So starts the opinion of the United States Court of Appeals for the Ninth Circuit in United States v. MacKenzie: “As Benjamin Franklin said, ‘nothing is certain except death and taxes.’ But how certain are taxes in a Chapter...more
With few exceptions, a cannabis-related business (CRB) will be denied access to relief under the U.S. Bankruptcy Code (11 U.S.C. § 101, et seq.) (Bankruptcy Code) because marijuana remains a controlled substance under the...more
In the final episode of our three-part series, "Exploring Issues in Cannabis and Bankruptcy," McGlinchey's Cannabis Group Co-Chair, Heidi Urness, along with colleagues Timothy Byrd and Rudy Cerone, will delve into the...more
It is no secret that cannabis businesses and owners remain largely barred from taking advantage of federal bankruptcy protections, leaving distressed marijuana businesses with limited restructuring options. Most often,...more
In the second installment in a three-part series exploring issues in cannabis and bankruptcy, McGlinchey attorneys Heidi Urness, Timothy Byrd, and Rudy Cerone dive into the bankruptcy protections available to businesses,...more
Starting a cannabis business is often discussed, but maintaining a business, particularly during a downturn in the industry, is a completely different ballgame. Pockets of the cannabis industry are experiencing financial...more
If you work for a cannabis business, then bankruptcy relief may not be available to you, according to the In re Blumsack decision out of the U.S. Bankruptcy Court for the District of Massachusetts. Whether an employee works...more
COVID-19’s economic impact on borrowers’ ability to repay loans has had major repercussions for auto lenders, and the U.S. Supreme Court recently issued a decision relating to repossessions in bankruptcy.
In this episode of...more
7/21/2021
/ Automatic Stay ,
Bankruptcy Code ,
Chapter 13 ,
Chicago v Fulton ,
Consumer Bankruptcy ,
Coronavirus/COVID-19 ,
Creditors ,
Debtors ,
Lenders ,
SCOTUS ,
Section 362
The February Supreme Court decision in City of Chicago v. Fulton was widely celebrated in the lending community because the court found that a lender who repossesses a vehicle before a borrower files for bankruptcy is not in...more
By now, you likely are aware of the recent Supreme Court decision in City of Chicago, Illinois v. Fulton. The Court rightly found that merely retaining possession of a vehicle repossessed pre-petition is not a violation of...more
4/1/2021
/ Automatic Stay ,
Automotive Industry ,
Automotive Loans ,
Bankruptcy Code ,
Chapter 13 ,
Chicago v Fulton ,
Consumer Bankruptcy ,
Debtors ,
Injunctions ,
Recovery Plans ,
Repossess ,
SCOTUS ,
Section 362 ,
SIPA