In a March 2024 decision, the U.S. Bankruptcy Appellate Panel for the First Circuit (the “Panel”) followed existing case law prohibiting debtors in businesses related to cannabis from availing themselves of federal bankruptcy...more
4/10/2024
/ Bankruptcy Code ,
Bankruptcy Court ,
Bankruptcy Plans ,
Bankruptcy Preferences ,
Chapter 11 ,
Chapter 13 ,
Chapter 7 ,
Commercial Bankruptcy ,
Contested Proceedings ,
Creditors ,
Debtors
Directors and Officers (D&O) policies are intended first and foremost to protect a company’s individual directors and officers from significant claims which may be asserted against those individuals in their capacities as...more
8/23/2023
/ Banks ,
Board of Directors ,
Class Action ,
Commercial Bankruptcy ,
Commercial Insurance Policies ,
Corporate Counsel ,
Corporate Governance ,
Corporate Officers ,
D&O Insurance ,
Financial Institutions ,
Insolvency ,
Insurance Litigation ,
Silicon Valley
Just before noon on Friday March 10, 2023, Silicon Valley Bank (SVB) was shut down by the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation (FDIC) was named as the...more
3/14/2023
/ Banking Sector ,
Banks ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Financial Institutions ,
Receivership ,
Risk Management ,
Silicon Valley ,
Uninsured Deposits
We have received a number of inquiries from clients regarding Silicon Valley Bank’s (SVB) recent shut down by the California Department of Financial Protection and Innovation and the FDIC being named as the receiver. This is...more
3/13/2023
/ Banking Sector ,
Banks ,
Borrowers ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Institutions ,
Insolvency ,
Receivership ,
Silicon Valley
The Supreme Court of the United States held that the Bankruptcy Code’s fraud-discharge exception covers debts obtained by fraud, regardless of who committed the fraud.
Debtors who are liable for fraud on account of a...more
While most bankruptcy cases have denied access to federal bankruptcy courts for cannabis and cannabis-related businesses, a Nevada bankruptcy court allowed a chapter 11 case to continue where the Debtor sought to liquidate,...more
In a case of first impression, a bankruptcy court refused to allow an individual to receive bankruptcy relief because he was, and continued to be, employed by a cannabis business. The United States Bankruptcy Court for the...more
After the Paycheck Protection Program (the "PPP") was established in The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), enacted on March 27, 2020, debtors in bankruptcy cases applied for PPP loans. The...more
3/10/2021
/ Amended Legislation ,
Appropriations Bill ,
Bankruptcy Code ,
CARES Act ,
Commercial Bankruptcy ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Debtors ,
Paycheck Protection Program (PPP) ,
SBA ,
Small Business