Automatic Stay

News & Analysis as of

The Impact of PROMESA on Creditors

On June 30, 2016, the United States Senate passed the “Puerto Rico Oversight, Management and Economic Stability Act” (“PROMESA”) and it was quickly signed into law by President Obama. PROMESA enables the Commonwealth of...more

Creditors Beware-Automatic Stay Violations Can Lead to Massive Punitive Damages

Ohio Bankruptcy Judge Assesses $250,000 in Damages Against Mortgage Lender for Violating the Automatic Stay in Bankruptcy Proceeding - A clerical error by a mortgage lender led to punitive damages and expensive...more

Missouri Commercial Receivership Act Creates a New Statutory Scheme Which Presents a More Robust Remedy

The Missouri Commercial Receivership Act (MCRA), passed by the Missouri legislature and just signed into law by Governor Nixon, becomes effective Aug. 28, 2016. It expands, clarifies and fleshes out the existing minimal...more

Real Property & Title Insurance Update: Week Ending July 29, 2016

REAL PROPERTY UPDATE - Foreclosure/Automatic Stay: because final judgment entered day after defendant’s petition for bankruptcy, automatic stay imposed by 11 U.S.C. § 362 was in effect and, thus, judgment was void, even...more

PROMESA Shields Puerto Rico Behind a New Automatic Stay

On June 30, 2016, President Obama signed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) into law. The most significant portions of PROMESA are found in titles I and II, which establish an...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 Pitfalls: How an infringer's bankruptcy could impact your IP rights

As a patent owner, you have the exclusive right to prevent others from making, using, selling, offering for sale, or importing your claimed invention into the United States. You also have the ability to recover damages from a...more

Which court is which? Brexit could impact on enforcement options for creditors within, and outside, the EU

England has been the jurisdiction of choice for European restructurings. While other jurisdictions have sought to revamp their insolvency law in recent years in an effort to chip away at the English dominance in the...more

Bankruptcy Petition Costs Litigant Right to Appeal State Court

Learning the interplay between state rules of judicial procedure and federal bankruptcy law can be a daunting undertaking, but the pitfalls of failing to do so can be severe. A recent example of the importance of being...more

An Opportunity for Creditors to Enforce Prospective Waivers of the Automatic Stay

A recent ruling of the Bankruptcy Court for the Central District of California endorsed a path toward enforceability of prospective waivers of the automatic stay in certain circumstances. In short, such a waiver approved in a...more

CR&B Alert - Commercial Restructuring and Bankruptcy News - May 2016, No. 2

Can A Bank-Appointed Director Block A Bankruptcy Filing By A Borrower? The scenario is fairly typical. A loan goes into default and the bank and the borrower enter into a Forbearance Agreement. One of the conditions of...more

District Court Rules Pending False Claims Act Case Should Not Be Stayed Due to Bankruptcy Proceedings

On April 26, 2015, the United States District Court for the Middle District of Florida declined to stay a pending False Claims Act (FCA) case due to the defendants’ filing of bankruptcy....more

“The ABC’S of ACB’S” – Arbitration Clauses in Bankruptcy Court

You’ve decided that your business will fare better if you put a mandatory arbitration clause into all of your contracts. You want to be fair to your counterparty, so you choose to arbitrate under the Federal Arbitration Act....more

Ever-Expanding Safe Harbor Leaves Creditors’ Claims Stranded at Sea

Second Circuit holds that Bankruptcy Code preempts creditors’ state law constructive fraud claims. On March 29, 2016, the Second Circuit issued its opinion in In re Tribune Company Fraudulent Conveyance Litig.,...more

The Ultimate Arizona Bankruptcy Guide – Pt. 5 – The Automatic Stay

People don’t want to file for bankruptcy. Often the decision to file for bankruptcy only occurs after a point is reached where something financially painful is about to happen. Wage garnishment. Foreclosure. Debt collection...more

Stay Versus Stay: How Litigation Stays Pending IPRs Impact the 30-Month Regulatory Stay in Hatch-Waxman Litigation

Upon initiation of a patent infringement action between branded and generic pharmaceutical companies, the Hatch-Waxman Act (21 U.S.C. § 355(j)) provides for an automatic 30-month stay of Food and Drug Administration approval...more

Modeling the Model Law – what not to do

OGX Petroleo E Gas S.A., Re [2016] EWHC 25 (Ch) - In a recent judgment, Mr Justice Snowden sounded a cautionary note for applicants seeking recognition of a foreign insolvency proceeding under the UNCITRAL Model Law,...more

Article: Southern District Decision Confirms Breadth of Bankruptcy Court Jurisdiction

The Southern District of New York in the recent Ames decision engaged in a detailed analysis of the contours of bankruptcy-court jurisdiction and found it broadly included a wide array of state law claims (notwithstanding the...more

Bank Hit with Sanctions for Violation of the Automatic Stay

A recent case from the Western District of North Carolina, Statesville Division, reminds us all of the consequences for violating the automatic stay. Nationstar Mortgage, LLC apparently continued its efforts to collect a debt...more

West Coast Real Estate Update: Feb. 2016 #1

Residential Communities: Proposed Amendment to Allow Owners' Attorneys at Association Board Meetings - In an attempt to further broaden when a member of a common interest development association can bring his or her...more

"Berau May Expand US Restructuring Options for Foreign Issuers"

A recent decision in the U.S. Bankruptcy Court for the Southern District of New York clarifies that restructuring options under Chapter 11 or Chapter 15 are available to foreign issuers of U.S. debt, even if those issuers...more

What Creditors Need to Know - Two Recent Bankruptcy Rulings Affect Rights and Risks Regarding the Automatic Stay

Immediately upon the commencement of a bankruptcy case an automatic stay prohibits actions against the debtor to, among other things, collect pre-petition obligations and to obtain control over property of the bankruptcy...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

Bankruptcy Beat: Does The Automatic Stay Apply To Stay Acts Against An Individual Debtor’s Wholly-Owned Company?

A vexing issue for some creditors arises when an individual who is typically a guarantor or co-debtor of his wholly-owned company’s debt files bankruptcy under chapter 7, 11 or 13 and then takes the position that the...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

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