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Bankruptcy Agriculture

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

Family farmers get a break (Chapter 12 bankruptcy)

by Malcolm Ruthven on

Family farmers who need Chapter 12 bankruptcy thought they were getting a break in 2005 with the new bankruptcy laws. But the U.S. Supreme Court interpreted a poorly-written part of that law to take away that break. They've...more

Amendments to Chapter 12 make it easier for a family farmer to reorganize

by Thompson Coburn LLP on

In a rare bipartisan moment, Congress overwhelmingly passed and the President signed into law on October 25 the Family Farmer Bankruptcy Clarification Act of 2017. This legislation makes it easier for family farmers to...more

Reaping Wild Oats – Creative Strategies Employing the Concepts of Chapter 12 of the Bankruptcy Code for Handling Distressed...

by Ervin Cohen & Jessup LLP on

Handling distressed agricultural loans can be very tricky. Loan balances for agricultural loans are typically smaller than nonagricultural commercial real property secured loans, requiring that they be handled extremely cost...more

Fifth Circuit Rules for PACA Claimants, and Weakens PACA, All in One Curious Ruling

by Bryan Cave on

Most restructuring practitioners are aware, either vaguely or through punishing experience, of the power of PACA creditors. PACA (or the Perishable Agricultural Commodities Act, 7 U.S.C. § 499a et seq. for those who hate...more

Be Prepared Before Your Borrower Files a Farm Bankruptcy

by Ruder Ware on

How prepared are you for a workout or Chapter 12 farm bankruptcy filed by your Borrower? Make it your New Year’s Resolution to know the answer to these questions about your Borrower. Do you conduct regular file reviews?...more

Elkhorn Crossing, LLC: An Equity Cushion is Not Enough

by Robins Kaplan LLP on

“Don’t Bet The Farm On It” When is a million dollar equity cushion not enough? Despite a purported cushion of at least $1.2 million, the Bankruptcy Court for the District of Nebraska recently held that a proposed Chapter 12...more

Western District of Wisconsin Ranks 3rd in Chapter 12 Farm Bankruptcy Filings

by Ruder Ware on

The harvest is plenty, but with corn at $3/bushel, soybeans at $9/bushel, and milk at $15-$16/hundred weight, the profits are few. Did you know that in 2015 and 2016, the Western District of Wisconsin ranks 3rd (out of 94...more

PACA Liens: A New Cloud on Title?

by Seyfarth Shaw LLP on

The Perishable Agricultural Commodities Act (PACA) was passed by Congress in 1930 to protect agricultural produce suppliers from unscrupulous vendors who refused to pay the suppliers for their goods. PACA contains language...more

Two non-conventional uses for Missouri’s new receivership statute

by Thompson Coburn LLP on

Missouri’s new receivership statute became effective on August 28, 2016. The new statute, called the Missouri Commercial Receivership Act (or “MCRA”) and codified at Chapter 515 of the Missouri Revised Statutes, provides a...more

Chapter 12 family farmer cases in Missouri: A look inside the numbers

by Thompson Coburn LLP on

Chapter 12 of the Bankruptcy Code, enacted in 1987, provides relief to family farmers facing financial distress. Chapter 12 is available exclusively for family farmers that want to reorganize their financial affairs. While...more

Experts: Drought Could Reverse Downturn in Bankruptcies

Greenberg Glusker Fields Claman & Machtinger LLP partner Brian Davidoff was quoted in an article that ran in the Los Angeles Daily Journal on July 31st about current predictions that the bankruptcy industry will soon see a...more

Bailment: Retaining Funds Received From a Bankrupt Bailee Is Not a Slam Dunk

by Pepper Hamilton LLP on

In re Mississippi Valley Livestock, Inc., 745 F.3d 299 (7th Cir. 2014) – A debtor sold cattle for the account of a cattle producer and then remitted the proceeds to the producer. A chapter 7 trustee sought to recover...more

USDA Raises Hurdles to Bankruptcy Sales of PACA-Regulated Produce Businesses

One of the main advantages of purchasing a business out of bankruptcy is that the process can be quick, orderly and predictable. Yet, recently, the United States Department of Agriculture (“USDA”) has challenged the ability...more

Sixth Circuit rules cows can be leased

by Thompson Coburn LLP on

Can you really lease a cow? - According to the Sixth Circuit, the answer is “yes.” Dairy cattle leasing is an increasingly popular method for producers to add to their herds while conserving capital for other purposes....more

Bankruptcy Trustee’s Action For Crop Reinsurance Proceeds Is Time-Barred

by Carlton Fields on

A federal district court has held that a bankruptcy trustee’s action to compel payment of crop insurance proceeds is time-barred by virtue of the Federal Crop Insurance Act (FCIA) and the insurance policies’ arbitration...more

New Jersey Gambling Offenses

New Jersey Gambling Offenses

by Kenneth Vercammen, Esq. on

2C:37-1. Definitions The following definitions apply to this chapter and to chapter 64: a. "Contest of chance" means any contest, game, pool, gaming scheme or gaming device in which the outcome depends in a material...more

Farmers Affected By MF Global Not Fined

Farmers with accounts with now bankruptcy broker MF Global who could not file their taxes properly have not been fined. When MF Global filed for bankruptcy late last year, many farmers did not receive their 1099’s as a...more

Foreclosure Consequences for the Borrower under the USDA Rural Home Loan Program

by Kassandra McQuillen on

An example of how borrowers under the USDA Rural Home Loan Program are personally liable for an loss claims filed by primary lenders in this upside down market. That's right, the low income borrower will personally owe the...more

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