Commercial Bankruptcy Debtor-Creditor

News & Analysis as of

[Webinar] Dealing with Financially Troubled Customers Outside and Inside of Bankruptcy - Sept.16, 12:00pm CDT

This presentation is designed to provide business professionals involved in supplying goods and/or services on credit with the latest and most effective strategies for dealing with customers experiencing financial difficulty....more

Chapter 11 Sales: Believe It Or Not, There Really Are Limits

In re P.D.M. Co., 523 B.R. 558 (Bankr. W.D. Mich. 2015) – Two affiliated chapter 11 debtors sought court approval of a sale of all of their assets out of the ordinary course of business free and clear of claims.  The...more

The ABI Commission on Business Bankruptcy Reform: Providing Information and Fairness to Creditors

Will Congress Finally Act? This is the fourth in a series of Alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies. We discuss here the Commission’s...more

Bankruptcy & Restructuring Litigation Update - May 2015

New Bankruptcy Challenges for Secured Creditors. The Bankruptcy Code provides secured creditors with significant advantages over their unsecured counterparts. During the past year, however, courts have chipped away at secured...more

Recent Unitranche Issues in the RadioShack Bankruptcy Case

As the market for so-called “unitranche” credit facilities continues to increase, the Delaware Bankruptcy Court had an opportunity recently to answer positively the question of whether bankruptcy courts will enforce the...more

Deprizio waivers in bankruptcy cases: Valid, or a sham?

The Ninth Circuit Court of Appeals in In Re Adamson Apparel, Inc. became the first appellate court to address the validity of “Deprizio waivers.” In Adamson, the court held that because the Deprizio waiver was not a “sham”...more

Delaware Bankruptcy Court Grants Summary Judgment Based On Ordinary Course of Business Defense

On December 18, 2014, Bankruptcy Judge Christopher Sontchi issued an opinion granting summary judgment in favor of defendant and against trustee who sought to avoid and recover $1,181,583.84 as preferential transfers pursuant...more

The Business Reality of Bankruptcy Preferences

One of the more demanding, day-to-day aspects of running a business is collecting on accounts receivable. If a customer files bankruptcy, the situation can become more frustrating, and complicated. The customer is now...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

No Claim for “Financial Unseaworthiness” When Passengers Never Board Vessel

This case arose in a bankruptcy proceeding. A creditor had pre-paid a substantial sum for cruises on a vessel. The vessel owner and operator filed bankruptcy before the cruises took place, and the creditor sought return of...more

Third Circuit Concludes Personal Injury Causes of Action Against a Successor to Debtor’s Business are Generalized Claims

In a novel decision, the United States Court of Appeals for the Third Circuit held, in its ruling In re Emoral, Inc., 740 F.3d 875 (3d Cir. 2014), that personal injury claims of individuals allegedly harmed by a bankrupt...more

Eighth Circuit Applies Subsequent New Value Defense To Payments Received From Third Party Creditor

The Eighth Circuit held that preferential payments are subject to a new value defense of § 547(c)(4) where the new value was provided by a third party that benefitted from the preferential transfers....more

Proof of Claim Could Cost You Your Privilege - Bankruptcy Court Holds Attorney's Signature on Proof of Claim Form Renders Attorney...

A properly filed proof of claim serves as prima facie evidence as to a claim's validity. But when this written statement is signed by a creditor's attorney, the court may find that the attorney has become a fact witness and...more

When Lenders are the Losers in Bankruptcy Court...Well, Not so Fast

Last October, I wrote about a scheme employed, in three separate bankruptcy cases, by debtors seeking to evade the absolute priority rule in order to keep the real property owned by the debtor in the hands of the ‘family’ at...more

In re Hostess Brands, Inc.: Southern District of New York Bankruptcy Court Refuses to Send Cash Collateral Dispute to Arbitration

On January 7, 2013, the Judge Robert D. Drain of the United States Bankruptcy Court for the Southern District of New York held that a dispute concerning the debtors’ use of cash collateral was not subject to arbitration,...more

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