Debtors Creditors

News & Analysis as of

U.S. Bankruptcy Court for the Southern District of New York Confirms Chapter 11 Plan Less Than Two Weeks After Commencing...

On January 10, 2017, in the case of In re: Roust Corporation, et. al., (1623786 ) (RDD), pending in the U.S. Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), Judge Robert D. Drain entered an...more

The Devil's Dictionary of Bankruptcy Terms: Zone of Insolvency

The "Devil's Dictionary" is a quick-reference guide for commercial lenders and other restructuring professionals. In this series, we highlight many of the buzz words found in the Dictionary and used in today's bankruptcy...more

Modernised UK Insolvency Rules Arriving April 2017

The updated UK Insolvency Rules 2016 will come into force on 6 April 2017. The new rules have four aims: - to reflect modern business practice and increase efficiency; - to restructure and modernise the 1986...more

Bankruptcy Cases To Watch In 2017

John Melissinos was quoted in a Law360 article that ran January 2, 2017, discussing the top bankruptcy cases to watch in 2017 and the issues expected to dominate discussions over the next year including Chapter 11 exit...more

Debtors Who Misuse Collateral Can Lose the Benefit of Discharging their Debt in Bankruptcy

On November 21, 2016, in a case entitled In re Monson, the Eleventh Circuit Court of Appeals affirmed the Bankruptcy Court’s decision, which held that a debtor’s conduct constituted a willful and malicious injury to a...more

Yellowstone and the Barton Doctrine in the Third Circuit

The Barton doctrine, which has been imposed in “an unbroken line of cases … as a matter of federal common law,” In re Linton, 136 F.3d 544, 545 (7th Cir. 1998) (Posner, J.), requires that plaintiffs “obtain authorization from...more

Burr Alert: New Regulations Repeal Automatic Requirements for Form 1099-C Under No Payment For 36 Months Rule

Last month, the IRS issued final regulations repealing its rule requiring that a Form 1099-C be filed whenever a financial institution (or certain other limited taxpayers) fails to receive payment on a debt for 36 consecutive...more

Long Anticipated Bankruptcy Law Goes Into Effect

On 20 September 2016, the new Bankruptcy Law (the Law) for the UAE was enacted. The Law was gazetted on 29 September 2016 and comes into effect on 31 December 2016. The Law will be supplemented by procedural regulations to be...more

Clarity on Clawback Claims in Cayman

The Cayman Islands Court of Appeal recently smoothed the path for Cayman liquidators to pursue clawback claims. The decision clarifies the Cayman courts’ approach to voidable preference payments, making it easier for Cayman...more

New Delaware Chapter 11 Filing – Hampshire Group Ltd.

Hampshire Group Ltd., a provider of fashion apparel across a range of product categories, channels of distributions and price points, and two of its U.S. subsidiaries have filed voluntary petitions for chapter 11 bankruptcy...more

Third Circuit Upholds The Enforceability Of Make-Whole Premiums In Post-Bankruptcy Context

In a recent November 17, 2016 opinion, Delaware Trust Co. v. Energy Future Intermediate Holding Company LLC, Case No. 16-1351, the Third Circuit Court of Appeals reversed two lower court opinions by holding that make-whole...more

An Offer You Can’t Refuse: Are Deathtraps a Tool for Fostering Settlements, or a Method of Coercion?

Accept an unpalatable offer, or reject it and risk getting much less (or even nothing)? This is the choice stakeholders in chapter 11 bankruptcies increasingly face as a result of the proliferation of “deathtrap” provisions...more

From “Judgment Granted” to Getting Paid: SCC Ruling Makes it Easier for Plaintiffs to Enforce Judgments

The Supreme Court of Canada (SCC) has rendered judgment in a closely-watched case involving the intersection of judgment enforcement and privacy rights. As discussed in an our July 2015 Blakes Bulletin: You Won Your Case —...more

Eleventh Circuit Holds that a Debtor who Elects to “Surrender” Real Property Cannot Oppose the Lender’s Foreclosure Case

In In re Failla, 838 F.3d 1170 (11th Cir. Oct. 4, 2016), the Eleventh Circuit resolved a split among Florida bankruptcy judges by ruling that a debtor who elects to "surrender" real property during its bankruptcy case cannot...more

The Ultimate Arizona Bankruptcy Guide – pt. 7 – The Path to a Chapter 7 Discharge

In most chapter 7 bankruptcy cases the activity in the case is front loaded. What I mean by that is prior to filing the bankruptcy case there is a lot of activity around pulling all of the necessary information and...more

Blog: Ninth Circuit Rules That A Purchaser of An Insider’s Claim Should Not Be Deemed an Insider for the Purposes of Voting on a...

Before a bankruptcy court may confirm a chapter 11 plan, it must determine if any of the persons voting to accept the plan are “insiders,”i.e., individuals or entities with a close relationship to the debtor. Because the...more

Two non-conventional uses for Missouri’s new receivership statute

Missouri’s new receivership statute became effective on August 28, 2016. The new statute, called the Missouri Commercial Receivership Act (or “MCRA”) and codified at Chapter 515 of the Missouri Revised Statutes, provides a...more

Delaware Organizational Meeting – BPS US Holdings, Inc.

Upcoming Committee Formation Meeting: Thurs., November 10, 2016, 10:30 a.m. Case Name: BPS US Holdings, Inc. Case Number: 16-12373 (KJC)...more

California Amends Identity Theft Requirements for Debt Collectors

The California legislature has amended the existing requirements for debt collectors who receive consumer claims of identity theft with the Identity Theft Resolution Act (“Act”). See AB 1723; Cal. Civ. Code § 1785.16.2. The...more

Creditors and Debt Collectors Should Pay Close Attention to the CFPB’s Consent Order with Navy Federal Credit Union

The Consumer Financial Protection Bureau (CFPB) announced a consent order with Navy Federal Credit Union (Navy Federal) on October 11, 2016. While financial institutions should always analyze CFPB consent orders closely and...more

Eighth Circuit Opinions Highlight Need to Apply Appellate Lens at Trial Court

We often quip that the best way to establish a winning record as an appellate lawyer is to represent the party that won below; that’s no joke. In nearly every appellate court— state or federal— appellants have an uphill...more

Commercial Restructuring & Bankruptcy Alert - October 2016

Welcome to the October 2016 issue of the CR&B Alert, the newsletter produced by Reed Smith's Commercial Restructuring & Bankruptcy Group. Excerpt from newsletter: DELAWARE AND NEW YORK AT ODDS OVER RECLAMATION...more

Delaware Organizational Meeting – Filip Technologies, Inc.

Upcoming Committee Formation Meeting: Friday, October 14, 2016, 11:00 a.m. Case Name: Filip Technologies, Inc. Case Number: 16-12192 (KG)...more

Delaware Bankruptcy Court Upholds Reclamation Creditors’ Rights

Vendors — take note! The Delaware bankruptcy court in In re Reichhold Holdings US Inc. recently issued an important ruling for vendors asserting reclamation rights. Under section 546(c) of the Bankruptcy Code, a vendor...more

Unsecured Creditors May Expect Better Recoveries in Bankruptcy

On August 31, 2016, United States Bankruptcy Judge Robert A. Mark ruled that a bankruptcy trustee can pursue avoidance of property transfers that occurred nearly ten years before the debtor’s bankruptcy filing. The...more

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