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Tonkon Torp LLP

Bankruptcy Doors Open a Little Wider to Cannabis Companies

Tonkon Torp LLP on

In January, a California bankruptcy court issued an opinion providing another lifeline to cannabis companies that could benefit from the protection of the federal bankruptcy code – to reorganize or liquidate assets. The...more

Arnall Golden Gregory LLP

Don’t Rock the Vote, Baby: 11th Circuit Confirms That Materially Adverse Ch. 11 Plan Modifications Require a New Disclosure...

In a detailed and emphatic ruling on January 5, 2023, the U.S. Court of Appeals for the 11th Circuit made it clear that if a pending Chapter 11 plan, after initial plan solicitation and voting by creditors, is modified in any...more

Miller Canfield

Michigan Bankruptcy Exemptions Set to Rise Significantly on March 1

Miller Canfield on

As we reported last year, every three years on April 1, the dollar amounts in the Bankruptcy Code are adjusted to account for inflation. The federal dollar amounts last were increased on April 1, 2022, and are not slated for...more

Troutman Pepper

Seventh Circuit Overturns Bankruptcy Precedent, Finds Transfer Occurs When Money is Paid

Troutman Pepper on

On January 9, the Seventh Circuit overturned its own 39-year-old precedent to find that: (1) the definition of “transfer” for purposes of section 547 of the Bankruptcy Code depends on federal, not state, law; and (2) the date...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Thailand (Updated)

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER THAI LAW - The law of Thailand regarding insolvency, bankruptcy and rehabilitation proceeding are stipulated and applied through Thai Bankruptcy Act...more

Nelson Mullins Riley & Scarborough LLP

The Unfair Contradiction of the Conflict of State and Federal Laws on the Bankruptcy Proceedings of Dispensary Employees

There is seemingly, in the opinion of a great number of bankruptcy courts, a conflict between the United States Bankruptcy Code requirements that a debtor reorganize or liquidate “in good faith,”  the federal Controlled...more

Patterson Belknap Webb & Tyler LLP

Creditor that Filed an Excessive Claim Draws Court’s Rebuke and Possible Sanctions

This post is about a junkyard, hogs getting slaughtered, and a bankruptcy judge poised to sanction a creditor and her counsel. The message from the case to would-be claimants in other cases is simple: do not “overreach.” In...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Spain

KEY FACTS OF BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS UNDER SPANISH LAW - I. INTRODUCTION -REGULATION OF INSOLVENCY OF COMPANIES AND INDIVIDUALS. We believe that the opportunity to present this article comes...more

Thompson Coburn LLP

Put down your fiddle: Third Circuit halts Johnson & Johnson’s Texas two-step

Thompson Coburn LLP on

On January 30, 2023, the Third Circuit Court of Appeals dismissed the bankruptcy filing by Johnson & Johnson’s subsidiary, LTL Management, LLC (“LTL”). The Circuit Court reversed the New Jersey Bankruptcy Court and held that...more

Goodwin

ISDA Publishes New Digital Asset Definitions, White Paper on Navigating Bankruptcy in Digital Asset Markets

Goodwin on

On January 26, 2023, the International Swaps and Derivatives Association Inc. (ISDA), the leading trade organization for over-the-counter (OTC) derivatives markets, published the ISDA Digital Asset Derivatives Definitions...more

Mintz

Bankruptcy Court Finds Cannabis Employee Not Entitled to Chapter 13 Protection

Mintz on

A bankruptcy court’s recent denial of a debtor’s petition for bankruptcy relief on narrow grounds casts a long shadow on the viability of bankruptcy relief for those employed in the cannabis industry. Though confining the...more

Seward & Kissel LLP

Third Circuit Don’t Dance, Rising Crypto Tide Floats DIP Boat, Bed Bath and Bankruptcy, and Plan Standoff

Seward & Kissel LLP on

U.S. Court Rejects J&J Bankruptcy Strategy for Thousands of Talc Lawsuits | Reuters - This week, the U.S. Court of Appeals for the Third Circuit dismissed a Chapter 11 filing by a recently created J&J subsidiary to address...more

Walkers

Learning from Mistakes: Imposing Constructive Trusts over Mistaken Payments

Walkers on

Synopsis In the recent judgment of Re Premier Assurance Group SPC Ltd. (in Official Liquidation) (unreported, Smellie C.J., Cause No. FSD 264 of 2020 (ASCJ), 7 April 2022), the Grand Court of the Cayman Islands sanctioned a...more

Sherman & Howard L.L.C.

3rd Circuit Court Dismisses Johnson & Johnson’s Texas Two-Step

On January 30, the United States Court of Appeals for the Third Circuit dismissed a Chapter 11 bankruptcy filing for a subsidiary of Johnson & Johnson created exclusively to isolate in the new subsidiary mass tort claims...more

Bracewell LLP

Texas "Two-Step" Forward, Three Steps Back for Mass Tort Debtors in the Third Circuit After LTL

Bracewell LLP on

In a decision that may provide much-needed boundaries around the permissibility of debtors created from “out-of-the-box” prepetition corporate transactions, on January 30, 2023, the United States Court of Appeals for the...more

Bradley Arant Boult Cummings LLP

Distressed Long Term Care Assets: A Lender’s Perspective

Loan defaults and financial distress among long term care (LTC) facilities, such as skilled nursing facilities (SNFs), assisted living facilities (ALFs) and memory care facilities, are on the rise. The COVID-19 pandemic has...more

Eversheds Sutherland (US) LLP

Fifth Circuit requires Chapter 15 debtor to litigate in Texas state court

It may be fair to say that non-US entities involved in a chapter 15 case, the mechanism through which US courts recognize foreign insolvency proceedings, do not anticipate having to litigate claims raised in the chapter 15...more

Sheppard Mullin Richter & Hampton LLP

NY DFS Releases Custodial Guidance on Crypto Insolvency

On January 23, the NY DFS released updated guidance with regard to better protecting consumers in the event of virtual currency insolvency. This updated guidance applies to entities that DFS has licensed or chartered to hold...more

Troutman Pepper

NY Court of Appeals' Ruling Results in Account Debtor Owing Its Counterparty's Debts Under UCC Article 9

Troutman Pepper on

In Worthy Lending LLC v. New Style Contractors. Inc., the New York Court of Appeals held that a security interest includes a lender’s right to force the borrower’s account debtors to remit payments directly to the lender,...more

Nelson Mullins Riley & Scarborough LLP

Post Siegel Ruling: Second Circuit Joins the Tenth Circuit in Ordering Refunds for Overpayment of U.S. Trustee Fees

In a previous blog post from June 2022, we discussed the Tenth Circuit’s post-Sigel decision in John Q. Hammons Fall 2006 LLC v. U.S. Trustee (In re John Q. Hammons Fall 2006 LLC), 15 F.4th 1011 (10th Cir. Oct. 5, 2021),...more

Polsinelli

Celsius Bankruptcy Case: February 2, 2023

Polsinelli on

As Celsius Network LLC, et al., Case Number: 22-10964 (MG), proceeds in the Bankruptcy Court for the Southern District of New York (the “Court”), the highly anticipated examiner report was released on January 31st....more

Fox Rothschild LLP

Do Liquidating Trusts Have to Pay Quarterly US Trustee Fees?

Fox Rothschild LLP on

In a 2021 opinion in In re Paragon Offshore PLC, 629 B.R. 227 (Bankr. D. Del. 2021) (“Paragon Offshore”), Judge Sontchi of the United States Bankruptcy Court for the District of Delaware held that a litigation trust created...more

Jones Day

Sequana: Directors' Duties in a Distressed Landscape

Jones Day on

In Short - The Situation: Directors in England and Wales owe duties to the companies to which they are appointed (and may face personal liability for breaching such duties). Although the Companies Act 2006 obliges...more

White & Case LLP

Ready for restructuring

White & Case LLP on

HEADLINES - -Rising interest rates and reduced refinancing options are increasing the likelihood of restructuring and financial distress in the next 12 months -Cov-lite debt packages have given borrowers breathing...more

Schlam Stone & Dolan LLP

Proof of Borrower's Bankruptcy Filing Permitted on Motion for Summary Judgment in Lieu of Complaint Against Guarantor

On December 29, 2022, Justice Andrea Masley of the New York County Commercial Division issued a decision in ATX Braker LLC v. Paul, 2022 N.Y. Slip Op. 34427(U), granting a lender's motion for summary judgment in lieu of...more

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JD Supra Privacy Policy

Updated: Dec 28, 2021:

JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.

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Links to Other Websites

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Information for EU and Swiss Residents

JD Supra's principal place of business is in the United States. By subscribing to our website, you expressly consent to your information being processed in the United States.

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Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

You can also manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard.

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California Privacy Rights

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You can make a request for this information by emailing us at privacy@jdsupra.com or by writing to us at:

Privacy Officer
JD Supra, LLC
150 Harbor Drive, #2760
Sausalito, CA 94965

Some browsers have incorporated a Do Not Track (DNT) feature. These features, when turned on, send a signal that you prefer that the website you are visiting not collect and use data regarding your online searching and browsing activities. As there is not yet a common understanding on how to interpret the DNT signal, we currently do not respond to DNT signals on our site.

Access/Correct/Update/Delete Personal Information

For non-EU/Swiss residents, if you would like to know what personal information we have about you, you can send an e-mail to privacy@jdsupra.com. We will be in contact with you (by mail or otherwise) to verify your identity and provide you the information you request. We will respond within 30 days to your request for access to your personal information. In some cases, we may not be able to remove your personal information, in which case we will let you know if we are unable to do so and why. If you would like to correct or update your personal information, you can manage your profile and subscriptions through our Privacy Center under the "My Account" dashboard. If you would like to delete your account or remove your information from our Website and Services, send an e-mail to privacy@jdsupra.com.

Changes in Our Privacy Policy

We reserve the right to change this Privacy Policy at any time. Please refer to the date at the top of this page to determine when this Policy was last revised. Any changes to our Privacy Policy will become effective upon posting of the revised policy on the Website. By continuing to use our Website and Services following such changes, you will be deemed to have agreed to such changes.

Contacting JD Supra

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JD Supra Cookie Guide

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How We Use Cookies and Other Tracking Technologies

We use cookies and other tracking technologies to:

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Updates to This Policy

We may update this cookie policy and our Privacy Policy from time-to-time, particularly as technology changes. You can always check this page for the latest version. We may also notify you of changes to our privacy policy by email.

Contacting JD Supra

If you have any questions about how we use cookies and other tracking technologies, please contact us at: privacy@jdsupra.com.

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