy court order to compel chapter 7 debtors to surrender real property by directing...more

UK Executives Acquitted of Charges in Respect of Alleged Redundancy Consultation Breaches

As reported in a previous Onpoint three former directors of the collapsed parcel delivery firm City Link have been prosecuted relating to their failure to notify the Secretary of State of the redundancies which resulted from...more

Major Update to Bankruptcy Forms Effective December 1, 2015

On December 1, 2015, the Official Forms for use in bankruptcy courts will be updated. The changes were made as part of a forms modernization effort. Almost all of the Official Forms are being updated, including the bankruptcy...more

Intellectual Property Issues in Bankruptcy and the Exclusion of Trademark Licenses from the Definition of Intellectual Property

The Bankruptcy Code divides intellectual property into distinct categories depending upon the particular type of intellectual property. Issues with respect to intellectual property can be of utmost importance in bankruptcy,...more

Blog: The House Always Wins: Seventh Circuit Broadly Applies “Good Faith” Defense Under Section 550(b)(1) to Fraudulent Transfer...

The Court of Appeals for the Seventh Circuit recently issued a decision which may give a trump card to fraudulent transfer defendants seeking to use the “good faith” defense under the Bankruptcy Code’s recovery provision....more

Deja vu Oil Over Again

Why this downturn will be just like, and nothing at all like, the last one In the mid-1980s, the price of crude oil dropped by more than half in a matter of months. By 1986, oil was trading around $10 a barrel, down from...more

Bankruptcy Beat: The Second Circuit Establishes a Binding Standard For Lien Extinguishment Under a Plan of Reorganization

The Second Circuit Court of Appeals recently issued an opinion, City of Concord, N.H. v. N. New England Tel. Operations, LLC (In re N. New England Tel. Operations LLC), 795 F.3d 343 (2d Cir. 2015), addressing an issue of...more

Blog: Major Overhaul Of Federal Bankruptcy Forms, Plus An Accompanying Rule Amendment, To Take Effect December 2015

Almost every year, changes are made to the set of rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The changes address issues identified by an Advisory Committee made up of...more

How to Avoid a Process Server

I would guess that I meet with at least two people daily who tell me that they know a process server has been coming by the house but they have been avoiding him and the lawsuit they know the process server is bringing with...more

Collective redundancies – can directors of financially distressed companies breathe a sigh of relief?

In October we issued an article on the criminal charges that had been brought against the former directors of City Link Limited (in administration) for their failure to notify the Secretary of State of proposals for...more

Ninth Circuit Permits Lien-Voidance for Chapter 20 Debtors

Bankruptcy practitioners routinely advise secured creditor clients to file protective proofs of claim in bankruptcy proceedings despite those clients’ ability to ignore bankruptcy proceedings and decline filing claims without...more

Can A Receiver Be Appointed To Take Possession And Safeguard Transferred Property Pending Trial Of A Fraudulent Transfer Action?

QUESTION: I know receivers often bring actions to set aside fraudulent transfers and recover the property transferred, but can a receiver be appointed in a fraudulent transfer lawsuit to take possession of and safeguard...more

Third Circuit Holds Funds Escrowed By Secured Lender After Section 363 Sale Were Not Property of the Estate

In In re ICL Holding Co., Inc., et al., the Third Circuit Court of Appeals held that funds escrowed by the secured lender for the payment of professional fees and other administrative expenses in connection with a Section 363...more

Committee Formation Meeting for Parallel Energy LP, et al.

Upcoming Committee Formation Meeting: November 23, 2015 at 10:00 a.m. Case Name: Parallel Energy LP, et al. Case Number:15-12263 (KG)...more

Lincoln General Insurance Company Enters Liquidation in Pennsylvania

The Insurance Commissioner of Pennsylvania has placed Lincoln General Insurance Company into liquidation in Pennsylvania. As a result, the Insurance Commissioner as Liquidator takes over the property, business, and affairs of...more

Owe way more on your car than it's worth? Bankruptcy might fix that.

If you owe way more on your car than it's worth, filing bankruptcy might fix that. Let's see how that might work....more

Quadrant Structured Prods. Co. v. Vertin, C.A. No. 6990-VCL (Del. Ch. Oct. 20, 2015) (Laster, V.C.)

In this post-trial decision, the Court of Chancery held that a company’s repurchase of senior notes from an insider approximately six months after returning to solvency did not violate the express or implied terms of the...more

New Delaware Chapter 11 Filing – Millennium Lab Holdings II, LLC

Millennium Lab Holdings II, LLC and two of its affiliates, Millennium Health, LLC, and RxAnte, LLC, have commenced cases (Lead Case No. 15-12284) under Chapter 11 of the Bankruptcy Code by filing petitions with the United...more

Extra-territorial effect of section 236 – the debate continues

Re Omni Trustees Ltd (In Liquidation) [2015] EWHC 2697 (Ch) - In an interesting judgment, the High Court in Manchester has decided not to follow the ruling from earlier this year of Mr Justice Richards in Re MF Global...more

Bank Settles with DOJ for $81.6 Million for Failing to Timely File Payment Change Notices for Homeowners in Bankruptcy

On November 5, the DOJ announced a proposed settlement with a bank for allegedly violating bankruptcy rules by not providing homeowners with required notices that would have allowed them to challenge the accuracy of increased...more

Dealing with Restaurant and Retail Leases in Bankruptcy

The recent Great Recession and the wave of bankruptcy filings that accompanied it presented a number of challenges for landlords and tenants. Yet, as the economy has recovered, we still continue to see restaurant and retail...more

New Delaware Chapter 11 Filing – Parallel Energy LP

Parallel Energy LP, an oil and natural gas developer in Texas and Oklahoma (TSX: PLT.UN), and one affiliate have filed chapter 11 petitions before the United States Bankruptcy Court for the District of Delaware (Lead Case No....more

New Delaware Chapter 15 Filing – Essar Steel Algoma Inc. USA

The foreign representative of Essar Steel Algoma Inc. USA, Cannelton Iron Ore Company, Essar Steel Algoma (Alberta) ULC, Essar Steel Algoma Inc. and Essar Tech Algoma Inc. has filed chapter 15 petitions for those entities...more

Court Rules that Medicare and Medicaid Payments to Nursing Home Must Continue Pending Jurisdictional Dispute

On October 27, 2015, United States District Judge James S. Moody, Jr. extended a stay of proceedings thereby permitting Bayou Shores SNF, LLC (“Bayou Shores”) to remain viable and continue receiving Medicare and Medicaid...more

United States Bankruptcy Court for the Southern District of New York Identifies New Jurisdictional Hook to Provide Chapter 15...

On October 28, 2015, the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued a decision that significantly expands the jurisdictional bases that foreign issuers can rely upon...more

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