Commercial Bankruptcy

News & Analysis as of

Can a Receiver Retake Possession of the Property if a Bankruptcy is Dismissed?

QUESTION: I was appointed receiver for a business. Shortly after my appointment the owners put the business into bankruptcy and I turned over possession to the debtor. I was not discharged as receiver. I just learned that the...more

Keeping the Benefit of Your Bargain: Strengthening Your Right to Prepayment Premiums

Anyone involved in commercial lending transactions is familiar with provisions of loan agreements that provide for compensation to the lender in the event the indebtedness is paid in advance of the contemplated due date....more

Court Rules That Creditors May Assert Full Amount of Claim Despite Partial Recovery From Third Parties

On June 23, 2014, a federal bankruptcy court in Nebraska issued an order in the chapter 11 bankruptcy cases of Biovance Technologies, Inc. and William Edward Julien that granted American National Bank’s (“ANB”) motion for...more

Delaware Bankruptcy Court Faces Split Among the Courts Concerning Scope of a Landlord’s Claim Against a Tenant in Bankruptcy

The Delaware bankruptcy court will soon be forced to rule on the scope of a landlord's claim in bankruptcy, an issue on which courts around the country have been split for many years. In the case of In re Masonite Corp. (Case...more

SEC Efforts To Compel SIPIC Coverage For Stanford Victims Rejected

The D.C. Circuit rejected efforts by the SEC to compel the Securities Investor Protection Corporation to liquidate a broker-dealer that was part of the Stanford Ponzi scheme empire. The investors had purchased CDs from an...more

U.S. Supreme Court to Tackle Questions Left Unanswered by Stern and Executive Benefits

As we noted last month, the U.S. Supreme Court’s unanimous decision in Executive Benefits Insurance Agency v. Arkison, Case No. 12-1200, 573 U.S. ___ (2014), affirmed the constitutional authority of bankruptcy courts to issue...more

Lender Beware: Ensure Plan Releases are Limited to Debtor’s Obligations

A creditor who settles with a debtor during a bankruptcy case must be sure to continue following the case during the plan stage, or risk the plan affecting the creditor’s rights against third parties. Iberiabank learned that...more

Polsinelli Podcasts - Supreme Court Closes Gap on Bankruptcy Issue [Video]

The United States Supreme Court decided in Executive Benefits Insurance Agency v. Arkison that while bankruptcy courts do not have the power to make final decisions on so-called “Stern claims,” they can try or “hear” those...more

Bankruptcy Beat: The US Supreme Court Clarifies the Role of the Bankruptcy Court in Stern v. Marshall-Type Proceedings

On June 19, 2014 the Supreme Court of the United States in Executive Benefits Insurance Agency v. Arkison, 134 S. Ct. 2165 (2014) affirmed and clarified its prior decision in Stern v. Marshall, 131 S. Ct. 2594 (2011) which...more

Trademark License Not Subject To Rejection In Bankruptcy In Certain Circumstances

Pursuant to 11 U.S.C. § 365, a debtor or bankruptcy trustee has the option, subject to court approval, of electing one of the following three alternatives with respect to an executory contract: (a) assuming the contract, (b)...more

Tronox Inc. v. Anadarko Petroleum Corp. (In re Tronox Inc.) – Bankruptcy Court Takes Unusual Steps to Declare Corporate...

Companies that have valuable assets but also face significant liabilities will sometimes engage in restructurings to isolate, or “ring-fence,” the good assets from the liabilities. Often the companies are able to accomplish...more

You Got To Show It If You Don’t Want To Blow It

The filing of a bankruptcy petition creates a bankruptcy estate that includes “all legal or equitable interests of the debtor in property as of the commencement of the case.” Highland Capital Mgmt. LP v. Chesapeake Energy...more

North Carolina Court Quashes Chapter 11 Debtor's Blatant Gerrymandering To Achieve Plan Confirmation

In a recent decision welcomed by creditors, the United States District Court for the Eastern District of North Carolina reversed a bankruptcy court order confirming a Chapter 11 debtor’s plan because the debtor engaged in...more

Cœur Défense: the Chronicle of a Foretold Reform of the French Safeguard Proceedings

The end of a legal saga - On April 7, 2014, the Commercial Court of Paris put an end to the Coeur Défense’s legal saga by acknowledging the implementation of the two safeguard plans adopted for Heart La Défense (HoLD),...more

“Law of the Flag” Held Not to Apply to Action on Unenforceable Gambling Debt in Florida Bankruptcy Court

In this bankruptcy contract case, the debtor, a cruise vessel operating as a gambling casino, fronted $200,000 to a blackjack gambler who submitted checks for the cash but then stopped payment on the checks. The debtor sued...more

Kazakhstan’s New Rehabilitation and Bankruptcy Law

The new law extends the grounds for shareholders’ liability and invalidation of transactions. On 26 March 2014, the new Rehabilitation and Bankruptcy Law (the New Law) took effect in Kazakhstan. The New Law supersedes...more

Recognition of Foreign Judgments in the United States

Every year, thousands of foreign court judgments are brought to U.S. federal and state courts for recognition and enforcement, raising thorny issues for both U.S. and foreign lawyers seeking to obtain, or oppose, recognition....more

Bankruptcy Beat: Bankruptcy Court Rules That Undersecured Creditor Could Object to Claims that Were Listed on the Debtor’s...

In In re 3333 Main, LLC, Case No. 13-51533 (ECF No. 172) (Bankr. D. Conn. May 29, 2014) (Shiff, J.), the Debtor listed a number of unsecured claims on its bankruptcy schedules without indicating they were disputed, contingent...more

Rejecting Jewel v. Boxer, The District Court’s Heller Decision Is A Potential Knock-Out Punch Against Unfinished Business Claims...

The Order Re Summary Judgment issued on June 11, 2014 by Judge Charles R. Breyer of the U.S. District Court for the Northern District of California in the Heller Ehrman LLP bankruptcy case may prove to be a knock-out punch...more

Waiving Statutory Foreclosure Provisions

The recently issued opinion of the Colorado Court of Appeals, in Armed Forces Bank v. Hicks, 2014 COA 74. No. 13CA0875 (June 5, 2014), is significant for commercial real estate lenders. In Hicks, the Bank was the...more

Cross-Border Insolvency Proceedings: Recent Chapter 15 Filings in the United States

It is not surprising that the amount of Chapter 15 bankruptcy filings is growing in the global economy. Chapter 15 was added to the Bankruptcy Code by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. It is...more

Did The Supreme Court Finally Explain Marathon And Stern? - Executive Benefits’ Impact on Bankruptcy Court Jurisdiction

The Supreme Court has spoken once again on the limited jurisdiction of the bankruptcy courts, adding to the understanding derived from Northern Pipeline Constr. Co. v. Marathon Pipe Line Co., 458 U.S. 50 (1982),...more

Supreme Court Clarifies Procedure for Deciding Stern Claims in Bankruptcy Courts, But Leaves Big Questions Unresolved

Bankruptcy courts have jurisdiction over "core" and "non-core" proceedings. See 28 U.S.C. § 157. In "core" proceedings, bankruptcy courts can enter final judgments. See 28 U.S.C. § 157(b). In "non-core" proceedings, however,...more

New Jersey Tax Sale Law Gives Purchaser of a Tax Sale Certificate a Tax Lien on the Underlying Property

The New Jersey Supreme Court, in In re: Princeton Office Park, L.P. v. Plymouth Park Tax Services, LLC, determined that under the Tax Sale Law, N.J.S.A. §§ 54:5-1 to -137, a purchaser of a tax sale certificate acquires a tax...more

Illinois Supreme Court Debates Public Construction Bond Act

Our reports on the oral arguments from the May term of the Illinois Supreme Court continue with Lake County Grading Company, LLC v. The Village of Antioch. Lake County – which comes to the Court from the Second District –...more

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