The Trump administration may be utilizing early exit provisions in the GSA lease cancellations and terminations reported to date, but prudent contractors should prepare for other potential tactics to end other leases the...more
A typical receivership order does not limit the ability of a managing member to seek limited liability company bankruptcy relief for distressed real estate or other enterprises.
An enterprise, even if in receivership,...more
This is the second in our series of alerts on taxable cancellation of debt income.
When debt is cancelled or discharged, the debt generally becomes taxable income, called cancellation of debt income....more
The complexities of cancellation of debt income (CODI), including bankruptcy and insolvency implications, are important to understand.
When debt is cancelled or discharged, the borrowed funds become taxable income, or...more
Local government actions must comply with the in-person open meeting requirements of the Virginia Freedom of Information Act....more
An oversecured creditor can recover default interest where the sole default trigger was the borrower’s bankruptcy filing after considering all relevant equitable considerations.
While Bankruptcy Code section 506(b)...more
New York bankruptcy court breaks with precedent and endorses time approach for calculating lease termination damages over rent amount approach, resulting in smaller claims for landlords.
Time approach limits, and often...more
GSA issues new regulations requiring certification as to foreign ownership and foreign financing of high-security leased space.
Effective June 30, 2021, GSA has adopted new regulations mandating the disclosure of foreign...more
The program guide addresses application requirements and eligibility criteria for prospective grantees as they prepare for the program’s announced May 3 launch.
On April 20, 2021, the Small Business Administration (SBA)...more
4/29/2021
/ American Rescue Plan Act of 2021 ,
Business Expenses ,
Coronavirus/COVID-19 ,
Economic Injury Disaster Loans ,
Federal Trade Commission (FTC) ,
Good Faith ,
Grants ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
Restaurant Industry ,
SBA
The American Rescue Plan Act establishes a $28.6 billion Restaurant Revitalization Fund to distribute grants of up to $10 million to restaurants and other food and beverage businesses.
Eligible restaurants, bars, food...more
3/15/2021
/ American Rescue Plan Act of 2021 ,
Business Expenses ,
CARES Act ,
COBRA ,
Coronavirus/COVID-19 ,
Economic Aid Act ,
Economic Stimulus ,
Employee Retention ,
Grants ,
Paycheck Protection Program (PPP) ,
Restaurant Industry ,
SBA ,
Tax Credits ,
Tax Exemptions
Although it has not yet opened the program to grant applicants, on March 5, 2021, the SBA released a detailed overview of eligibility requirements and a preliminary application checklist for prospective grantees
On March...more
3/11/2021
/ Applications ,
Economic Aid Act ,
Eligibility ,
Entertainment Venues ,
Grants ,
Movie Theaters ,
Museums ,
New Guidance ,
Paycheck Protection Program (PPP) ,
SBA ,
Stafford Act ,
Talent Management
Although the Small Business Administration has not yet opened the program to grant applicants, the agency recently released a series of FAQs that address certain definitions and eligibility criteria for prospective grantees....more
One portion of the National Defense Authorization Act creates a federal beneficial ownership registry, with reporting requirements for corporations, LLCs and “other similar entities.”
The Corporate Transparency Act creates...more
1/7/2021
/ Anti-Money Laundering ,
Compliance ,
Control Test ,
Disclosure Requirements ,
FinCEN ,
Fund Sponsors ,
Investors ,
NDAA ,
Real Estate Development ,
Reporting Requirements ,
Standard Operating Procedures ,
Transparency
New COVID-19 Relief Act provides funding for a wide array of eligible persons and entities: live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion...more
1/5/2021
/ Certifications ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Entertainment Venues ,
Federal Grants ,
Good Faith ,
Movie Theaters ,
Museums ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA
COVID-19 and the lifeline of “emergency” and “temporary” legislation in Washington, D.C.
To this day, Congress retains a legislative veto over the D.C. Council’s actions, supported by the Constitution.
“Emergency”...more
“Can an unsecured creditor be better off when the debtor defaults rather than paying off the debt? Yes: Law can be stranger than fiction in the Preference Zone.”—Ninth Circuit
Untimely payment by tenants and other obligors...more
8/20/2020
/ Appeals ,
Bankruptcy Appellate Panel (BAP) ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 7 ,
Commercial Tenants ,
Debtors ,
Default ,
Landlords ,
Late Payments ,
Letter of Credit ,
Preferential Transfers ,
Reversal ,
Security Deposits ,
Unsecured Debt
Legislation requires rent payment plans, mortgage relief, and foreclosure and eviction moratoriums.
Residential and many commercial landlords may not increase rent and must make rent payment plans available to eligible...more
8/19/2020
/ Commercial Mortgages ,
Coronavirus/COVID-19 ,
Eviction ,
Fannie Mae ,
Foreclosure ,
Freddie Mac ,
Ginnie Mae ,
Landlords ,
Moratorium ,
Mortgages ,
Public Health Emergency ,
Relief Measures ,
Rent Increases ,
Rental Property ,
Tenants
In a deed in lieu of foreclosure, a defaulting borrower agrees to convey the mortgaged property to the mortgage lender. But handing over the keys can raise a number of potential pitfalls. Below, we discuss some of these...more
8/13/2020
/ Borrowers ,
Commercial Mortgages ,
Commercial Real Estate Market ,
Coronavirus/COVID-19 ,
Deed-in-Lieu of Foreclosure ,
Deeds ,
Deficiency Judgments ,
Foreclosure ,
Income Taxes ,
Intercreditor Agreements ,
Lenders ,
Mezzanine Lenders ,
Non-Recourse Loans ,
Popular ,
Transfer Taxes
District of Columbia Business Support Grant program to benefit businesses where people gather.
District of Columbia enacts legislation to provide up to $100 million in grants to eligible businesses for up to 15% of revenue...more
8/3/2020
/ Certification Requirements ,
Coronavirus/COVID-19 ,
Entertainment Industry ,
Grants ,
Hotels ,
Landlords ,
New Regulations ,
Public Health Emergency ,
Restaurant Industry ,
Retailers ,
Sports
Illinois Governor’s Executive Order prohibiting sale of food or beverages for on-premises consumption held to partially excuse restaurant tenant’s rent payment obligations.
Bankruptcy Court finds that Executive Order...more
Multifamily condominium regimes with mounting liabilities and unpaid dues during COVID-19 may find answers in bankruptcy to the obstacles posed by individually titled units.
We created and implemented a strategy that allowed...more
The CARES Act provides $350 billion for small business Paycheck Protection Loans and an additional $10 billion for the existing Economic Injury Disaster Loan program. Colleagues David Miller and Zachary Bailey describe the...more