General Business Bankruptcy Civil Remedies

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

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

Delaware Bankruptcy Court Issues Important Guidelines Concerning Payment of Indenture Trustee's Professional Fees

In Nortel Networks, Inc., Case No. 09-0138(KG), Doc. No. 18001 (March 8, 2017), the Delaware Bankruptcy Court ruled on the objections of two noteholders who asked the Court to disallow more than $4.4 million of the $8.1...more

Case Dismissed! Do Not Pass Go, Do Not Collect Your $1 Million

Following dismissal of a bankruptcy case, what is the bankruptcy court’s authority to enforce an award for attorneys’ fees? While you might think that the bankruptcy court retains authority to enforce its own orders, a recent...more

Does “Act” Mean Also a Failure to Act?

No, says the U.S. Court of Appeals for the Tenth Circuit in In re Cowen, adopting the minority rule and parting ways with four other Courts of Appeals. The automatic stay provision of the Bankruptcy Code addressed in Cowen...more

Paid Rejection: Bankruptcy Court Allows Professional Fees Despite Trustee’s Flawed Strategy

Can a bankruptcy court deny fees requested by a professional simply because her client chose a poor strategy? The Bankruptcy Court for the District of Idaho recently rejected such a notion, holding that an accounting...more

Recent Cases Restrict Issuers' Ability to Avoid Paying Premiums

Indentures governing high yield and investment grade notes typically provide for a make-whole or other premium to be paid if the issuer redeems the underlying notes prior to maturity. The premiums are intended to compensate...more

Post-Petition Lenders: Does Your Super-Priority Claim Trump Post Conversion Expenses?

Key points: While DIP Lenders rightfully negotiate for super-priority administrative expenses which trump post conversion chapter 7 administrative expenses, these provisions are not uniformly enforced. DIP...more

Producers Beware: What happens when your movie distributor files bankruptcy?

The Issue - There has been written a plethora of articles about Bankruptcy Code §365(n) regarding the rights of parties to license agreements when the licensor files a bankruptcy and rejects a license agreement....more

One of the Largest Member Clubs in Singapore Is Liquidated

California Fitness’s closure has left many consumers who have purchased prepaid packages without any remedies. On 20 July, California Fitness, which was once fronted by action movie star Jackie Chan, announced that it...more

Bankruptcy Court Rules Chapter 13 Debtors Must Assume or Reject Leases in 120 Days

In a recent decision from the Bankruptcy Court for the District of Maine, In re Cho, the Court ruled that 11 U.S.C. § 365(d)(4)(A) applies to debtors in Chapter 13 cases. In this case, the debtors operated a dry cleaning...more

How Reporting a Crime May Subject You to Sanctions

You are a creditor and your loan is secured by personal property, let’s say equipment. The borrower recently filed for bankruptcy protection. You receive a phone call from a friend advising you that someone has a moving...more

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

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

Ninth Circuit Bankruptcy Appellate Panel Holds that an Oversecured Creditor Is Entitled to Default Interest After the Petition...

In Wells Fargo Bank, N.A. v. Beltway One Dev. Grp., LLC (In re Beltway One Dev. Grp., LLC), 547 B.R. 819 (B.A.P. 9th Cir. 2016), the Ninth Circuit Bankruptcy Appellate Panel recently held that an oversecured creditor is...more

High Court Broadens the Definition of “Actual Fraud” under Section 523(a)(2)(A)

The Supreme Court’s Decision: On May 16, 2016, in Husky International Electronics, Inc. v. Daniel Lee Ritz, Jr., Case No. 15-145, the Supreme Court held that the term “actual fraud” in § 523(a)(2)(A) of the Bankruptcy...more

The Luxembourg Rail Protocol to the Cape Town Convention

The Luxembourg Rail Protocol to the Cape Town Convention: its application to the UK and how it differs to the Aircraft Protocol - The UK signed the Luxembourg Protocol to the Convention on International Interests in...more

Ninth Circuit Rulings on Equitable Mootness in Transwest and Sunnyslope Impact Third Party Investors

The doctrine of equitable mootness provides that Chapter 11 reorganization plans will be deemed moot, and therefore not subject to appellate review, if a plan has been substantially consummated and granting appellate relief...more

The Un-Bankruptcy: A Texas Receivership as an Alternative to Bankruptcy (and fourteen ways to appoint a receiver in The Lone Star...

Creditors seeking to exercise control over a borrower or collateral may utilize a number of remedies. They may seek a foreclosure or UCC sale, assignment for the benefit of creditors, file an involuntary bankruptcy petition...more

The Southern District of New York’s Norske Skog Decision: What Constitutes A Refinancing May Be In The Eye of The Beholder

The recent decision by the United States District Court for the Southern District of New York in Citibank, N.A. v. Norske Skogindustrier ASA could be an important consideration for future drafting and interpretation of debt...more

In re Sentinel Management: The Seventh Circuit Considers Equitable Subordination

Equitable subordination in bankruptcy can be a powerful tool, providing a court with considerable latitude to set things right insofar as the estates of the penniless and the rights of their creditors are concerned. But...more

Claims Bar Date Creates Trap for Unwary in Reliance Insurance Company Liquidation

The Commonwealth Court of Pennsylvania has established March 31, 2016, as the Claims Bar Date in the Reliance Insurance Company Liquidation. Policyholders and claimants may think that if they file a claim on March 31, 2016,...more

‘LightSquared’: Defining the Permissible Boundaries of Plan Injunctions

On Oct. 7, 2015, the U.S. District Court for the Southern District of New York vacated a plan injunction that had been approved by the Bankruptcy Court in the Chapter 11 cases of LightSquared and certain of its affiliates...more

High Court Approves Amending Scheme for Orion and London and Overseas

On October 29, 2015, the High Court of Justice of England and Wales (“High Court”) issued an order (“Order”) approving an Amending Scheme of Arrangement (“Amending Scheme”) for two insolvent London Market insurers, OIC...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

Sixth Circuit Files Win for Bankruptcy Debtors Harassed During Automatic Stay

Creditors of bankruptcy debtors beware: a recent opinion from the Sixth Circuit Court of Appeals makes clear that creditors cannot circumvent the ban on collection efforts following the petition for bankruptcy by trying to...more

October 2015: Bankruptcy & Restructuring Litigation Update

Third Circuit Heads in Opposite Directions Regarding the Doctrine of Equitable Mootness. In two recent opinions issued within a month of each other, Third Circuit judges have argued in favor of overturning, and then...more

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