News & Analysis as of

Eleventh Circuit Further Muddies the Waters for Collectors

The Telephone Consumer Protection Act’s safe harbor for calls made with the prior express consent of the called party is destroyed the moment the debtor says, “Stop calling me!” So too, a collector can be liable for...more

Accrual and Payment of Interest on Creditors’ Claims in Insolvency: The Plenary Session of the Russian Supreme Commercial Court...

This issue considers the most important provisions of the resolution adopted at the Plenary Session of the Supreme Commercial Court of the Russian Federation (the “SCC”) No. 88, dated 6 December 2013, “On Accrual and Payment...more

A creditor is suing me! What should I do?

We'll take a look at what might happen if you do nothing when a creditor sues you, if you "answer" the lawsuit in a timely fashion, and if you file bankruptcy....more

Creditors Beware: Do the Proof of Claim Right or You Are Out

Recent developments in the bankruptcy arena have placed a greater burden on claimants. Creditors are now required to make additional disclosures in their proof of claim forms, and courts are under no obligation to recognize...more

Public Works Projects and Municipal Bankruptcies

The good news is that public works construction projects for municipalities are projected to remain a major sector of construction activity for the foreseeable future. The not-so-good news is that municipal bankruptcy filings...more

CFPB Extends Time To Respond To Debt Collection Proposal

On January 13, the CFPB issued a notice extending the comment period for its advance notice of proposed rulemaking related to debt collection practices. The notice states that...more

Accidents Don’t Cut It – Ensuring You Don’t “Unintentionally” Violate the Automatic Stay

A debtor files for bankruptcy protection, and his or her creditors are sent notice of the filing. Despite having received the notice, due to a breakdown in internal procedures one of the creditors, a bank, accidentally takes...more

Community Banking Excellence - Fourth Quarter 2013

In This Issue: - Interview with a Community Banking Professional - Holiday Wishes - Accidents Don't Cut It - Ensuring You Don't "Unintentionally" Violate the Automatic Stay - Dodd-Frank Essentials: Executive...more

Spanish Insolvency Act Amendment Offers Comfort to Parties in Sareb Transactions

On November 30, 2013, the Spanish legislator approved a recent amendment to Spanish insolvency law, introduced in March 2013, to clarify that a claim transferred to Spanish “bad bank” Sareb, and subsequently sold by Sareb to...more

Set Off Rights: Recovering Goods or Proceeds from a Bankrupt Client

When a client goes bankrupt, an unpaid supplier is often left with few remedies. Generally speaking, the unpaid supplier’s recovery is limited to their proportional share of what is left of the proceeds from the bankrupt’s...more

Is this your "Window of Opportunity" for bankruptcy?

Bankruptcy as an opportunity? And a "window" for it? What's that about? It's about the fact that our Congress gave all of us the opportunity for a Fresh Start from burdensome debts. And yes, for many people there is a...more

The Absolute Priority Rule in Individual Chapter 11 Bankruptcy Cases lives on … for now

The principle behind the absolute priority rule is simple: unsecured creditors should be paid before the debtor is entitled to retain property of the bankruptcy estate. In a corporate setting the absolute priority rule...more

Second Circuit Rules on False Name Exception Under FDCPA

In a split decision, the United States Court of Appeals for the Second Circuit ruled that a creditor can be held liable for sending letters using a law firm’s letterhead when plaintiffs alleged that the substance of the...more

KB Toys: Don’t Play with Clouded Claims

In a recent decision by the influential Third Circuit Court of Appeals, In re KB Toys Inc., 2013 U.S. App. LEXIS 23083 at *17 (3d Cir. Nov. 15, 2013), the Court decided that “the cloud on the claim” stemming from a...more

Mortgage Debt Lesson: Don't Pursue Collection Of A Discharged Mortgage

Creditors should double check the bankruptcy status of a debtor/borrower before pursuing collection. As a pending case illustrates, pursuing collection of an initially reaffirmed, but later discharged mortgage could be a...more

Second Circuit Clarifies FDCPA’s False Name Exception For Creditors

On November 13, the U.S. Court of Appeals for the Second Circuit held that where a creditor hires a third party to send collection letters but does not rely on the third party for any other bona fide efforts to collect the...more

Guarantees in Alberta

A guarantee is a deed or written agreement in which a person enters into an obligation to answer for a default or omission of another person. Creditors commonly require guarantees from third parties before loaning money to...more

Equityholder's Strategy for Shifting Tax Burdens to Creditors Upheld by Third Circuit

In re Majestic Star Casino, LLC, F.3d 736 (3rd Cir. 2013), the U.S. Court of Appeals for the Third Circuit broke from other courts by holding that S corporation status (or "qualified subchapter S subsidiary" or "QSub" status)...more

Are Your Procedures in Compliance with the Updated UCC Article 9?

Despite the lack of fireworks and fanfare, July 1, 2013, ushered in new changes to the Uniform Commercial Code that are important to bankers, lenders and legal practitioners. The revisions to UCC Article 9 (“Article 9”)...more

The Benefit of a Bankruptcy Sherpa

If you are like most of the people I meet with, making the decision to file for bankruptcy was a heart-wrenching, exhausting process. You didn’t take the decision lightly and would have preferred to avoid it all together. ...more

Unique aspects of sales involving nonprofit assets in bankruptcy

Sales of a debtor’s assets, either pursuant to section 363 of the Bankruptcy Code or through a confirmed chapter 11 plan of reorganization, have become increasingly common in recent years and are generally viewed as an...more

Rogers Towers: Discharge and the Unscheduled Debt: Discharge Requires Due Process

Often referred to as the “holy grail” of bankruptcy law, a bankruptcy discharge releases the debtor from personal liability for certain specified types of debts....more

Delaware Adopts the 2010 Article 9 Amendments

Requirements for financing statements to be filed in Delaware will change on July 1, 2013 with the adoption of the 2010 Amendments to Article 9 of the UCC. On May 3, 2013, with the signing of HB8 by Governor Jack...more

Court practice on credit obligations of individuals

On 22 May 2013 the Presidium of the Supreme Court of the Russian Federation (the “Supreme Court”) approved an overview of court practice in cases concerning the performance of credit obligations by individuals (the...more

An Identifiable Risk to Collateral Property That Is Used In The Marijuana Business

The legalization under state law of the marijuana business in Colorado through Amendment 20 (medical marijuana) and Amendment 64 (recreational marijuana) (Amendment 20 and Amendment 64 shall be referred to collectively as the...more

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