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Bankruptcy Professional Practice

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

US Bankruptcy Court rules on lease classification for skilled nursing and long-term care facilities

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The US Bankruptcy Court for the Western District of Pennsylvania issued a memorandum opinion on November 15, 2024, holding that a real property lease for a skilled nursing, long-term care, and rehabilitation facility should...more

Bennett Jones LLP

The Function and Limits of Directors and Officers Insurance Policies in Class Actions and the Companies’ Creditors Arrangement Act

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The Ontario Superior Court has held that claims made insurance policies issued to directors and officers upon a company filing for protection under the Companies' Creditors Arrangement Act, RSC 1985, c C-36 (the CCAA) could...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

TG You’re not Fridays

When I was in college and law school, I loved TGI Fridays. Whenever I was in New York, D.C., Boston, or traveling to California, the beauty of this chain restaurant was that you’d get the same quality meal. I always went for...more

A&O Shearman

Regulatory monitoring - November 2024

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1. Bank regulation - 1.1 PRUDENTIAL REGULATION - a) General - (i) Germany - BReg: Government draft on the Second Future Financing Act (Regierungsentwurf zum zweiten Zukunftsfinanzierungsgesetz) Status: Draft - The...more

Seward & Kissel LLP

Swedish Fish-ing for Venue, Food for Thought, and Office Space

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Intrum files for bankruptcy in US to restructure $4.5 billion debt pile | Reuters - Europe’s largest debt collector Intrum filed for Chapter 11 bankruptcy in the U.S. to restructure its debt after struggling with the...more

Patterson Belknap Webb & Tyler LLP

Appeals Court Rules on Police Power and the Automatic Stay

The Bankruptcy Code provides immediate and automatic protection to a debtor upon the filing of a bankruptcy petition, staying legal claims and debt collection efforts against a debtor—subject to certain exceptions. See 11...more

Skadden, Arps, Slate, Meagher & Flom LLP

SDNY Amends Local Bankruptcy Rules To Streamline Chapter 11 Processes

The U.S. Bankruptcy Court for the Southern District of New York (SDNY) has issued a general order amending its Local Bankruptcy Rules. The amendments introduce a broad set of changes that will impact all types of bankruptcy...more

Cadwalader, Wickersham & Taft LLP

Frozen Crypto

On November 1, 2024, the IRS released an Office of Chief Counsel memorandum (the “Memo”), which detailed when frozen digital asset rewards held on bankrupt digital asset platforms should be included in gross income....more

A&O Shearman

UK High Court Finds London Capital & Finance Plc to be a Ponzi Scheme

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The U.K. High Court has handed down judgement in the civil case of London Capital & Finance Plc (in administration) and others v Michael Andrew Thomson and others [2024] EWHC 2894 (Ch). London Capital & Finance was an...more

Bradley Arant Boult Cummings LLP

Tennessee Supreme Court Clarifies Standing Law and Eliminates Wrongful Foreclosure as a Cause of Action in a Big Win for Mortgage...

Bradley scored a significant victory in the Tennessee Supreme Court on November 14, 2024. In a long-awaited decision, the Tennessee Supreme Court clarified a long-standing inconsistency in Tennessee law with its opinion in...more

Kohn, Kohn & Colapinto LLP

Utilizing the SEC Whistleblower Program to Hold Private Equity Owners of Nursing Homes Accountable

Government authorities and whistleblowers can receive ‘pennies on the dollar’ in penalties against nursing home chains defrauding vulnerable elderly patients. To improve recovery amounts, whistleblowers should consider...more

Whiteford

Client Alert: FTX Fraud Case Highlights Risks and Rewards of Cooperation in Crypto Cases

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The recent sentencing of Zixiao "Gary" Wang, a tech expert involved in the $11 billion FTX fraud, underscores the importance of cooperation with authorities in complex and high-stakes crypto cases. Wang, who admitted to...more

Husch Blackwell LLP

Cannabis Receiverships Are (and Will Be) On the Rise

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Based on a recent article in the Green Market Report (and corresponding public filings), “$1.83 billion of . . . debt is set to come due by 2026” for a number of publicly traded multi-state cannabis operators (“MSO”s). While...more

DLA Piper

US Bankruptcy Court Establishes Guidelines for “New Value” Plans of Reorganization in Competing Plan Scenarios

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Introduction - On October 25, 2024, Judge John P. Mastando III of the US Bankruptcy Court for the Southern District of New York issued a ruling in Eletson Holdings Inc., Case No. 23-10322, pursuant to which he (a) denied...more

Hendershot Cowart P.C.

Executory Contracts and Contract Rejection: What Non-Debtors Need to Know About Bankruptcy

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Bankruptcy debtors have special rights in contracts or leases where both parties have outstanding obligations, known in legal terms as “executory contracts” or “unexpired leases”. If you are doing business with a company that...more

Seward & Kissel LLP

The Spirit is Willing, FTX Out, and Planet Spaceball

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Spirit Airlines continues 'constructive talks' with creditors | Reuters - On Tuesday, ultra-low-cost carrier Spirit Airlines announced it’s in constructive talks with its creditors and will continue to seek strategic...more

Weintraub Tobin

(Podcast) The Briefing: Millions at Stake – How 2 Live Crew Beat Bankruptcy to Reclaim Their Music

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The 90s hip-hop group 2 Live Crew won big in their copyright case against Lil’ Joe Records. Scott Hervey and Jamie Lincenberg break down copyright termination rights, bankruptcy, and what it means for artists reclaiming their...more

Morris James LLP

Claw-Back Litigation in FTX Bankruptcy FAQ's: An Update

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Editor’s Note (November 14, 2024): Since the publication of this article, FTX has intensified its efforts to recover assets through clawback litigation, with filings beginning in early November 2024, two years following...more

Troutman Pepper

I Just Learned My Customer Filed for Bankruptcy – Can I Stop the Shipment of Goods? - Creditor’s Rights Toolkit

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While post-petition shipments, and goods delivered to a debtor within 20 days before bankruptcy, will both enjoy administrative expense treatment, they leave the creditor exposed to the risk of administrative insolvency until...more

Polsinelli

3rd Quarter 2024 Chapter 11, Healthcare, and Real Estate Distress Indices

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Welcome to the 3rd Quarter 2024 Report for the Polsinelli | TrBK Distress Indices. The indices use filtered Chapter 11 filings as a proxy for distress in the overall U.S. economy and certain subsectors....more

Lathrop GPM

California Bankruptcy Court Rules that Section 364(c)(1) of the Bankruptcy Code Allows Popeyes Louisiana Kitchen to Block Chapter...

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A bankruptcy court in California denied Pinnacle Foods of California, LLC’s motion to assume six separate franchise agreements with franchisor Popeyes Louisiana Kitchen, Inc. In re Pinnacle Foods of California LLC, 2024 WL...more

Troutman Pepper

Connecticut AG Settles Lawsuit Against Bankrupt Solar Installation Firm for $5M

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On October 11, Connecticut Attorney General (AG) William Tong announced a $5 million settlement against bankrupt solar installation firm Vision Solar, LLC to resolve an unfair trade practices suit. Hartford Superior Court...more

King & Spalding

Second Circuit Reinstates Fraudulent Transfer Claim Against Debtor’s Lenders

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On July 8, 2024, the U.S. Court of Appeals for the Second Circuit reversed, in a summary order, the dismissal of fraudulent transfer claims brought by the purported contract creditor of a shipping company against the shipping...more

Seward & Kissel LLP

Moot Court, Working on my Fitness, and Dealer's Choice

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US court reluctant to blow up Boy Scouts’ $2.46 billion sex abuse settlement | Reuters - On Wednesday, a three-judge panel of the Third Circuit Court of Appeals in Philadelphia considered whether to overturn the Boy Scouts...more

Jones Day

Take Your Seats: Cineworld Draws an Audience in UK High Court

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Four UK companies within the Cineworld Group ("Cineworld") have obtained court sanction to an English-law Part 26A restructuring plan ("RP"). Cineworld became financially distressed following a prolonged period of poor...more

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