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Finance & Banking Bankruptcy

Read Finance & Banking Law updates, alerts, news, and legal analysis from leading lawyers and law firms:

U.S. District Court for the Southern District of Florida Narrows the Definition of Borrower Under RESPA

by Ballard Spahr LLP on

In 2014, the Consumer Financial Protection Bureau (CFPB) promulgated a number of mortgage servicing rules, including rules governing loss mitigation procedures. ...more

Trademark Licenses . . . Again

A long-running issue concerning the treatment of trademark licenses in bankruptcy has seen a new milestone with the January 12 decision of the First Circuit in Mission Product Holdings, Inc. v. Tempnology, LLC. The issue was...more

Expensive loans in California can force you into bankruptcy!

by Malcolm Ruthven on

If you think "payday" loans are bad, consider a loan of $5,000 that requires you to pay back $42,000. Yes, that can happen in California....more

Exelco’s US Chapter 11 Case Dismissed in Favor of Belgian Proceeding

by Dechert LLP on

The Delaware Bankruptcy Court recently dismissed a Chapter 11 bankruptcy case pending before it and recognized, under Chapter 15 of the Bankruptcy Code, the debtor’s bankruptcy proceeding in Belgium. Exelco NV (“Exelco”), a...more

Focus on Restructuring Processes: CVAs and Liquidation in the context of Carillion

by Dechert LLP on

In recent months certain restructuring processes have gained quite some notoriety in press headlines in connection with a number of UK businesses. This article provides secured lenders with a brief recap on the key points to...more

EU Finalizes Changes to Ranking of Unsecured Debt Instruments in Insolvency Hierarchy

by Shearman & Sterling LLP on

An EU Directive amending the Bank Recovery and Resolution Directive has been published in the Official Journal of the European Union. The amending Directive amends the ranking of unsecured debt instruments in the insolvency...more

Payday lender sentenced to 16 years in prison

by Malcolm Ruthven on

The owner of a payday lending operation was sentenced to more than 16 years in prison, and the general counsel (attorney) for the business was sentenced to 7 years....more

Individual Chapter 11 Plans Also Are Just About Written in Stone

by Ward and Smith, P.A. on

In an article last year, we informed you about a ruling from the United States Bankruptcy Court for the Eastern District of North Carolina, in In re Royal, holding that debtors seeking modification of a confirmed Chapter 13...more

Financial Litigation Roundup: Key Federal Rulings in 2017

In case you missed it, here is our list of the most significant financial services rulings in 2017 from the Supreme Court of the United States and major federal appellate courts. While there were no decisions of overwhelming...more

Nevada District Court Holds that a Creditor Must Have a Fully Undisputed Claim to Petition for an Involuntary Bankruptcy

The Nevada District Court recently held, in Mont. Dept. of Revenue v. Blixseth, No. 13-cv-01324-JAD, 2017 WL 6417632 (D. Nev. 15, 2017), that a creditor must have a fully undisputed claim to be a “qualified creditor” that may...more

The Italian Insolvency Law Reform Project

By the Law 155/2017, that became effective on November 14, 2017, the Italian Parliament required the Government to adopt, within the next 12 months, a comprehensive and organic reform of insolvency proceedings and rules...more

Dispute Evolution: A bona fide dispute regarding claim amount may disqualify creditor from maintaining an involuntary case.

Section 303(b)(1) of the Bankruptcy Code generally requires three petitioning creditors to join an involuntary petition, each of which must hold claims against the debtor that are not contingent as to liability and are not...more

Fourth Circuit Approves Partial Dirt for Debt Plan

by Poyner Spruill LLP on

Do you want to own that rural timberland you financed a few years back? Well, what if I told you that not only are you taking ownership, but you’re taking it in exchange for a credit of three times its appraised value? The...more

Two Courts Clear the Way for Bankruptcy Trustees to Avoid Tuition Payments Made by Parents on Behalf of Children as Fraudulent...

Two bankruptcy courts recently cleared the way for bankruptcy trustees to avoid college tuition payments made by debtor-parents on behalf of their children as fraudulent transfers, potentially affecting the college’s ability...more

South Korean Cryptocurrency Exchange Hacked (Again)

As part of our Year in Preview series, we’ve recently covered both international cyberwar and the rise of cryptocurrency. Just before the holidays, both of these topics collided in a decidedly unpleasant manner. On...more

Court Holds that Bankruptcy Judges Cannot Impose Punitive Sanctions

Bankruptcy courts lack the power to impose serious punitive sanctions, a federal district judge ruled recently in PHH Mortgage Corporation v. Sensenich, 2017 U.S. Dist. LEXIS 207801 (D. Vt. Dec. 18, 2018). Judge Geoffrey...more

Maximizing returns from a UK liquidation

by DLA Piper on

When a company enters into an insolvency process in the UK, the position of unsecured creditors is typically one of uncertainty. Ranking fifth1 in the insolvency payment waterfall, unsecured creditors frequently find...more

A Special Purpose CDO, an Involuntary Filing and a Single Lien Structure — Can an Investor “Create” an Unsecured Claim?

by Dechert LLP on

The U.S. Bankruptcy Court for the Southern District of New York recently addressed whether secured noteholders against a CDO can waive their entitlement to a portion of the collateral securing all notes issued under an...more

Dutch Government's proposals for a new form of binding, pre-insolvency composition - the "Dutch Scheme"

by DLA Piper on

In September a draft bill was published for public consultation, pursuant to which a district court may be asked to confirm a restructuring plan between a company and its creditors and shareholders concerning the rescheduling...more

Beware secured creditors: The newly amended US Federal Rules of Bankruptcy Procedure now require filing a proof of claim

by DLA Piper on

Certain amendments to the Federal Rules of Bankruptcy Procedure, which became effective on December 1, 2017, impose affirmative obligations on secured creditors to protect the right to distribution in a bankruptcy case....more

SEC Claims Promoters Conducted Repeated, Fraudulent Offerings

by Dorsey & Whitney LLP on

A key focus of SEC Enforcement, according to the Commission’s recent publication about the Division, is retail investors. While the agency has always sought to protect the individual investor and has an investor advocate, a...more

Claw Back of Parent PLUS Loan Proceeds to Pay College Tuition Hits a Roadblock

by Shipman & Goodwin LLP on

Over the last few years, Chapter 7 trustees of the bankruptcy estates of parents that paid college tuition for their children in the years before their bankruptcy filings have actively pursued the recovery of those tuition...more

New rules for financial leasing in Italy

by White & Case LLP on

New rules establish a legal framework for financial leasing agreements in Italy.   Before the new rules, financial leasing agreements lacked a dedicated legal regime in Italy. Instead, Italian courts applied - at times...more

Second Circuit Clarifies Interest Rate Applicable in Chapter 11 "Cramdowns"

by Katten Muchin Rosenman LLP on

On October 20, 2017, in In re MPM Silicones, LLC ("Momentive"), Nos. 15-1682, 15-1771, 15-1824, the Second Circuit Court of Appeals, considering the Supreme Court's opinion in Till v. SCS Credit Corp., 541 U.S. 465 (2004),...more

Warning To Creditors: The Clock Is Ticking

In a case of first impression, the North Carolina Court of Appeals recently held that a creditor’s fraudulent conveyance claim was time-barred, even though the creditor did not know about the fraudulent nature of the...more

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