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Bill on Bankruptcy: Will 2013 Be Kind To The Bankruptcy Bar?
The West Virginia Legislature recently passed H.B. 4360, which amended Section 46A-2-128 of the West Virginia Code, that defines what constitutes unfair or unconscionable debt collection activities. The amendments are...more
In the last post, I addressed the issue of INTERPOL's involvement in financial disputes arising from debts owed by individuals to financial institutions in the UAE. Today, the focus expands to the broader question of how some...more
The other day a client hired me to help them in fighting debt buyer Midland Funding. I drafted the Answer – the document that is submitted in response to the Complaint filed by Midland. I was reviewing it with the client...more
Earlier this month, I and a few of my colleagues here at Dechert attended CREFC’s 2014 High Yield Distressed Realty Assets Summit. The general sentiment of optimism and exuberance for 2014 felt in Miami was not as palpable at...more
Recently I had a conversation with an attorney who represents Midland Funding, LLC here in Arizona. He said that about 95% of Midland Funding cases are filed in the Arizona Justice Courts. In Arizona, debt collection cases...more
Section 17703.04(a) is one of many bizarre provisions in California’s new Revised Uniform Limited Liability Company Act:
(a) All of the following apply to debts, obligations, or other liabilities of a limited...more
With The Islamic Financial Services Board reporting that assets in Islamic finance are expected to reach US$2.8 trillion by 2015 and the continued growth of the global sukuk market, opportunities for investors abound.
One of the pillars of a debtor’s fresh start is the anti-discrimination provisions of § 525 of the Bankruptcy Code, which codifies the U.S. Supreme Court’s decision in Perez v. Campbell. The Court held that two state statutes...more
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
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