General Business Civil Procedure Bankruptcy

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Litigation. Major Russian legislation changes for 2015

1. Adoption and entry into force of the Russian Federation Code of Administrative Procedure dated March 8, 2015, No. 21-FZ - The Russian Federation Code of Administrative Procedure (the Administrative Procedure Code)...more

Third Circuit Holds Companies in Bankruptcy Can Reject Expired CBAs

In a ruling that comes as a blow to organized labor and a boon to employers in bankruptcy, the U.S. Court of Appeals for the Third Circuit recently broke new appellate ground in holding that Section 1113 of the Bankruptcy...more

NHL Scores Big on Attorneys' Fees Against Nondebtors

Last fall, the National Hockey League (NHL) enjoyed a big off-ice victory when the U.S. District Court for the District of Arizona found that it was entitled to recover from Jerry and Vickie Moyes and the Jerry and Vickie...more

Bankruptcy Trumps Collective Bargaining Agreement

A federal court recently ruled that the Bankruptcy Code (the “Code”) permits an employer to escape their expired collective bargaining agreement obligations under certain circumstances. In the matter of In re Trump...more

11th Circuit Says Assignee Cannot File Bankruptcy for Company

An “Assignment for the Benefit of Creditors” (an “ABC”) is an alternative to bankruptcy available under California law—as well as the laws of other states. An ABC is often a more cost-efficient alternative to filing a...more

New York Federal Bankruptcy Court Finds Insurance Insolvency Proceeding Does Not “Reverse – Preempt” Bankruptcy Court Jurisdiction

In a recent adversary proceeding in the chapter 11 case involving Ames Department Stores, Inc. (“Ames”), Lumbermens Mutual Casualty Company (“Lumbermen’s”) argued that under the McCarran-Ferguson Act, the issues in dispute...more

Bankruptcy & Creditors' Rights News: Secured Lender Forced, under Bankruptcy Code Section 506(c), to Pay Trustee's Expenses of...

For secured lenders, the single most dangerous provision of the U.S. Bankruptcy Code is section 506(c). This section permits the bankruptcy court to collect from the lender’s collateral the bankruptcy estate’s necessary...more

US Equipment Leasing and Finance Legal Update – January 2016

Welcome to the inaugural issue of JMBM’s US Equipment Leasing and Finance Legal Update. My goal is to alert our clients and friends of legal developments that may affect their equipment leasing and finance transactions in the...more

Third Circuit Court of Appeals Permits Chapter 11 Debtor to Reject Expired CBA

It is a familiar scenario: a company is on the verge of bankruptcy, bound by the terms of a collective bargaining agreement (CBA), and unable to negotiate a new agreement. However, this time, an analysis of this distressed...more

Texas Court Holds Pollution Exclusion Inapplicable

In its recent decision in In re: ATP Oil & Gas Corporation, 2016 Bank. LEXIS 201 (S.D. Tex. Bankr. Jan. 20, 2016), the United States Bankruptcy Court for the Southern District of Texas had occasion to consider the application...more

Insider Loans Equitably Subordinated

In SGK Ventures, LLC, the Bankruptcy Court for the Northern District of Illinois ordered that the secured claims of two entities controlled by insiders of the debtor be equitably subordinated to the claims of unsecured...more

Global Private Equity Newsletter - Winter 2016 Edition: Recent Developments in Acquisition Finance

Two recent court decisions may result in a broadening of the range of options available to an equity sponsor in respect of an insolvent portfolio company. The first decision may provide increased flexibility in structuring...more

New Year, New Fraudulent Transfer Law

It’s a new year, and we have a new law affecting debtors and creditors in California. Effective January 1, 2016, California’s Uniform Voidable Transactions Act (UVTA) has replaced California’s Uniform Fraudulent Transfer Act...more

Changes in California’s Fraudulent Transfer Law

QUESTION: I heard California’s fraudulent transfer law is being changed. How will the changes affect my ability to pursue fraudulent transfers as a receiver? ANSWER: Earlier this year the California legislature, based on...more

Protecting Rights and Finding Opportunity in Oil and Gas Industry Bankruptcies

2015 was a rough year for the oil and gas industry. The primary source of the trouble was (and continues to be) the dramatic fall in crude oil prices. In 2014, the price of U.S. crude oil averaged approximately $91 per...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

Banking & Financial Services E-Note - December 2015

In an article published by Financial Advisor on December 8, 2015, Burr & Forman Associate Rhett Owens discusses a proposed rule change from the U.S. Department of Labor (DOL) regarding variable annuities (VAs) that’s set to...more

Ontario Court of Appeal confirms bondholders not entitled to post-petition interest

The Ontario Court of Appeal (Court) recently affirmed the decision of the Ontario Superior Court of Justice in Nortel Networks Corporation (Re) (Nortel), that the “interest stops” rule applies in proceedings under the...more

Are Orders Approving a Receiver’s Sale Appealable in State Court?

QUESTION: The last Ask the Receiver article discussed whether, in federal court, an order approving a receiver’s sale of assets is appealable. While the discussion was interesting, it was not too helpful to me because I am a...more

Is Your Charitable Contribution Safe?

In a soon-to-be-released article, Charities in Financial Distress: The Impact of Bankruptcy on Donor-Restricted Funds, Richard Fox, Jonathan Blattmachr, and Benjamin Bolas explore one aspect of bankruptcy filings by...more

Que Certa, Certa: Supreme Court Creates Uncertainty with “Cert” Review of Puerto Rico Recovery Act

It is said that muddy water is best cleared by leaving it be. The Supreme Court’s December 4 decision to review the legality of Puerto Rico’s local bankruptcy law, the Recovery Act, despite a well-reasoned First Circuit...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

Lincoln General Insurance Company Enters Liquidation in Pennsylvania

The Insurance Commissioner of Pennsylvania has placed Lincoln General Insurance Company into liquidation in Pennsylvania. As a result, the Insurance Commissioner as Liquidator takes over the property, business, and affairs of...more

Quadrant Structured Prods. Co. v. Vertin, C.A. No. 6990-VCL (Del. Ch. Oct. 20, 2015) (Laster, V.C.)

In this post-trial decision, the Court of Chancery held that a company’s repurchase of senior notes from an insider approximately six months after returning to solvency did not violate the express or implied terms of the...more

Court Extends Kemper Insurance Company’s Contingent Claims Filing Deadline

On November 2, 2015, the Circuit Court of Cook County, Illinois, entered an order granting a one-year extension of the deadline for filing proof of liquidation of an insured’s contingent claim for losses associated with...more

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