News & Analysis as of

Debtors Creditors

Recent Bankruptcy Decision from the Western District of Wisconsin Discusses Negative Equity, Car Loans, and the Chapter 13 Cram...

by Ruder Ware on

A quick introduction for those of you who are not bankruptcy nerds. For certain types of collateral, Chapter 13 allows a Debtor to reduce a secured creditor’s claim down to the value of the collateral. This is called “cram...more

When “The Check Is In The Mail” Extinguishes A Debtor’s Obligation

by Allen Matkins on

Most creditors likely assume that they have not been paid unless and until they receive checks from their debtors. In many cases that assumption may be correct, but in some cases it won’t be. Section 1476 of the California...more

Review of amendments to the insolvency legislation

by White & Case LLP on

This review concerns a number of amendments to Federal Law “On insolvency”1 (the “Law”) introduced by federal laws No. 222-FZ2 and No. 488-FZ3, and the interpretation of the amendments in the Review of Court Practice on...more

Section 503(b)(9) Claims – What Does “Receipt” Really Mean?

by Cole Schotz on

In an era when goods or materials often originate from suppliers or manufacturers outside the United States, bankruptcy courts are grappling with when “receipt” of goods occurs for the purpose of 503(b)(9) claims. While...more

Commercial Tenant Debtors in Chapter 11: Fundamentals of Landlord Creditor Protection in Bankruptcy

by BakerHostetler on

Commercial landlords have unique protections in bankruptcy, but can lose these rights if they do not assert them. When a commercial tenant files bankruptcy under Chapter 11, the landlord must carefully monitor filings and...more

Bankruptcy Court Finds No Stay Violation Where Creditor Initially Refused to Return Vehicle to Debtor Who Claimed Equitable...

by Nexsen Pruet, PLLC on

From the Bankruptcy Court for the District of South Carolina : In McCall v. Anderson Brothers Bank (In re McCall), Adv. Pro. No. 16-80008-jw (Bankr. D.S.C. 2016), the Honorable John E. Waites held that a creditor did not...more

Preference Actions Filed In Draw Another Circle Bankruptcy

by Fox Rothschild LLP on

On June 15, 2017, Curtis R. Smith, as Liquidating Trustee of the Hastings Creditors’ Liquidating Trust, filed approximately 69 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent...more

Secured creditors beware

by Thompson Coburn LLP on

A series of cases decided by the federal district court in Chicago holds that a properly perfected secured creditor can waive its right of priority in collateral in favor of a judgment lien creditor if it fails to properly...more

A Tale of Caution: What Happens When A Bank Fails To Respond to Collection Efforts?

by SmithAmundsen LLC on

Whenever a creditor obtains a judgment, the first avenue to attempt collection usually leads to a bank with the service of either a citation to discover assets or a non-wage garnishment. Sometimes banks have assets belonging...more

From the Top: U.S. Supreme Court to Hear Case on Scope of Section 546(e)'s Safe Harbor

by Jones Day on

On May 1, 2017, the U.S. Supreme Court agreed to hear Merit Management Group v. FTI Consulting, No. 16-784, on appeal from the U.S. Court of Appeals from the Seventh Circuit. See FTI Consulting, Inc. v. Merit Management...more

Kiwi Defense Doesn't Get Off the Ground in Preference Litigation Involving Related, but Severable, Contracts

by Jones Day on

Among the required elements of a claim to avoid a preferential transfer under section 547(b) of the Bankruptcy Code is that, if the creditor-transferee were permitted to retain a pre-bankruptcy payment, it would end up being...more

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

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

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

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

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

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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