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Debtors

A Bridge Over Troubled Water: Singapore’s New Restructuring & Insolvency Framework Is Being Introduced When It Is Most Needed

by K&L Gates LLP on

Further to K&L Gates’ Singapore Restructuring and Insolvency Alert dated 5 December 2016, Singapore’s revised restructuring and insolvency legislation has come into effect. The amendments to the Companies Act, summarised in...more

Section 1111(b) Election Not Available When Collateral Is Sold Post Petition

by Dechert LLP on

The facts in Salamon are straightforward. Salamon (“Buyer”) purchased real property from Behrend (“Seller”) that was already subject to two liens (the “Preexisting Debt”). Instead of paying cash at closing, the Buyer executed...more

Liability Coverage Policies: Property of the Estate to Which the Automatic Stay Applies

by Best Best & Krieger LLP on

When a chapter 7, 11, 12 or 13 case is filed, two key items spring into life. The first is a new entity called the bankruptcy estate which is comprised of all of the debtor’s non-exempt legal or equitable interests in...more

Delaware Bankruptcy Court Denies Creditors’ Committee Access To Privileged Documents

by McCarter & English, LLP on

In a May 8, 2017 ruling, the Delaware Bankruptcy Court denied the official committee of unsecured creditors from accessing certain documents withheld from production based on the attorney-client privilege. Despite the purpose...more

Insolvency Law Reform in Germany

by Reed Smith on

The recent reform of insolvency law regarding challenges against creditors (based on the creditor’s presumed intent to agree to prejudice creditors) is the legislative response to the increasing amount of criticism in the...more

Sixth Circuit Court of Appeals Holds Properly Perfected Assignment of Rents Not Property of Bankruptcy Estate

by Foley & Lardner LLP on

In a significant ruling impacting commercial real estate lenders in Michigan, the 6th Circuit Court of Appeals has ruled that an absolute assignment of rents that had been fully perfected (by demanding payment from tenants to...more

ERISA Benefits and a Claimant’s Bankruptcy: When Judicial Estoppel Requires Dismissal of Lawsuits Seeking Long Term Disability...

Don’t forget that... judicial estoppel can require dismissal of a claimant’s suit for ERISA-governed long term disability (LTD) benefits if the claimant failed to list the “potential cause of action” in bankruptcy filings....more

Bankruptcy Settlements Post-Jevic: Potential New Requirements for Priority-Altering Settlements

As noted in a recent Distressing Matters post, the United States Supreme Court in In re Jevic Holding Corp. held that debtors cannot use structured dismissals to make payments to creditors in violation of ordinary bankruptcy...more

District Court Upholds Bankruptcy Court’s Ruling on Rejection of Gathering Agreements

by King & Spalding on

On March 10, 2017, the United States District Court for the Southern District of New York (the“Court”) affirmed on appeal a bankruptcy court’s prior decision in In re Sabine Oil & Gas Corp. that permitted a debtor to reject a...more

Second Circuit Clarifies Process for Enforcement of Nondomestic Arbitral Awards Against Alter Egos of Award Debtor

In a recent pair of opinions, the United States Court of Appeals for the Second Circuit clarified that the procedure for enforcing a nondomestic arbitration award does not require a separate “confirmation” step. CBF Indústria...more

Cross-Border European Insolvency in the Brexit Era

by K&L Gates LLP on

The regime for dealing with insolvency proceedings within the European Union (EU) is about to become more coordinated. The timing is ironic given that the change will take place in the period leading up to the March 2019 exit...more

Corinthian Colleges Preference Actions Filed In Delaware Bankruptcy Court

by Fox Rothschild LLP on

Starting on April 28, 2017, Craig R. Jalbert, as Distribution Trustee of the Corinthian Distribution Trust, filed approximately 122 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent...more

Eleventh Circuit Declines to Expand Reach of “Least Sophisticated Consumer” Standard In the Context of Sending Periodic Mortgage...

by Balch & Bingham LLP on

The Eleventh Circuit recently clarified that sending periodic mortgage statements following a debtor’s bankruptcy discharge is not misleading to the “least sophisticated consumer.” In Helman v. Bank of America, 15-13672, 2017...more

Entering the FDCPA Safe Harbor Just Got More Difficult in the Second Circuit

by Seyfarth Shaw LLP on

The Second Circuit’s recent opinion in Carlin v. Davidson Fink LLP, No. 15-3105-cv (2d Cir. Mar. 29, 2017), has important ramifications for the debt collection industry....more

11th Circuit Clarifies FDCPA/FCCPA Issues Re Periodic Mortgage Statements After Bankruptcy

by Burr & Forman on

In Helman v. Bank of America, 15-13672, 2017 WL 1350728 (11th Cir. April 12, 2017) the Eleventh Circuit Court of Appeal clarified important issues regarding the use of periodic mortgage statements after a bankruptcy...more

New Bankruptcy Case Limits Assertion of Post-Bankruptcy Construction Liens

by Saul Ewing LLP on

On March 30, 2017, the United States Court of Appeals for the Third Circuit issued a decision that curtails the rights of suppliers to lien non-debtor third-party property following the bankruptcy filing of a construction...more

Pre-Action Protocol for Debt Claims

by Locke Lord LLP on

The Ministry of Justice has published the final version of the Pre-Action Protocol for Debt Claims (the Protocol), which comes into force on 1 October 2017. The main principle of the Protocol is to provide debtors with...more

Court of Cassation confirms proceedings to set aside Dubai-seated awards cannot be commenced by the debtor

by DLA Piper on

In a recent decision, the Dubai Court of Cassation (CoC) has confirmed that an award debtor is not entitled to apply to set aside an onshore Dubai arbitral award unless the award creditor has first applied to ratify and/or...more

Anticipating and Managing Bankruptcy Risk

by Blank Rome LLP on

Blank Rome Partner Ira Herman authored “Anticipating and Managing Bankruptcy Risk,” a series of articles prepared for the Financial Restructuring & Bankruptcy module of Lexis Practice Advisor, a comprehensive practical...more

Can We Work It Out? : An Overview of the Pre-Action Protocol for Debt Claims

by Reed Smith on

After much consultation and debate, the Ministry of Justice has published the final version of the Pre-Action Protocol for Debt Claims (the Protocol), which is due to come into force on 1 October 2017. The Protocol is...more

Caveat creditor: Risks of filing an involuntary bankruptcy

by Thompson Coburn LLP on

When faced with a recalcitrant debtor, clients sometimes move too quickly to put the debtor into an involuntary bankruptcy, especially when fraudulent transfers and other creditor avoidance attempts become apparent. But...more

Section 1129(a)(9)(A) Trumps DIP Orders

by Cole Schotz on

On January 5, 2017, Judge Sontchi of the Bankruptcy Court for the District of Delaware issued an opinion (the “Opinion”) in the pending Molycorp Chapter 11 case (Case No. 15-11357). In re Molycorp, Inc., 562 B.R. 67 (Bankr....more

New Supreme Court Decision Reminds Parties to Bankruptcies to Keep their Priorities Straight

In a recent decision, the U.S. Supreme Court turned aside the efforts of a debtor and a group of creditors to make an end-run around the Bankruptcy Code’s priority rules by distributing assets to junior creditors ahead of...more

EuroResource—Deals & Debt - March 2017

by Jones Day on

For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments...more

Can a Creditor’s Inaction Violate the Automatic Stay?

The filing of a bankruptcy case puts in place an automatic injunction, or stay, that halts most actions by creditors against a debtor. But can a creditor violate the automatic stay by not acting? The Tenth Circuit recently...more

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