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Caveat creditor: Risks of filing an involuntary bankruptcy

by Thompson Coburn LLP on

When faced with a recalcitrant debtor, clients sometimes move too quickly to put the debtor into an involuntary bankruptcy, especially when fraudulent transfers and other creditor avoidance attempts become apparent. But...more

Breach of Fiduciary Duty (and Related) Claims Are Not Easily Defeated: A Case Study in Motions for Judgment on the Pleadings

by Robins Kaplan LLP on

Just what must be alleged for claims for breach of fiduciary duty to proceed past initial pleadings and into meaningful fact development? In a recent decision, the United States Bankruptcy Court for the Eastern District of...more

Bankruptcy Beat: Default Judgment Is Not Automatic Following Entry Of Default

by Pullman & Comley, LLC on

On May 12, 2016, the Honorable Julie A. Manning issued a decision in an adversary proceeding entitled Law Office of W. Martyn Philpot, Jr., LLC v. Day, which addressed two issues. The first issue was whether the plaintiff was...more

The Monetary Risks of Filing an Involuntary Bankruptcy Petition

The Bankruptcy Code offers several advantages for the creditors of financially distressed individuals and corporations, including federal court supervision of a possibly untrustworthy debtor and mitigation of the risk of...more

Commercial Restructuring & Bankruptcy News - May 2015, Issue 2

by Reed Smith on

In This Issue: - How Safe are the Bankruptcy Code Safe Harbors? - Stockton’s Chapter 9 Plan Approval - Delaware Chancery Court Clarifies Fiduciary Duties of Insolvent Corporation Directors in Derivative...more

Directors of Nonprofit Held Financially Liable for Relying on Incompetent Officers and Lack of Oversight

In a striking decision earlier this year, the 3rd Circuit Court of Appeals affirmed a jury’s findings of liability for breach of fiduciary duties and ‘deepening insolvency,’ and the award of $2.25 million in compensatory...more

SEC Obtains Freeze Order Against Recidivist And His Entities

by Dorsey & Whitney LLP on

The Commission brought an action against a securities law recidivist and his entities who had raised about $22 million in a fraudulent investment scheme. When the action was filed a temporary freeze order was obtained. Later...more

Directors' duties and collective responsibility

by Chris Robinson on

Directors owe duties to their company to act in good faith in the interests of the company, but how far can they avoid liability if they rely on their fellow directors, or if they are outvoted in a collective decision? A...more

Ninth Circuit Rejects Class Action Settlement Providing Conditional Incentive Awards

by Ballard Spahr LLP on

Earlier this week, the United States Court of Appeals for the Ninth Circuit reversed approval of a $45 million class action settlement that had been reached with three credit reporting agencies in Radcliffe v. Experian...more

Obligations To Pensioners In An Insolvency: Supreme Court Clarifies The Law

by Dentons on

The Supreme Court of Canada overturned the Ontario Court of Appeal today in what is one of the most highly-anticipated cases for the pension and insolvency bars pending before the courts. In Indalex (Re) 2013 SCC 6, the court...more

FHFA Can Pursue Claims Against Non-Debtor Affiliates of Residential Capital

On July 17, Judge Denise Cote of the United States District Court for the Southern District of New York ruled that the Federal Housing Finance Agency (“FHFA”) can pursue certain RMBS-related claims against affiliates of...more

Whalen: Go Back To The Future To Fight Fraud With Equity Receivers [Video]

by Bloomberg Law on

May 23 (Bloomberg Law) -- Chris Whalen, senior managing director at Tangent Capital Partners, and Bill Rochelle from Bloomberg News talk with Bloomberg Law's Lee Pacchia about how the so-called in pari delicto defense stops...more

What’s In a Name? Fifth Circuit Rejects Formulaic “Legal Title” Standard of Ownership In Favor of “Control” Test

Asserting a fraudulent transfer claim is one of the most powerful tools a debtor in possession or trustee has under the Bankruptcy Code. Of course, a debtor can only seek to avoid a transfer of property in which it had an...more

District Court Ruling Could Significantly Limit Madoff Trustee's Claims Against Mets' Owners

On September 27, 2011, U.S. District Judge Jed S. Rakoff issued an important ruling in the action commenced by Irving Picard ("Trustee"), trustee for Bernard L. Madoff Securities LLC ("Madoff"), against a group of individuals...more

Gaming Legal News - July 27, 2011 • Volume 4, Number 23

by Dickinson Wright on

In This Issue: - BARSTOW BOUNCES BACK by Dennis J. Whittlesey - SOMEWHERE IN NORTHERN CALIFORNIA IS A REALLY ANGRY TRIBE… by Dennis J. Whittlesey An Excerpt From: BARSTOW BOUNCES BACK With the announcement...more

Protect your business from debtors that go bust.

by Carlo Pegna on

A business that has no measures in place to protect itself from customers that go bust, risk going bust themselves. Indeed if a key account that generates 60% of revenue becomes insolvent that will have serious implications...more

United Kingdom: Abandoned Property

by Druces LLP on

When a tenant leaves goods at the premises at the end of its lease, the landlord may want to dispose those goods so that he can re-let the premises. In this article, Ben Lomer and Michelle Farmer, of Druces LLP's Dispute...more

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