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Business Organization Bankruptcy

Read Business Organization updates, alerts, news, and legal analysis from leading lawyers and law firms:

Hospital Sales: No State Approval Required for Non-Operating Debtor

The Bankruptcy Court for the Central District of California determined the Attorney General’s approval was not required for the sale of a non-operating, non-profit hospital because the hospital no longer qualified as a...more

Keeping pace with global trends in debt restructuring: Indonesia must act

by DLA Piper on

In the past year, the global corporate default rate reached its highest level since the 2008 financial crisis, and continues to climb. In response, both Singapore and the European Union are exploring new approaches to debt...more

Second Circuit: Reclassification of Claim as Equity Interest? Not Unless It Is Duplicative

The Second Circuit affirmed the bankruptcy and district courts’ decisions subordinating claims asserted against the Debtor by holders of restricted stock units. However, while the court agreed with the lower courts that the...more

Supreme Court judgment in the long-running Lehman Waterfall litigation

by Dentons on

On 17 May 2017, the UK Supreme Court handed down judgment in proceedings - commonly known as the Waterfall I litigation - to determine claims with regard to the estimated £8 billion surplus arising in the estate of Lehman...more

Success for LBHI2 and LBL in Supreme Court on Lehman Waterfall I

by DLA Piper on

The Supreme Court's decision in Lehman Waterfall I was handed down this morning. DLA Piper represents one of the successful appellants, Lehman Brothers Limited (in administration) (LBL)....more

Delaware Bankruptcy Court Denies Creditors’ Committee Access To Privileged Documents

by McCarter & English, LLP on

In a May 8, 2017 ruling, the Delaware Bankruptcy Court denied the official committee of unsecured creditors from accessing certain documents withheld from production based on the attorney-client privilege. Despite the purpose...more

Hong Kong: Financial Restructuring and Insolvency Update

by White & Case LLP on

The Companies (Winding Up and Miscellaneous Provisions) (Amendment) Ordinance 2016 (the "Amendment Ordinance") came into effect on 13 February 2017 seeking to revamp and modernize the winding-up regime in Hong Kong, but does...more

Re-examining purpose clauses and Quistclose trusts

by Dentons on

In CCM Industrial Pte Ltd (in liquidation) v Chan Pui Yee [2016] SGHC 231 (CCM Industrial), the liquidators of CCM Industrial Pte Ltd (the Company) brought a claim for the recovery of certain payments (the Payments) to the...more

FAQ: Recent Developments in US Law Affecting Pension and OPEB Claims in Restructurings (2017)

by Latham & Watkins LLP on

From theory to practice, planning to enforcement, the answers to 42 of the most frequently asked questions can help you prepare, cope or respond to a restructuring. This Client Alert answers some of the most frequently asked...more

Court Holds That Shareholders In Closely Held Business Do Not Owe Each Other Fiduciary Duties

by Winstead PC on

In In re Fritz, a bankruptcy court determined whether an exception to dischargeability was present. No. 15-347950BJH, 2017 Bankr. LEXIS 930 (N.D. Tex. Bankr. April 3, 2017)....more

Everything Must Go: Retail Chapter 11 Filings

The global retail sector is struggling. Throughout the world, previously successful and storied retailers and brands are facing increasing pressure from the “online” retailers. Originally published in the Spring 2017...more

Upside Down in Chapter 15

by WilmerHale on

Most lawyers familiar with chapter 15 cross-border insolvency proceedings might assume that “foreign” debtors in chapter 15 cases must be foreign entities — that is, entities not organized under the laws of U.S. states. For...more

Chapter 15 and Cross-Border Insolvency

One by-product of the “globalization” of business is the homogenization of business practices. Businesses naturally seek and promote an environment and “rules” that are predictable, which allow for effective risk management....more

Kmart Bankruptcy, Part Deux

It’s no secret that Kmart is facing another liquidity crisis. Just over ten years after Sears rescued the discount retailer from bankruptcy in 2006, the pioneer of the “blue light special” is destined for another, and...more

Assigned Rents Not Bankruptcy Estate Property After Assignment is Enforced

by Miller Canfield on

On May 2, 2017, the Sixth Circuit Court of Appeals clarified whether a bankruptcy debtor retains any property rights in rents after defaulting on a loan that includes an assignment of rents. The case, Town Center Flats,...more

If At First You Don’t Succeed - Georgia Supreme Court Upholds Waiver of Confirmation After Prior Confirmation Action Denied

On April 17, 2017, the Supreme Court of Georgia found that defendant guarantors had waived the statutory protections under the Georgia foreclosure confirmation statute, and the lender could pursue a deficiency judgment...more

The Chapter 11 Vendor Game Changer: Section 503(b)(9) Claims

What is Section 503(b)(9)? This section of the Bankruptcy Code provides an allowed administrative expense for “the value of any goods received by the debtor within 20 days before the date of commencement of a case * * * in...more

Court of Appeal Permits Union Certification Application in Face of Insolvency Stay of Proceedings

by Bennett Jones LLP on

The Ontario Court of Appeal recently released a decision allowing a certification application by a union to proceed in the face of a receivership of the employer. The decision garnered a strong dissent from Justice Lauwers,...more

The Jevic Fallout: Settlement DENIED

In one of the first of many cases to determine the scope of the Supreme Court’s recent decision in Jevic, the Bankruptcy Court for the Eastern District of Tennessee denied a proposed settlement by the Debtor that the court...more

Delaware Bankruptcy Court Approves Indenture Trustee Fees in Face of Fee Objection by Certain Noteholders

by Dorsey & Whitney LLP on

On March 8, 2017, the U.S. Bankruptcy Court for the District of Delaware issued a decision in In re Nortel Networks Inc., et al., 2017 Bankr. LEXIS 674 (Bankr. D. Del. Mar. 8, 2017), that addresses the issue of whether an...more

Coming Soon To A Jurisdiction Near You: Streamlined Cross-Border Insolvency Proceedings

by Cole Schotz on

Globalization has led to a marked increase in international components to insolvency proceedings. Cross-border issues add a new layer of complexity to what is often a situation already fraught with obstacles....more

Coming to America? Applying Bankruptcy Code Section 109( a) to Vet Foreign Companies Filing US Bankruptcy Cases Under Chapter 15

by WilmerHale on

Chapter 15 of the US Bankruptcy Code provides a doorway for non-US companies to obtain creditor protection and other benefits of a US bankruptcy in support of insolvency proceedings for those companies in their “home”...more

Landlords Who Violate Bankruptcy Stay May be Ordered to Pay Emotional Distress Damages and Punitive Damages

by PretiFlaherty on

Landlords should use caution in attempts to take possession of leased space once a tenant files bankruptcy. Recently, in Lansaw v. Zokaites, the Third Circuit Court of Appeals upheld an order of the Bankruptcy Court for the...more

Supreme Court Grants Cert on, of all Things, the Standard of Review for Determining Non-Statutory Insider Status

by Bryan Cave on

Last December, we updated you that the Supreme Court was considering whether to grant review of In re The Village at Lakeridge, LLC, 814 F.3d 993 (9th Cir. 2016). Our original post is here. On March 27, 2017, the Supreme...more

Not Chapter 11 but Chapter 11-ish

by Morrison & Foerster LLP on

Parents, headmasters, hoteliers, restauranteurs, insurers and countries love them or hate them, depending on how their school or restaurant, company or nation is ranked. I’m referring to the World Bank’s annual Doing...more

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