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Bankruptcy Updates

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

Texas Supreme Court Dabbles in Bankruptcy Law

by Gray Reed & McGraw on

Noble Energy Inc. v. ConocoPhillips Company, a 6-to-3 Texas Supreme Court decision, is a reminder of two things: How parties to a property transaction describe what’s being acquired and what’s being left behind can have...more

When Are Goods “Received” By Your Buyer?

by Buchalter on

Two 3rd Circuit courts issue recent decisions that significantly impact trade creditor claims in bankruptcy - When the Bankruptcy Code was amended in 2005, Congress included a new protection for trade creditors who sell...more

Too much money to file bankruptcy? Here's how to fix that.

by Malcolm Ruthven on

Are you in the fortunate situation of having too much money to file bankruptcy? Let's see how you can fix that....more

From the Top In Brief - July/August 2017

by Jones Day on

In Midland Funding, LLC v. Johnson, No. 16-348, 2017 BL 161314 (U.S. May 15, 2017), the U.S. Supreme Court ruled that a credit collection agency does not violate the Fair Debt Collection Practices Act ("FDCPA") when it files...more

Third Circuit Holds No Need to Warn Under WARN ACT Unless Circumstances Causing Layoff Are Probable

by Dechert LLP on

The Worker Adjustment and Retraining Notification (WARN) Act in the U.S. requires that employers give sixty days’ notice to its employees before effecting a mass layoff. The WARN Act contains exceptions to the notice...more

Lehman Ruling Sets Stage For Future Subordination Contests

In the case In re Lehman Brothers Holdings Inc., 855 F.3d 459 (2d Cir. 2017), the U.S. Court of Appeals for the Second Circuit affirmed a district court order subordinating the claims of former Lehman Brothers employees for...more

The Devil's Dictionary of Bankruptcy Terms: Forum Shopping

by Polsinelli on

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Third Circuit Ruling Impacts Oil & Gas Industry

by McCarter & English, LLP on

The United States Circuit Court of Appeals for the Third Circuit issued a decision that significantly affects the rights of upstream producers. Applying Delaware law, the Third Circuit explained that the upstream producers...more

Delaware Bankruptcy Court Approves Separate Classification and Disparate Gifted Consideration Between General Unsecured Creditors

The Delaware Bankruptcy Court, in In re Nuverra Environmental Solutions, Case No. 17-10949 (Bankr. Del. July 24, 2017), confirmed a chapter 11 plan of reorganization despite separate classification and disparate gifted...more

Ninth Circuit Rules That Hypothetical Preference Actions May Be Considered in Applying the Greater Amount Test

by Jones Day on

In Schoenmann v. Bank of the West (In re Tenderloin Health), 849 F.3d 1231 (9th Cir. 2017), a divided panel of the U.S. Court of Appeals for the Ninth Circuit recently addressed as a matter of apparent first impression...more

Section 553 of the Bankruptcy Code Preserves Rather Than Creates Setoff Rights

by Jones Day on

In Feltman v. Noor Staffing Grp., LLC (In re Corp. Res. Servs. Inc.), 564 B.R. 196 (Bankr. S.D.N.Y. 2017), the bankruptcy court considered whether section 553 of the Bankruptcy Code creates a right of setoff when no such...more

Second Circuit Affirms Bankruptcy Court’s Nullification of Chapter 15 Debtor’s Sale of Claim Due to Woefully Inadequate Price

by Jones Day on

In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more

Polsinelli/TrBK Distress Indices Show Healthcare Distress at Record High

by Polsinelli on

We're pleased to announce the release of the Polsinelli|TrBK Distress Indices for the Second Quarter of 2017. Polsinelli, with data provided exclusively by TexHost, LLC d/b/a TrollerBk.com, publishes the Indices on a...more

In Brief: Second Circuit Reaffirms Broad Scope of Bankruptcy Code’s Subordination of Shareholder Claims

by Jones Day on

Section 510(b) of the Bankruptcy Code provides a mechanism designed to preserve the creditor/shareholder risk allocation paradigm by categorically subordinating most types of claims asserted against a debtor by equityholders...more

Two Recent Decisions Demonstrate Continued Disagreement Over Whether Economic Value or Face Amount of Liens Is Appropriate Metric...

by Jones Day on

The ability of a trustee or chapter 11 debtor in possession ("DIP") to sell bankruptcy estate assets "free and clear" of liens on the property under section 363(f) of the Bankruptcy Code has long been recognized as one of the...more

Ninth Circuit Joins “Minority” of Courts That Allow Property to be Sold in Bankruptcy Free and Clear of Leaseholds

The Ninth Circuit recently held, in Pinnacle Rest. at Big Sky, LLC v. CH SP Acquisitions, LLC (In re Spanish Peaks Holdings II, LLC), No. 15-35572, 2017 U.S. App. LEXIS 12526, 2017 WL 2979660 (9th Cir. July 13, 2017), that a...more

Illinois District Court Maintains a High Threshold for Equitable Subordination of Insider Secured Loans

In In re SGK Ventures, LLC, Case No. 15 C 11224, 2017 WL 2683686 (N.D. Ill. June 20, 2017), Judge Durkin of the District Court for the Northern District of Illinois sets out a thorough analysis for addressing...more

Recent Case Law Developments Impact Claims of Unpaid Suppliers for Goods Delivered Immediately Prior to Customer Bankruptcy

by Dickinson Wright on

Section 503(b)(9) of the Bankruptcy Code (11 U.S.C. §503(b)(9)) provides a special administrative priority claim for someone that supplies goods to a debtor in the 20 day period before the bankruptcy filing, but is unpaid as...more

Transfer To Non-Existent Corporation Held To Be A Transfer Nonetheless

by Allen Matkins on

Sometimes, the law is just weird. The case of PGA West Residential Ass’n, Inc. v. Hulven Int’l, Inc., Cal. Ct. App. Case No. E064270 (Aug. 9, 2017) is weirder than most. The lawsuit alleged that the defendant had tried to...more

Upcoming Amendments to Bankruptcy Rule 3002 to Impact Bankruptcy Filing Practices for Mortgagees

by K&L Gates LLP on

Effective December 1, 2017, certain amendments to the Federal Rules of Bankruptcy Procedure (“the Bankruptcy Rules”) recently adopted by the Supreme Court will impact the allowance of secured claims in bankruptcy. Below, we...more

Third Circuit Holds that Automatic Perfection Provisions Are Not So Automatic

by Bracewell LLP on

Close to ten years have passed since the filing of the chapter 11 cases of Tulsa, Oklahoma-based SemCrude L.P., but this week, the Third Circuit Court of Appeals affirmed a 2015 district court ruling that resolved a dispute...more

What Happens to a Creditor’s Claim If It Received Notice and Fails to File by the Claim’s Bar Date?

by Ervin Cohen & Jessup LLP on

Question: I am a receiver in a fraud case where there are a lot of investors, trade creditors and secured creditors. Pursuant to my request, the court established a claims procedure and set a deadline for all creditors to...more

Safe harbour reform in Australia: Update

by DLA Piper on

The Senate Economics Legislation Committee has strongly recommended that the Australian Parliament pass the reforms to Australia's safe harbour and ipso facto regime currently before the Senate. As the reforms have already...more

Hogan Lovells advises the Single Resolution Board on Banca Popolare di Vicenza S.p.A. and Veneto Banca S.p.A.

by Hogan Lovells on

We have advised the Single Resolution Board, the banking resolution authority of the Eurozone, with respect to the two Italian banks Banca Popolare di Vicenza S.p.A. and Veneto Banca S.p.A. ...more

Reaping Wild Oats – Creative Strategies Employing the Concepts of Chapter 12 of the Bankruptcy Code for Handling Distressed...

by Ervin Cohen & Jessup LLP on

Handling distressed agricultural loans can be very tricky. Loan balances for agricultural loans are typically smaller than nonagricultural commercial real property secured loans, requiring that they be handled extremely cost...more

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