Commercial Bankruptcy

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Tax Litigation Update: Ninth Circuit Decision Provides Significant Support for Taxpayers Seeking to Discharge Tax Debt in...

On September 15, 2014, the United States Court of Appeals for the Ninth Circuit issued a landmark decision strongly favoring debtors seeking to discharge tax debt in bankruptcy. The case, Hawkins v. Franchise Tax Board...more

Mainbrace - October 2014, No. 3

In This Issue: - Maritime Cybersecurity: A Growing Threat Goes Unanswered - Valuation in Maritime Chapter 11 Cases: Genco and “NAV” - Is the U.S. Prepared Legally and Operationally to Protect Its Arctic...more

Another Bankruptcy Proofing Strategy Bites the Dust, or Does It?

In an effort to minimize the risk of loss in connection with a loan default, lenders often employ creative means to make it difficult, if not impossible, for a borrower to file bankruptcy....more

Reducing a Customer's Accounts Receivable in the Zone of Insolvency

Reuters, Bloomberg and Debtwire are all reporting negative financial information about your customer: "Bond ratings are down-graded, bond prices are falling, a likely “restructuring” to address the bond debt,...more

Second Circuit Fails to See the Comity in Chapter 15

In Krys v. Farnum Place, the Second Circuit ruled that, in a Chapter 15 ancillary proceeding, a SIPA claim is within the territorial jurisdiction of the United States and its sale by the Foreign Representative must be...more

When Your General Contractor Files Bankruptcy

The case is Branch Banking & Trust Co. v. Construction Supervision Services Inc. (In re Construction Supervision Services Inc.), 753 F.3d 124 (4th Cir. 2014). After a general contractor filed bankruptcy, several of its...more

Bankruptcy Bleak House—The Limited Ability of Bankruptcy Courts to Enter Final Judgments

In Stern V. Marshall, ____ U.S ___, 131 S. Ct. 2594 (2011), the Supreme Court held that bankruptcy courts cannot issue final judgments on state law counterclaims even though they are “core proceeding”. Stern V. Marshall is...more

LLP: When Is A Partnership Not a Partnership (And Who Cares)?

In re Beltway Law Group, LLP, 514 B.R. 341 (Bankr. D. D.C. 2014) – A managing partner filed an involuntary chapter 7 petition against a professional limited liability partnership. The bankruptcy court denied the...more

Just When You Thought You Were Out, They Pull You Back In

It is a rare occasion for a secured lender to foreclose on collateral with a value in excess of the entire debt owed, particularly following a bankruptcy filing by the borrower, but on that rare occasion the lender should...more

Supreme Court’s Denial of Certiorari Strengthens Intellectual Property Licensees’ Protections in Cross-Border Insolvency Cases

Chapter 15 of the Bankruptcy Code provides mechanisms for dealing with cases of cross-border insolvency. On Oct. 6, 2014, the U.S. Supreme Court, in Jaffé v. Samsung Electronics Co., Ltd., denied review of a decision of the...more

Commercial Restructuring & Bankruptcy Alert - October 2014

In this issue: - Judge Says That Stockton, California Can Cut Pension Obligations - Third-Party Releases – Better Make Sure They Are Adequately Disclosed - Lawyers Who Sign Proofs of Claims for Clients...more

Accessing The D&O Liability Coverage of a Bankrupt Corporation

An automatic stay in bankruptcy prevents anyone from accessing the property of the debtor estate, including the directors’ and officers’ liability (D&O) policies which insure individual directors and officers of the estate as...more

Tough Choices Confront Trade Creditors When a Retailer Faces Bankruptcy

The Great Recession, which began in December 2007 and officially ended in September 2009, has been especially hard on U.S. retailers, and its impact likely will be felt for many more years. Retailers sustained record-breaking...more

Opportunistic Acquisitions: Buying Assets Through Bankruptcy

Though often overlooked, bankruptcy sales can be a real boon to businesses looking for a great deal. Prospective purchasers must, of course, interface with the bankruptcy court, so these companies must understand the lay of...more

Why colleges in bankruptcy should have access to federal financial aid

With the reauthorization of the Higher Education Act (HEA) in full swing, the time is ripe for Congress to reconsider current laws prohibiting postsecondary institutions that declare bankruptcy from participating in the...more

Sales Free and Clear: What About Restrictive Covenants?

Heatherwood Holdings, LLC v. HGC, Inc. (In re Heatherwood Holdings, LLC), 746 F.3d 1206 (11th Cir. 2014) – A chapter 11 debtor owned property that had always been used as a golf course and club. When it requested that...more

Blog: U.S. Supreme Court Denies Review In Jaffe v. Samsung, Letting Stand The Fourth Circuit’s Decision Applying Section 365(n) To...

On Monday, October 6, 2014, the U.S. Supreme Court issued an order denying the petition for a writ of certiorari in the Jaffe v. Samsung case, also known as the Qimonda case. The Supreme Court let stand the Fourth Circuit’s...more

Third-Party Protections In Mass Tort Chapter 11 Cases

A defendant facing thousands of mass tort lawsuits in federal and state courts throughout the country often will seek to address the litigation by seeking Chapter 11 relief under the Bankruptcy Code. The Chapter 11 process...more

Subcontractors Can Still Perfect Mechanic’s Liens After Prime Contractors File Bankruptcy

One of the most common and effective ways for a subcontractor to secure a payment claim is to file a lien. Assuming any applicable, pre-lien notice requirements are satisfied, an unpaid subcontractor can lien a private...more

Subcontractor Claims: What Can You Do Once Your General Contractor Files Bankruptcy?

Branch Banking & Trust Co. v Construction Supervision Services, Inc. (In re Construction Supervision Services, Inc.), 753 F.3d 124 (4th Cir. 2014) – After a general contractor filed bankruptcy, several of its...more

Escaping Taxes in Bankruptcy Through S Corporations

Shareholders of financially troubled S corporations may now be able to avoid the flow-through of taxes when the S corporation or its subsidiary files bankruptcy. ...more

Blog: Delaware Bankruptcy Court Adopts “Subsequent Advance” Approach to Preference New Value Defense

In Miller v. JNJ Logistics LLC (In re Proliance Int’l, Inc.), the question was “whether an (alleged) preferential transfer may be reduced by subsequent new value regardless of whether it was ‘paid’ or ‘unpaid’ prior to the...more

Insurance Recovery Law - September 2014 #2

D&Os Entitled to Unfettered Access to Bankrupt Company’s Policy Proceeds to Fund Defense Costs: Why it matters - In an important victory for directors and officers of a bankrupt company, a New York court...more

Spanish Insolvency Law Reform Extends to Composition Agreements

A second round of material reforms should encourage the viability of distressed companies in Spain. Royal Decree Law 11/2014 (the New Reform) is another clear effort to decrease the number of insolvent companies which...more

Bankruptcy Court Finds Tenant Cannot Assume Commercial Lease After Waiving Rights to Seek Relief From Forfeiture Under California...

The US Bankruptcy Court for the Central District of California (the "Court") recently upheld the validity of a commercial lease provision by which a debtor/tenant waived its rights to seek relief from forfeiture (i.e.,...more

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