Bankruptcy Finance & Banking

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Wholly Underwater Junior Liens May Not Be Stripped Off in Chapter 7 Bankruptcy Proceedings

The U.S. Supreme Court has held that a debtor in a Chapter 7 bankruptcy proceeding may not void a junior mortgage lien when the debt owed on a senior mortgage lien exceeds the current value of the collateral, provided that...more

Saudi Arabia Update May 2015

New Saudization Rules Proposed - Saudization is the colloquial term used to refer to Saudi Arabia’s official government policy of encouraging the employment of Saudi Arabian nationals in the private sector. The policy of...more

A Look at the Friendly Foreclosure Option

When a debtor defaults on a loan secured by personal property, the secured lender has several options for repayment. One option is to sell the collateral securing the debt pursuant to Article 9 of the Uniform Commercial Code...more

New provisions for secured creditors in the Spanish Insolvency Act

A new milestone has been reached in the reform process of the Spanish Insolvency Act. On 25 May, the draft bill of the Law 9/2015, of urgent measures in insolvency proceedings, has finally been enacted as law. The new rule...more

Supreme Court Rejects Lien Stripping in Chapter 7 Bankruptcy Cases

On June 1, 2015, the United States Supreme Court issued its decision in Bank of America, N.A. v. Caulkett, in which all nine Justices joined in an opinion that reversed an Eleventh Circuit ruling that chapter 7 debtors may...more

Bankruptcy & Restructuring Litigation Update - May 2015

New Bankruptcy Challenges for Secured Creditors. The Bankruptcy Code provides secured creditors with significant advantages over their unsecured counterparts. During the past year, however, courts have chipped away at secured...more

“Deed in Lieu”: Deed That Is Not Really In Lieu Of Foreclosure Will Likely Not Be Treated As a Deed

In re Primes, 518 B.R. 466 (Bankr. N.D. Ill. 2014) – A mortgagee moved for relief from the automatic stay, arguing that it acquired title to property prior to the bankruptcy under a quit claim deed given to it by the...more

The Supreme Court Prohibits Chapter 7 Debtors From Stripping Off Wholly Underwater Liens in Bankruptcy

On June 1, 2015, the United States Supreme Court in Bank of America, N.A. v. Caulkett, 575 U.S. ____ (2015), unanimously held that a Chapter 7 debtor cannot strip off wholly “underwater” liens secured by the debtor’s...more

Supreme Court Decides Bank of America v. Caulkett and Bank of America v. Toledo-Cardona

On June 1, 2015, the United States Supreme Court decided Bank of America v. Caulkett, No. 13-1421, together with Bank of America v. Toledo-Cardona, No. 14-163, holding that a debtor in a Chapter 7 bankruptcy proceeding may...more

Bankruptcy Blog Re: Debtor’s Funds When Case Is Converted From Chapter 13 To Chapter 7

The Supreme Court of the United States was recently asked whether, when a debtor in good faith converts a bankruptcy case to Chapter 7 after confirmation of a Chapter 13 plan, undistributed funds held by the Chapter 13...more

Orrick's Financial Industry Week in Review

European Commission Requests 11 Member States to Implement Bank Recovery and Resolution Directive (BRRD) - On May 28, 2015, the European Commission published a press release announcing that it has requested 11 member...more

Credit Crunch Digest - May 2015

This issue of the Credit Crunch Digest focuses on the nearly $6 billion Forex settlement between the big banks and various regulatory agencies; a judgment against RBS and Nomura in a mortgage-backed securities lawsuit brought...more

Suspension of Contractual Rights of Counterparties to UK Banks

On 26 May 2015, the Prudential Regulation Authority (“PRA”) of the UK issued a consultation paper entitled “Contractual stays in financial contracts governed by third-country law”, proposing a new restriction that would apply...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

Recent Unitranche Issues in the RadioShack Bankruptcy Case

As the market for so-called “unitranche” credit facilities continues to increase, the Delaware Bankruptcy Court had an opportunity recently to answer positively the question of whether bankruptcy courts will enforce the...more

The Third Circuit Court of Appeals Affirms Structured Dismissal of Chapter 11 Case, Holding That a Structured Dismissal Can...

On May 21, 2015, the United States Court of Appeals for the Third Circuit affirmed a decision of the United States Bankruptcy Court for the District of Delaware, which had approved the structured dismissal of the Chapter 11...more

Chapter 7 Debtors Cannot Strip Off Junior Liens on Underwater Home Loans, United States Supreme Court Rules

Yesterday, the United States Supreme Court ruled that debtors in Chapter 7 bankruptcy cases cannot “strip off,” or completely void, junior mortgages that—based on the value of the property and the amount of claims secured by...more

Should Bond Lawyers Care About Chapter 9 of the Bankruptcy Code?

I have been practicing public finance law for almost thirteen years, and during the first half of that period, I never gave Chapter 9 of the Bankruptcy Code much thought, as prior to the financial crisis, municipal...more

The 1099-C Issue: Potential Tax Liability in Debt Settlement and Bankruptcy

When you owe debts that you cannot pay most will look to one of two options – debt settlement or bankruptcy. What many don’t realize is that in some circumstances there is the potential for additional tax liability even if...more

Confusion Surrounds the Fair Debt Collection Practices Act

The United States Supreme Court recently declined to review Crawford v. LVNV Funding, LLC, 758 F.3d 1254, 1257 (11th Cir. 2014) cert. denied, No. 14-858, 2015 WL 246891 (U.S. Apr. 20, 2015), an Eleventh Circuit decision that...more

Supreme Court Decides to Maintain the Viability of the U.S. Bankruptcy Courts, But a Key Question Remains Unresolved

Four years ago, in Stern v. Marshall, the Supreme Court stunned many observers by re-visiting separation of powers issues regarding the jurisdiction of the United States bankruptcy courts that most legal scholars had viewed...more

All’s Wellness That Ends Well?: Supreme Court Permits Parties To Consent To Bankruptcy Court’s Entry Of Final Judgment On Stern...

The continuing saga of the impact of the U.S. Supreme Court’s Stern v. Marshall decision took a major turn Tuesday when the Court issued its ruling in the Wellness International Network, Limited v. Sharif case. Before...more

"Third Circuit Provides Road Map for Structured Dismissals"

In the past decade, Chapter 11 practice has witnessed the rise of a new phenomenon: structured dismissals.1 Broadly speaking, the term structured dismissal is an umbrella term for a dismissal order that includes additional...more

New Discovery Order Requiring Greater Transparency Regarding Bankruptcy Trust Claims in Southern California Asbestos Litigation

On May 27, 2015, the Honorable Emilie H. Elias, the coordination judge who presides over all asbestos litigation in the counties of Los Angeles, Orange, and San Diego (LAOSD), issued a discovery order entitled “Case...more

The United States District Court for the Southern District of New York Upholds Rulings With Respect to Subordination, Cramdown and...

In a memorandum decision dated May 4, 2015, Judge Vincent L. Briccetti of the United States District Court for the Southern District of New York affirmed the September 2014 decision of Judge Robert D. Drain of the United...more

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