General Business Bankruptcy

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Rehearing Petition Dramatizes Second Circuit's Comity Rejection

Recognition of a foreign main proceeding under Chapter 15 of the Bankruptcy Code has “effects” under Section 1520 that are automatic and powerful, including application of the automatic stay of Section 362 and the...more

Law Firm “Clawback” Suit Goes to Ninth Circuit

Bankruptcy Judge Dennis Montali in San Francisco said last week that he will allow a direct appeal to the Ninth Circuit from one of his rulings in the bankruptcy of Howrey LLP, skipping an intermediate appeal to the U.S....more

Lessons From Punch Taverns Restructure

A debt-for-equity swap marks the end of marathon discussions and disagreements - Three years of acrimonious negotiations needed to restructure Punch Taverns could have been shortened if the UK made use of some French...more

Credit Bid Rights at 363 Sales: Have the Ground Rules Changed?

The decisions by the Bankruptcy Court for the District of Delaware in In re Fisker Auto. Holdings, Inc., and the Bankruptcy Court for the Eastern District of Virginia in Free Lance-Star Publ'g Co., have sparked discussions as...more

To disclose or not to disclose? Litigation privilege on reports commissioned by insolvency practitioners

Key points: - If a document attracts litigation privilege, it does not have to be produced to the other party in litigation as part of the disclosure process. - The material must be confidential, made for the...more

New ISDA Protocol Will Limit Buy-Side Remedies in a Financial Institution Failure

The ISDA 2014 Resolution Stay Protocol, published on November 12, 2014, by the International Swaps and Derivatives Association, Inc. (ISDA), represents a significant shift in the terms of the over-the-counter derivatives...more

Spanish Labour Law Updates And Other Legal Current Issues

In the past two months a range of relevant legislation developments in the field of labour have occurred, including the approval of the Spanish Strategy of Employment Activation for 2014-2016. Furthermore, there have been...more

Section 1113 Applies to Expired Collective Bargaining Agreements

Recently, in the case of In re Trump Entertainment Resorts, Bankruptcy No. 14-12103 (Bankr. D. Del. 2014), 2014 Bankr. LEXIS 4439 (Bankr. D. Del. October 20, 2014), the U.S. Bankruptcy Court for the District of Delaware...more

Alert: Ninth Circuit Expands the Limits of Post-Confirmation Injunctions and Non-Debtor Releases Under A Chapter 11 Plan

For years, it has been the rule in the Ninth Circuit that a chapter 11 plan cannot discharge or otherwise affect the obligation of a non-debtor owed to a third party. This view interprets section 524(e) of the Bankruptcy...more

Insolvency in the Fashion Retail Sector: Understanding and managing the risks of an insolvent acquisition

Opportunity Arises Out of Adversity - The recent global financial crisis has seen consumers tighten their belts and the retail industry as a whole has faced increasing pressure. Profits warnings have peppered the...more

Bankruptcy Sales of Personally Identifiable Information: Does it Satisfy the Privacy Policy?

Companies that are looking to sell, transfer or buy personally identifiable information (“PII”) via bankruptcy asset sales would be wise to confirm that such a transfer is consistent with the debtor’s privacy policy. If it...more

The Supreme Court Keeps Its “Stern” Promise Not To Change Bankruptcy Court Jurisdiction

The bankruptcy bench and bar breathed a sigh of relief when the Supreme Court issued Executive Benefits Insurance Agency v. Arkison (In re Bellingham Insurance Agency, Inc.), No. 12-1200 (June 9, 2014) (“Bellingham”). Its...more

New Jersey Bankruptcy Court Decision Protects Rights of Trademark Licensees - "Free and Clear" Sale of a Trademark or Intellectual...

The United States Bankruptcy Court for the District of New Jersey issued an opinion in In re Crumbs Bake Shop, Inc., No. 14-24287-MBK that provides significant protections for trademark licensees. The opinion was issued on...more

Addressing an issue of first impression, Connecticut Supreme Court concludes that Insurance Guaranty Association is not estopped...

In Connecticut Ins. Guaranty Association v. Joshua Drown, the Connecticut Supreme Court addressed, as an issue of first impression, whether an insurer’s preinsolvency breach of its duty to defend a claim during an underlying...more

Blog: Coming to America: Corporate Bankruptcy Tourism

United States Bankruptcy Courts, particularly in New York and Delaware, are already a destination for multinational corporate bankruptcy filings, but a recent study co-authored by Stephen J. Lubben, a Seton Hall Law School...more

Blog: The Trend Of Protecting Trademark Licensees In Bankruptcy Continues: For The First Time A Court Extends Section 365(n)...

The latest example comes in the Crumbs Bake Shop, Inc. Chapter 11 bankruptcy case in New Jersey. On October 31, 2014, Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey rejected a motion by...more

Automatic Stay Prevents Attachment of After-Acquired Judgment Lien

On Sept. 23, 2013, in Rodriguez v. Gelman (In re Local Service), 503 B.R. 136 (Bankr. D. Colo. 2013), the U.S. Bankruptcy Court for the District of Colorado addressed an issue of first impression in that district; namely,...more

Delaware Supreme Court: A Mistakenly Authorized UCC Termination Statement is Effective to Terminate Original UCC Filing

On October 17, 2014, the Delaware Supreme Court entered an opinion holding that a UCC-3 termination statement that is authorized by the secured party is effective to terminate the original UCC filing even though the secured...more

A Fresh Start for Your Financials After Chapter 11

Business owners facing a Chapter 11 reorganization may feel that they’ve crossed a finish line when the bankruptcy court approves their reorganization plan. But companies face an additional set of accounting challenges once...more

Bankruptcy Beat: Connecticut Bankruptcy Court Rules on Issue of First Impression: Whether The Absolute Priority Rule Is Applicable...

Chief United States Bankruptcy Court Judge Julie A. Manning decided an issue of first impression in this District and the Second Circuit on September 4, 2014 in In re Richard and Stephanie Lucarelli and Lucarelli’s Executive...more

Time to File Proof of Claim with Lumbermens in Liquidation

November 10, 2014, is the deadline for filing proof of claims with the Office of the Special Deputy Receiver in Illinois regarding the estates of Lumbermens Mutual Casualty Company, American Manufacturers Mutual Insurance...more

When Things Do Not Go As Planned In A Bankruptcy Sale

Buying distressed assets is big business. Many distressed assets are acquired through the seller’s Chapter 11 bankruptcy case. In those instances, a buyer will enter into a purchase and sale agreement with the...more

Bordering on Unlucky – Gift Card Holders May Not File Late Claims

Don’t wait to spend those gift cards sitting in your junk drawer. The Second Circuit Court of Appeals held in an October 29, 2014 decision that gift card holders may be out of luck trying to file claims for unused gift cards...more

AIPPI's resolution on "IP Licensing and Insolvency": Will this re-ignite legislative initiatives in Germany?

During its 44th congress in Toronto, on September 17, 2014, the International Association for the Protection of Intellectual Property (AIPPI) adopted a resolution on "IP Licensing and Insolvency". The resolution regarding...more

Appellate Court Notes

- SC18975 - Connecticut Ins. Guaranty Assn. v. Drown - SC18975 Concurrence - Connecticut Ins. Guaranty Assn. v. Drown - SC18975 Dissent - Connecticut Ins. Guaranty Assn. v. Drown This started as a medical...more

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