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Trustees Creditors Bankruptcy Code

Gray Reed

Fraud in the Oil Patch the Modern Way

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Once upon a time a good way to commit oil patch theft was to back a truck up to the tank battery in the middle of the night, fill ‘er up, and drive off into the darkness. In re: Black Elk Energy Offshore Operations LLC shows...more

Pillsbury Winthrop Shaw Pittman LLP

Bankruptcy Court Splits the Baby on Real Estate Landlord’s Claim for Unpaid Postpetition Rent

A chapter 7 trustee-lessee’s failure to comply with postpetition, pre-rejection lease obligations does not automatically give the landlord an administrative expense claim, as some courts fashion alternative remedies on a...more

Jones Day

Business Restructuring Review Vol. 23 No. 4 | July–August 2024

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The U.S. Supreme Court handed down three bankruptcy rulings to finish the current Term. The decisions address the validity of nonconsensual third-party releases in chapter 11 plans, the standing of insurance companies to...more

Jones Day

Fifth Circuit: Preference Claims Are Property of the Bankruptcy Estate that Can Be Sold

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A debtor's non-exempt assets (and even the debtor's entire business) are commonly sold during the course of a bankruptcy case by the trustee or a chapter 11 debtor-in-possession ("DIP") as a means of augmenting the bankruptcy...more

Troutman Pepper

What Is a 341 Meeting, and Do I Need to Attend? - Creditor’s Rights Toolkit

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The purpose of the 341 Meeting is to examine the debtor’s financial position and to confirm facts stated by the debtor in the bankruptcy filing. While creditors are not required to attend the 341 Meeting, creditors have an...more

Patterson Belknap Webb & Tyler LLP

Seventh Circuit Addresses Scope of Section 546(e)

We have previously blogged about the section 546(e) defense to a trustee’s avoidance powers under the Bankruptcy Code. A trustee has broad powers to set aside certain transfers made by debtors before bankruptcy. See 11 U.S.C....more

Dorsey & Whitney LLP

Fifth Circuit Holds Avoidance Actions Can Be Sold

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Joining the Eighth and Ninth Circuit Courts of Appeals, the Fifth Circuit Court of Appeals recently held that a debtor or trustee can sell its avoidance actions to third-party, non-estate representatives. See Briar Capital...more

Troutman Pepper

Idaho Bankruptcy Court Holds that Later-Recovered Assets Revert to Borrower Absent Plan Provision to the Contrary

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What happens to funds recovered by the trustee after the final plan payment is made in a chapter 13 case? According to the U.S. Bankruptcy Court for the District of Iowa, absent a plan provision providing otherwise, those...more

Jones Day

Business Restructuring Review Vol. 23 No. 1 | January-February 2024

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One year ago, we wrote that 2022 would be remembered in the corporate bankruptcy world for the “crypto winter” that descended in November 2022 with the spectacular collapse of FTX Trading Ltd., Alameda Research, and...more

Jones Day

New York Bankruptcy Court: Setoff and Unjust Enrichment Cannot Be Asserted as Affirmative Defenses in Bankruptcy Avoidance...

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In a 2021 ruling, the U.S. Court of Appeals for the Second Circuit revived nearly 100 lawsuits seeking to recover fraudulent transfers made as part of the Madoff Ponzi scheme. In one of the latest chapters in that resurrected...more

Jones Day

Delaware Bankruptcy Court Imputes Officer's Fraudulent Intent to Corporation in Avoidance Litigation

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A powerful tool afforded to a bankruptcy trustee or a chapter 11 debtor-in-possession ("DIP") is the power to recover pre-bankruptcy transfers that are avoidable under federal bankruptcy law (or sometimes state law) because...more

Patterson Belknap Webb & Tyler LLP

Second Circuit Clarifies Tribune in New Decision

We have previously blogged about the section 546(e) defense to a trustee’s avoidance powers under the Bankruptcy Code. A trustee has broad powers to set aside certain transfers made by debtors before bankruptcy. See 11...more

Ward and Smith, P.A.

How to Get Your Own "Free" Private Investigator in Bankruptcy

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Subchapter V of Chapter 11 of the Bankruptcy Code, which turned three earlier this year, created a more streamlined and less expensive Chapter 11 reorganization path for small business debtors. It also created a new position...more

Patterson Belknap Webb & Tyler LLP

Tenth Circuit Holds that Sovereign Immunity Does Not Limit Section 544 Claim

Section 544(b)(1) of the Bankruptcy Code enables a trustee to step into the shoes of a creditor and avoid a transfer “of an interest of the debtor in property” that an unsecured creditor could avoid under applicable state...more

Freeman Law

Bankruptcy Schedules: Schedule I

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Continuing with our series on bankruptcy schedules, today we look at Schedule I, which is used to provide information about your income. This form provides a variety of purposes in bankruptcy cases – depending on the chapter...more

Hendershot Cowart P.C.

Section 727 & Section 523 Complaints: Objecting to the Discharge of a Debt

In bankruptcy, certain specified types of debts are forgiven or “discharged”, releasing the debtor from personal liability for those debts. Debt discharges are permanent, and when granted, the debtor is no longer required to...more

Troutman Pepper

Seventh Circuit Overturns Bankruptcy Precedent, Finds Transfer Occurs When Money is Paid

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On January 9, the Seventh Circuit overturned its own 39-year-old precedent to find that: (1) the definition of “transfer” for purposes of section 547 of the Bankruptcy Code depends on federal, not state, law; and (2) the date...more

Vinson & Elkins LLP

To Release or Not to Release? Courts Remain Split on Release Provisions

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Third-party release provisions are a common feature of almost every chapter 11 plan in large bankruptcy cases. Despite this, there has long been a split among bankruptcy courts and Circuit Courts of Appeal on the scope and...more

Blank Rome LLP

Subordination and Recharacterization

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This practice note discusses how a bankruptcy court may recharacterize documents that purport to create a loan transaction and determine that the transaction, despite labels, is something else—a transaction providing for a...more

Rivkin Radler LLP

Supreme Court Settles Debate on Passive Retention of Property

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For some time, bankruptcy courts wrestled over whether creditors violated the Bankruptcy Code’s automatic stay provision under 11 U.S.C. § 362(a)(3) by creditors’ passive retention of a debtor’s property once a debtor files...more

Patterson Belknap Webb & Tyler LLP

Court Says Creditor Can Sue a Liquidating Trustee without Prior Permission

A bankruptcy court ruled that a creditor didn’t need to seek derivative standing to sue a liquidating trustee.  The creditor, himself a trustee of the debtor’s employee stock-option plan, had standing to sue without prior...more

Shumaker, Loop & Kendrick, LLP

Business Bankruptcy: Executive Summary - Need to Know Bankruptcy Concepts - ICTF Magazine, December 2021

In this first part of his article, David sets the parameters for understanding U.S. bankruptcy concepts… According to the American Bankruptcy Institute, total commercial Chapter 11 filings in July 2021 decreased 62...more

Kelley Drye & Warren LLP

Two Important Rulings on Payment of Indenture Trustee Fees in Chapter 11 Cases

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Two recent judicial decisions, Sanchez Energy and Tribune Media, highlight the challenges faced by indenture trustees and their professionals in chapter 11 cases where there are no recoveries to noteholders. Federal law...more

BCLP

Other People’s Property in Bankruptcy

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Nearly sixty years ago, Justice Hugo Black wrote that the Bankruptcy Act of 1898 “simply does not authorize a trustee to distribute other people’s property among a bankrupt’s creditors.” Pearlman v. Reliance Ins. Co., 371...more

Lowenstein Sandler LLP

Preference Defense In the Wake Of The Pandemic: A Primer

Nothing is more frustrating to a trade creditor holding a large unpaid balance owed by a debtor in bankruptcy than the risk that payments the trade creditor received before the debtor filed bankruptcy may be clawed back by...more

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