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Bankruptcy Updates

Read Bankruptcy Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

You Can’t Reject My Trademark License - Can You?

by Dorsey & Whitney LLP on

In 2015, we wrote about the District of New Hampshire Bankruptcy Court’s decision in In re Tempnology, LLC. That decision was significant because it bucked a recent trend in bankruptcy jurisprudence to permit trademark...more

Ohio Bankruptcy Court Strikes Down Mortgage, Imposes Six-Year Statute of Limitations

Much has been said recently in Ohio law concerning the enforcement of notes and foreclosures on mortgages. In summary, the plaintiff must be the holder of the note and mortgage with the right of enforcement of both...more

Specific Personal Jurisdiction Exists over a Foreign Transferee in a Fraudulent Transfer Action

The United States Bankruptcy Court for the Northern District of California recently held that a resident of Hong Kong who purchased goods over the internet from a company in California was subject to personal jurisdiction in...more

A Bankruptcy Trustees Power to Abandon Property of the Estate: The Public Heath or Safety Exception - BB&K Attorneys Cathy Ta and...

by Best Best & Krieger LLP on

Chapter 7 trustees play a vital and essential role in the United States bankruptcy system. In every Chapter 7 bankruptcy filing, a Chapter 7 trustee is appointed by the bankruptcy court to oversee the administration of the...more

PA Court Finds Funds Returned To Debtor After An Actual Fraudulent Transfer Not Recoverable

by Fox Rothschild LLP on

Recently, the U.S. Bankruptcy Court for the Eastern District of Pennsylvania clarified that funds returned to the debtor are not recoverable as intentional fraudulent transfers. See Holber v. Nikparvar (In re Incare, LLC),...more

Chapter 15: Decision Reviews Jurisdictional Issues and Bankruptcy Code Section 109

In a recent decision, In re B.C.I Fins. Pty Ltd. (In Liquidation), No. 17-11266, 2018 Bankr. LEXIS 1217 (Bankr. S.D.N.Y. Apr. 24, 2018), Judge Sean Lane granted a chapter 15 petition after rejecting a challenge to...more

Eighth Circuit Holds that Non-Profit, Non-Bankrupt Entities are Insulated from Substantive Consolidation

The Bottom Line: The Eighth Circuit affirmed the District Court of Minnesota and the Bankruptcy Court in holding that section 303(a) of the Bankruptcy Code prohibits the substantive consolidation of non-debtor non-profit...more

Foreign Online Customer is Subject to US Personal Jurisdiction in Fraudulent Transfer Litigation

by Dechert LLP on

Is a foreign online customer of a bankrupt goods supplier subject to personal jurisdiction in the United States, when sued by a bankruptcy trustee for fraudulent transfers? Yes, says the Bankruptcy Court for the Northern...more

Restructuring and Insolvency Bulletin: Issue 4 - May 2018: Bad Faith and Misconduct Not a Bar to US Recognition of Hong Kong...

by Dechert LLP on

Manley Toys Limited once claimed to be the seventh largest toy company in the world. Due to ongoing litigation and declining sales, it entered into a voluntary liquidation in Hong Kong. On March 22, 2016, the debtor’s...more

Real Property, Financial Services, & Title Insurance Update: Week Ending May 11, 2018

by Carlton Fields on

REAL PROPERTY UPDATE - Summary Judgment: incorporation of an affirmative defense by referencing “previously filed pleadings” does not obviate movant’s obligation to comply with particularity requirements mandated by rule...more

Restructuring and Insolvency Bulletin: Issue 4 - May 2018: UK Consultation on Insolvency and Corporate Governance

by Dechert LLP on

Accountability is the major theme of the recent government consultation regarding ‘Insolvency and Corporate Governance’, which follows high profile failures such as BHS and Carillion. The consultation contains proposals...more

New York Bankruptcy Court Permits Discovery Requests In Chapter 15 Case Despite Potentially Conflicting Cayman Islands Law

by Cole Schotz on

On April 17, 2018, the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) issued a decision requiring CohnReznick LLP (“CohnReznick”) to produce documents requested by the foreign representatives (the...more

Restructuring and Insolvency Bulletin: Issue 4 - May 2018: If You Don’t Succeed in Anguilla, Should You Try Again in the US?

by Dechert LLP on

Two United States Bankruptcy Judges for the Southern District of New York recently issued a joint opinion addressing common issues raised by motions to dismiss in two separate adversary proceedings – one pending before Judge...more

Restructuring and Insolvency Bulletin: Issue 4 - May 2018: UK High Court Confirms Broad Definition of a “Financial Institution” –...

by Dechert LLP on

The High Court has confirmed it will adopt a broad definition of a “financial institution” for the purposes of the transferability provisions in a loan agreement including: (i) a newly incorporated company with a share...more

First Circuit: Trademark Licensee Doesn't Retain Rights After Rejection by Bankrupt Licensor - Court's Decision Causes Circuit...

by Holland & Knight LLP on

• Considered without reference to a corresponding definition, Section 365(n) of the Bankruptcy Code seems clear. If the trustee or debtor-in-possession, as licensor, rejects an executory intellectual property license, the...more

Bankruptcy Court Holds That Transferee Not Liable For Intentional Fraudulent Transfer Where Funds Were Returned To Debtor

Section 544 of the Bankruptcy Code permits a bankruptcy trustee to avoid any transfer that would be avoidable by creditors under state fraudulent transfer law. Section 550 of the Bankruptcy Code permits the bankruptcy trustee...more

Chapter 15 foreign recognition granted on the basis of attorney retainer and claims against insiders located in the United States

by Hogan Lovells on

New York Bankruptcy Judge Sean H. Lane determined that the Australian debtors in a Chapter 15 foreign recognition proceeding satisfied the U.S. property requirements of Section 109(a) of the Bankruptcy Code on the basis of...more

Pre-Petition “New Value” Counts Toward the Preference Defense; Post-Petition “New Value” Does Not

by Tucker Arensberg, P.C. on

In an opinion that is informative although not precedential, In re AE Liquidation, Inc., No. 17-1794 (May 4, 2018), the Court of Appeals for the Third Circuit considered both the ordinary course and the new value defenses to...more

Detroit: Has Oversight Helped the Municipality Rebound?

by Harris Beach PLLC on

There is evidence of a turn-around for municipalities recently struggling to stay afloat. We have posted on several occasions about the fiscal challenges facing municipalities nationwide, from Detroit and Chicago in 2015 and...more

Fifth Circuit Issues Decision Concerning Overriding Royalty Interests and Louisiana Oil Well Lien Act Claims

by King & Spalding on

The ATP Oil & Gas Corporation bankruptcy case (Case No. 4:12-bk-36187, S.D. Texas) (“ATP”) involved the intersection of energy and bankruptcy law on a variety of issues. Most recently, the Fifth Circuit Court of Appeals...more

U.S. Circuit Court Protects Assets of Nonprofit Corporations From Creditors of an Affiliated Entity

by Sherman & Howard L.L.C. on

In a decision with major implications for nonprofit organizations, the U.S. Eighth Circuit Court of Appeals recently protected over 200 nonprofit corporations affiliated with the bankrupt Archdiocese of Saint Paul and...more

Supreme Court Bankruptcy Thoughts: Scope of Safe Harbor and Appellate Review

The Supreme Court recently addressed two bankruptcy issues. In its Merit Management opinion, the Court resolved a circuit split regarding the breadth of the safe harbor provision which protects certain transfers by financial...more

Equity v. Statute: In Bankruptcy, the Code Prevails (The Official Committee of Unsecured Creditors v. The Archdiocese of Saint...

Garrison Keillor once said, “Sometimes I look reality straight in the eye and deny it.”[1] Being that the case arose in Minnesota, perhaps Circuit Judge Michael Melloy channeled Keillor, one of that state’s great humorists,...more

Custodial Receipts: A Useful Tool for Restructuring Insured Municipal Bonds

Municipal restructurings pose many challenges distinct from those encountered in a typical corporate bankruptcy. One challenge frequently encountered in the context of a municipal restructuring is how to restructure municipal...more

Mainbrace: March 2018 (No. 1)

by Blank Rome LLP on

Ballast Water Management: The Conundrum Continues - It has been about 15 months since the U.S. Coast Guard (“USCG”) type-approved the first three ballast water management systems (“BWMSs”) in December 2016; three more...more

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