On June 27, 2024, the United States Supreme Court issued its long-awaited opinion in Harrington v. Purdue Pharma L.P., holding that the Bankruptcy Code does not permit nonconsensual releases of nondebtors.
As a...more
In March, Miller Canfield noted that the previously expanded debt limits for bankruptcy cases under the Small Business Reorganization Act ("SBRA," a.k.a. "Subchapter V") and under chapter 13 were set to revert on June 21,...more
In 2022, Congress passed the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “Act”), raising the debt limits for bankruptcy cases under the Small Business Reorganization Act (“SBRA,” a.k.a. “Subchapter V”)...more
On April 26, 2023, Miller Canfield alerted readers to the Supreme Court opinion in MOAC Mall Holdings, LLC v. Transform Holdco, LLC. The MOAC decision may affect property sales in bankruptcy cases because it could weaken the...more
3/1/2024
/ 363 Sales ,
Bankruptcy Code ,
Bankruptcy Court ,
Commercial Bankruptcy ,
Jurisdiction ,
Leases ,
MOAC Mall Holdings LLC v Transform Holdco LLC ,
Real Estate Transactions ,
Real Estate Transfers ,
Sale of Assets ,
SCOTUS ,
Section 363 ,
Stays
A recent opinion from the Michigan Court of Appeals explained that when a debtor defaults under a confirmed chapter 11 bankruptcy plan, a creditor can enforce its rights in state court, and perhaps also in the bankruptcy...more
The SBA recently issued its Procedural Notice on when a lender may request the SBA to honor its guaranty of a PPP loan. The PPP loan program has been in place for over a year and has provided billions of dollars of assistance...more
7/22/2021
/ Banking Sector ,
Change of Control ,
Charge-Off ,
Commercial Bankruptcy ,
Government-Guaranteed Loans ,
Lenders ,
Loan Forgiveness ,
New Guidance ,
Paycheck Protection Program (PPP) ,
Proof of Claims ,
SBA ,
SBA Lending Programs
Bankruptcy law has seen many changes in 2020 and 2021. Some of these were enacted in response to COVID, but many other changes were included in the Bankruptcy Code before the pandemic. This article highlights some of these...more
4/5/2021
/ Bankruptcy Code ,
CARES Act ,
Commercial Bankruptcy ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Landlords ,
Lenders ,
Relief Measures ,
Small Business ,
Small Business Reorganization Act of 2019 (SBRA) ,
Suppliers
In June and December of 2020, Miller Canfield reported that the Fifth and Eleventh Circuits had held that the Small Business Administration ("SBA") may exclude debtors in bankruptcy from consideration for Paycheck Protection...more
1/18/2021
/ CARES Act ,
Commercial Bankruptcy ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Debtors ,
Interim Final Rules (IFR) ,
Lenders ,
Paycheck Protection Program (PPP) ,
Relief Measures ,
SBA ,
SBA Lending Programs ,
Small Business
In June of 2020, Miller Canfield reported that the Fifth Circuit held that a Texas bankruptcy court had exceeded its authority when it ordered the SBA Administrator to make a Paycheck Protection Program (PPP) loan available...more
When a loan becomes distressed, it is essential for the secured lender to conduct a file review to determine if there are any deficiencies that need to be addressed. If deficiencies are not addressed, the lender’s collateral...more
In prior practice pointers, we discussed how a statute of frauds provides protection for financial institutions and how a prenegotiation agreement also can provide protection. Do these mean that you can write or say whatever...more