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Bankruptcy Updates

Read Bankruptcy Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

Deepening the Divide on Whether Avoidance Provisions Apply to Foreign Transfers

In In re FAH Liquidating Corp., Case No. 13-13087 (Bankr. Del. June 13, 2017), the Bankruptcy Court for the District of Delaware recently followed the Fourth Circuit and Bankruptcy Court for the Southern District of New York...more

Supreme Court to Decide Bankruptcy Test for Recharacterizing Insider Debt Claims

by Ropes & Gray LLP on

On June 27, 2017, the U.S. Supreme Court agreed to hear an appeal brought by Ropes & Gray of the Fourth Circuit’s decision in PEM Entities LLC v. Eric M. Levin & Howard Shareff. The Supreme Court’s decision in the case will...more

Subject Matter Jurisdiction and Abstention in Legal Malpractice actions brought by a Bankruptcy Debtor – Part 3

by Butler Snow LLP on

Permissive Abstention: Part 1 of this blog series examined a bankruptcy court’s subject matter jurisdiction over a debtor’s legal malpractice claims. See, Part 1. Part 2 of this blog series focused on mandatory abstention...more

Banking & Financial Services E-Note - June 2017

by Burr & Forman on

In an article published by BlockTribune on June 15, 2017, Atlanta Partner Ed Snow provides insight into the use of blockchain technology by financial institutions. Please see full E-Note below for more information....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

European antitrust regulators have dropped a massive $2.7 billion fine on Google for allegedly “unfairly favoring some of its own search services over those of rivals”....more

Recast EU Insolvency Regulation Comes Into Force

From today, 26 June 2017, the Recast EU Insolvency Regulation (Council Regulation (EC) No. 2015/848) comes into force and will apply to all relevant insolvency proceedings (although existing and ongoing proceedings will...more

Bracing for Takata Bankruptcy

The Wall Street Journal, June 16, 2017 edition, reports that Takata Corporation is preparing a bankruptcy filing, as soon as next week, in both Japan and the United States. A key reason for the United States’ Chapter 11...more

Zebra Crossings: the view on secondment in Johannesburg

by Hogan Lovells on

When I left the UK, bound for Johannesburg, it was (and remains) a turbulent time with the UK government facing difficult negotiations in the coming years first over Brexit and now too in relation to its very ability to...more

Dear Bankruptcy Asset Purchaser, Got Good Faith?

by Fox Rothschild LLP on

Section 363 of Title 11 of the United States Code (“Bankruptcy Code”) authorizes trustees (and Chapter 11 debtors-in-possession) to use, sell, or lease property of a debtor’s bankruptcy estate outside of the ordinary course...more

Second Circuit Holds that Contingent Equity-Based Compensation of Former Lehman Employees are Subordinate to Creditor Claims

In In re Lehman Bros. Holdings Inc. 855 F.3d 459 (2d Cir. 2017), the United States Court of Appeals for the Second Circuit affirmed a district court order subordinating the claims of former Lehman Bros. (“Lehman”) employees...more

Safe harbour and ipso facto reform in Australia

by DLA Piper on

Long-awaited law reform to bring Australia's insolvency regime into step with many of its trading counterparts is slated to be enacted in the second half of 2017. The text of the law is currently before parliament for debate....more

Special Purpose Vehicles’ Authority to File for Bankruptcy Revisited

by Dechert LLP on

In order to file for bankruptcy in the United States, a company needs to secure the appropriate corporate authorizations as required by its governing documents. What happens when a debtor does not obtain appropriate...more

Court Denies Creditor’s Motion to Dismiss Chapter 11 Case Despite Multiple Factors in Favor of Dismissal

by Burr & Forman on

In a recent case out of the bankruptcy court for the Southern District of Florida (the “Court”), a secured creditor moved to dismiss a debtor’s bankruptcy case “for cause” based on the debtor’s bad faith filing. The debtor...more

Germany introduces legislation to facilitate corporate group insolvencies (Konzerninsolvenzrecht)

by DLA Piper on

Germany’s major legal reform aiming to facilitate group insolvencies takes effect on April 21, 2018 (full German text). The new law will allow insolvency proceedings over companies within a corporate group to be concentrated...more

Subject Matter Jurisdiction and Abstention in Legal Malpractice actions brought by a Bankruptcy Debtor – Part 2

by Butler Snow LLP on

Part 1 of this blog series examined a bankruptcy court’s subject matter jurisdiction over a debtor’s legal malpractice claims. Recognizing that bankruptcy courts typically retain related to jurisdiction over legal...more

The Stone Energy Bankruptcy: Lessons for the JOA

by Locke Lord LLP on

In 2011, Stone Energy Corporation and Triad Hunter, LLC entered into a development agreement for the exploration of about 4,200 acres in West Virginia under a 1989 form JOA. Each party owned 50% and Stone was designated as...more

Subject Matter Jurisdiction and Abstention in Legal Malpractice actions brought by a Bankruptcy Debtor – Part 1

by Butler Snow LLP on

Because the number of unsatisfied clients who find themselves in bankruptcy are filing malpractice lawsuits against their pre-bankruptcy counsel is on the rise so, too, is the number of attorneys who find themselves on the...more

First Circuit Rules that Bankruptcy Court “Retention of Jurisdiction” Provisions Not Enough to Establish Jurisdiction

It is very common for bankruptcy court orders to provide that the court retains jurisdiction to enforce such orders. Similarly, chapter 11 confirmation orders routinely provide that the bankruptcy court retains jurisdiction...more

Preference Actions Filed In Draw Another Circle Bankruptcy

by Fox Rothschild LLP on

On June 15, 2017, Curtis R. Smith, as Liquidating Trustee of the Hastings Creditors’ Liquidating Trust, filed approximately 69 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent...more

The Original Soupman, Inc. Files For Chapter 11 Protection In Delaware

by Fox Rothschild LLP on

On June 13, 2017, The Original Soupman, Inc. and its affiliates (collectively “Debtors” or “Original Soupman”) commenced voluntary bankruptcy proceedings under Chapter 11 of the Bankruptcy Code. According to its petition,...more

IRS Can Pursue “Responsible Persons” for Unpaid Trust Fund Taxes and Automatic Stay Cannot Be Used to Enjoin Collection Against...

The Puerto Rico Bankruptcy Court followed the Third Circuit in holding that the Anti-Injunction Act, which prohibits suits to restrain the assessment or collection of any tax, is not superseded by section 105(a) of the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

There’s been a hitch in Saudi Aramco’s IPO plans (mind-boggling $2 trillion possible valuation and all): where to list. The frontrunners, by the way, are the London Stock Exchange and the NYSE....more

Six Degrees Of Separation: Use Of Bankruptcy Rule 2004 Examination In Connection With Third-Party Litigation

by Cole Schotz on

Court: “You know, every piece of information and fact out there is within six degrees of separation of the debtors’ assets and financial affairs. The question is where do you draw the line?”...more

Jurisdiction Retention Clause in Sale Order Can’t Provide Bankruptcy Court Subject Matter Jurisdiction for Contract Disputes...

The Bottom Line - In a decision addressing the reaches of bankruptcy court subject matter jurisdiction, a First Circuit Panel, including retired Supreme Court Justice Davis Souter sitting by designation, ruled that the...more

House Passes Legislation Allowing Financial Institutions to Seek Chapter 11 Protection

by Jones Day on

On April 5 and June 8, 2017, the U.S. House of Representatives passed bills (the Financial Institution Bankruptcy Act of 2017 ("FIBA") and the Financial CHOICE Act of 2017) that would allow financial institutions to seek...more

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