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Bankruptcy Updates

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

Maritime Liens and the Automatic Stay: Impact of the Ninth Circuit’s Barnes Decision

by Garvey Schubert Barer on

Can a Bankruptcy Court order the sale of a vessel “free and clear” of a seaman’s maritime lien for maintenance and cure under Bankruptcy Code § 363? According to the Ninth Circuit’s recent ruling in Barnes v. Sea Hawaii...more

Chapter 15 Update: U.S. Venue Selection Clause Does Not Trump Distribution Scheme in Italian Restructuring Plan

by Jones Day on

In determining whether a U.S. bankruptcy court should provide the representative of a foreign debtor with various forms of assistance in a case under chapter 15 of the Bankruptcy Code, the court must consider, consistent with...more

Check Pleas: Reimbursement Check Delivered to Employee Pre-Petition is Unauthorized Post-Petition Transfer

Section 549 of the Bankruptcy Code permits a trustee or debtor in possession to avoid (and ultimately recover) a transfer of the debtor’s property “that occurs after the commencement of the case” and “is not authorized under...more

U.S. Supreme Court Narrows Scope of Section 546(e)’s Safe Harbor for Securities Transaction Payments

by Jones Day on

On February 27, 2018, the U.S. Supreme Court issued a highly anticipated ruling resolving a long-standing circuit split over the scope of the Bankruptcy Code’s "safe harbor" provision exempting certain securities transaction...more

Bankruptcy Remoteness Going to a Court of Appeals (Progress Report No. 2)

Our February 22 post reported that the Franchise Services of North America, Inc. decision of Bankruptcy Judge Edward Ellington of the Southern District of Mississippi dismissing a Chapter 11 petition because a shareholder had...more

Despite Acceleration of Debt Through Prior Dismissed Foreclosure Action, Bankruptcy Petition Tolls Statute of Limitations on...

by Hinshaw & Culbertson LLP on

In Lubonty v. U.S. Bank National Association, a mortgagor sought to void a mortgage loan claiming that the six-year statute of limitations to foreclose had expired. The mortgagor had commenced multiple bankruptcy proceedings...more

S.D.N.Y. Dismisses Chapter 15 Appeal By Purported Shareholder On Standing And Equitable Mootness Grounds

In an April 6, 2018 memorandum opinion and order, U.S. District Judge John G. Koeltl dismissed an appeal challenging the Chapter 15 recognition of a Cayman Islands restructuring of an offshore drilling contractor, holding...more

Supreme Court’s Merit Management Ruling Highlights Potential Alternative Path to Safe Harbor

by Latham & Watkins LLP on

Possible application of Section 101(22)(A) to safe harbor’s covered entity requirement raises important questions for future transferee defendants. Key Points: ..Merit Management raises the possibility that customers of...more

Has Partial Substantive Consolidation Taken Off with Republic Airways Holdings?

Substantive consolidation is the ultimate disregard of the corporate separateness of a group of related debtors--it is “the effective merger of two or more legally distinct (albeit affiliated) entities into a single debtor...more

K&L Gates Triage: Protecting Patient Information in Bankruptcy Cases

by K&L Gates LLP on

In this episode, Margaret Westbrook discusses privacy issues that may affect health care providers when filing proofs of claim in the bankruptcy court. Given the potential for public access of these records, it is important...more

Enforcing Releases in Bankruptcy

by King & Spalding on

Bankruptcy Court Determines Standard for Enforcing Non-Consensual Third-Party Releases in a Chapter 15 Case Differs From Applicable Standard in Chapter 11 Cases - On April 9, 2018, in In re Avanti Communcs. Group Plc,...more

The CFPB is About to Enact New Requirements for Mortgage Servicers – Is Your Organization Prepared?

On April 19th, changes made by the Consumer Financial Protection Bureau (CFPB) via the Mortgage Servicing Final Rule to Regulation Z will take effect, and mortgage servicers will be required to make changes to the periodic...more

Transaction Highlights: Frigoglass Restructuring

by Shearman & Sterling LLP on

Shearman & Sterling advised the Frigoglass Group on its successful capital restructuring (the “Restructuring”), which included the use of an English scheme of arrangement....more

High Court Decision in Norske Skog: Puh! (Norwegian for Phew!)

by Latham & Watkins LLP on

Ruling confirms majority noteholder should not be disenfranchised from voting - The English High Court held that it had jurisdiction in a cross-border dispute involving the Norske Skog group (Norske Skog), and confirmed...more

The Palmaz Plan: Investors Can Have Their Direct D&O Claims But Not The D&O Insurance Proceeds #WinningWhileLosing

by Bryan Cave on

In In re Palmaz Scientific Inc., the bankruptcy court for the Western District of Texas determined that a confirmed plan of reorganization would not stop a group of investors from pursuing direct (non-derivative) claims...more

Failla And Taylor Are Alive And Well: Eleventh Circuit Again Confirms That Debtors Cannot Retain Secured Property Absent...

by Burr & Forman on

For the third time in less than two years, the Eleventh Circuit Court of Appeals has ruled that a chapter 7 debtor who does not reaffirm secured debt or redeem the property must surrender the property. In re Woide, No....more

U.K. Government Publishes Guidance on Corporate Governance in Insolvency

by Bryan Cave on

Following a number of corporate governance failures in situations of insolvency, the Government has published a consultation paper (located here) aimed at cracking down on directors and employers behaving irresponsibly. ...more

Supreme Court Narrows Scope of Safe Harbor Exception for Securities Clawbacks

by Hogan Lovells on

On February 27, 2018, the U.S. Supreme Court resolved a circuit split under the Bankruptcy Code and determined that where funds passed through financial institutions acting as payment conduits, where the ultimate transfer...more

Taking the easy way out of business rescue proceedings

by Hogan Lovells on

It’s an open secret that the commendable goals envisaged by the legislature with the introduction of the business rescue proceedings in Chapter 6 of our Companies Act are being hampered as a result of poorly drafted statutory...more

Comparative analysis of the provisions of Federal Law No. 214-FZ in light of recent amendments

by Dentons on

The adoption of Federal Law No. 218-FZ on the Public Law Company for the Protection of Rights of Individuals Who are Shared Construction Participants in the Event of Insolvency (Bankruptcy) of Developers and on Amendments to...more

Licenses, SaaS, and the Cloud

by Burns & Levinson LLP on

Some Legal Issues to Consider When Migrating to Become a Service Provider - Although everyone’s into blockchain and the “Internet of Things,” believe it or not, there are still plenty of traditional software developers out...more

Why It Pays to Read the Definitions Carefully: Merit Management Group, LP v. FTI Consulting, Inc.

In its February 27, 2018 decision in Merit Management Group, LP v. FTI Consulting, Inc., the United States Supreme Court resolved a circuit split on the scope of the “safe harbor” defense under section 546(e) to certain...more

Do Servicers Have to Monitor Whether a Successor in Interest is in Bankruptcy? CFPB’s FAQ Suggests the Answer is “Yes”

As the effective date for the CFPB’s successor in interest and bankruptcy billing statement requirements quickly approaches, one question we’ve heard multiple times is whether a mortgage servicer is required to know when a...more

Ninth Circuit Rules That Bankruptcy Filing Does Not Affect District Court’s In Rem Jurisdiction Over Vessel and Adopts...

by Lane Powell PC on

On March 28, 2018, the Ninth Circuit Court of Appeals addressed both the in rem jurisdiction of a federal district court sitting in admiralty vis-a-vis an intervening bankruptcy, and in a question of first impression in the...more

Client Alert: Dumbing Down Intellectual Property: Chapter 11 Impact on IP License Agreements

Innovation and creativity are essential for competitive advantage and success in a global economy. The attendant intellectual property assets are the product of substantial capital investment, and companies should carefully...more

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