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The debt level of the PRC is rising. It is estimated that the PRC’s corporate debt could hit US$13.8 trillion in 2014, surpassing that of the United States (“U.S.”) as the largest in the world. This has raised increasing...more
On February 28, the UK Financial Conduct Authority (FCA) announced final rules for consumer credit providers, including new protections for consumers in credit transactions. The FCA states that the most drastic changes relate...more
1. Concept of a security trustee (security manager).
Given that the English-law concept of a 'trust' is not recognized by the Russian legal system, currently, under Russian law, only a creditor can hold the security...more
This year, many unsuspecting businesses will be hauled into court by a trustee seeking return of a “preferential” payment made by a party now in bankruptcy. To those uninitiated, a bankruptcy trustee’s power to “avoid” or...more
In Tourgeman v. Nelson & Kennard, 2014 DJDAR 587 (2014), the California Court of Appeal for the Fourth Appellate District decided an interesting collection case which resulted in an attorney fee award. The Court of Appeal...more
An order for a wage garnishment is surprisingly complex to administer and very risky for employers. For instance, if an employer does not answer a garnishment within 14 days or do any other act required by the court, it is...more
Although property obtained by a debtor after filing for bankruptcy is usually safe from creditors, a recent case from the Ninth Circuit Bankruptcy Appellate Panel allowed a Chapter 7 Trustee to sell real property obtained by...more
On February 14, the OCC issued Bulletin 2014-02, which clarifies supervisory expectations for national banks and federal savings associations regarding secured consumer debt discharged in Chapter 7 bankruptcy proceedings. The...more
The Loan Market Association (“LMA”) recently produced a revised version of the LMA Standard Terms and Conditions for Par and Distressed Trade Transactions (Bank Debt/Claims) (the “Revised Terms and...more
In general, discharge of indebtedness income is excluded from the gross income of a taxpayer (other than a C corporation) if the indebtedness is qualified real property business indebtedness (QRPBI). To qualify as QRPBI, the...more
Second Circuit Holds that Section 109 Eligibility Requirements Apply to Foreign Entities in Chapter 15 Bankruptcy Cases. Recently, the United States Court of Appeals for the Second Circuit held that the eligibility...more
EXECUTIVE SUMMARY -
Welcome to DLA Piper’s European Acquisition Finance Debt Report 2014. This report, now in its fifth year, presents detailed results of our survey of over 250 debt providers, advisors, sponsors and...more
A California Court of Appeal recently ruled that a construction lender must make available to stop notice claimants those amounts which the lender has already disbursed to itself on the construction loan. (Brewer Corp. v....more
On January 31, the U.S. Court of Appeals for the Fourth Circuit held that the FDCPA does not impose a requirement that debt disputes be presented in writing and permits debtors to orally dispute the validity of a debt. Clark...more
Rev. Proc. 2014-20, released on February 5, provides guidance regarding whether debt secured by an interest in a disregarded entity that holds real estate — rather than by the real estate itself — qualifies for the exclusion...more
Code §108(a)(1)(D) avoids debt discharge income to taxpayers (other than C corporations) when indebtedness is forgiven if it is qualified real property business indebtedness. This is generally indebtedness incurred in...more
You file bankruptcy to eliminate your debt. However the “fresh start” promise of bankruptcy is often not fully realized due to the fact that student loan debt is usually not eliminated in bankruptcy. Bankruptcy will allow...more
The IRS has announced a new safe harbor from the discharge of debt income rules.
Debt that is cancelled, discharged or forgiven is generally taxable as income, but there are exceptions. Under one exception, certain...more
When international media magnate Rupert Murdoch divorced wife number two, the media reported, some maintain inaccurately, that the Fox man’s ex received a $1.7 billion divorce settlement. While Murdoch may be in a league all...more
As of January 1, 2014, California amended its anti-deficiency statute to stop mortgage lenders from “collecting” from homeowners on post-foreclosure debts. Although the amendments were designed to tackle a purely...more
In a per curiam decision which vacated the lower court’s dismissal of a consumer class action under the federal Fair Debt Collection Practices Act (FDCPA), the U.S. Court of Appeals for the Fourth Circuit, in a case of first...more
Eliminate your debt in 2014Happy New Year! When this time of year rolls around I always tend look back on the prior year and ask myself if things are any different now than they were a year ago. Did I meet my goals? Have I...more
Code Section 368(a)(1)(E) generally allows a corporation to rejigger its debt and equity structure and then swap old interests for new interests with its stock and security holders, with no gain or loss to the current owners....more
On December 10, the Colorado Attorney General (AG) announced a lawsuit against a debt buyer and its principal for allegedly engaging in fraudulent conduct in attempting to collect charged-off debt purchased from two national...more
The CFPB filed a complaint in the United States District Court for the District of Massachusetts against a debt collector alleged to have engaged in unfair, deceptive and abusive acts or practices in violation of the Consumer...more
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