News & Analysis as of

Bankruptcy Court

Ohio Bankruptcy Court Strikes Down Mortgage, Imposes Six-Year Statute of Limitations

Much has been said recently in Ohio law concerning the enforcement of notes and foreclosures on mortgages. In summary, the plaintiff must be the holder of the note and mortgage with the right of enforcement of both...more

Specific Personal Jurisdiction Exists over a Foreign Transferee in a Fraudulent Transfer Action

The United States Bankruptcy Court for the Northern District of California recently held that a resident of Hong Kong who purchased goods over the internet from a company in California was subject to personal jurisdiction in...more

PA Court Finds Funds Returned To Debtor After An Actual Fraudulent Transfer Not Recoverable

by Fox Rothschild LLP on

Recently, the U.S. Bankruptcy Court for the Eastern District of Pennsylvania clarified that funds returned to the debtor are not recoverable as intentional fraudulent transfers. See Holber v. Nikparvar (In re Incare, LLC),...more

New York Bankruptcy Court Permits Discovery Requests In Chapter 15 Case Despite Potentially Conflicting Cayman Islands Law

by Cole Schotz on

On April 17, 2018, the U.S. Bankruptcy Court for the Southern District of New York (the “Court”) issued a decision requiring CohnReznick LLP (“CohnReznick”) to produce documents requested by the foreign representatives (the...more

Restructuring and Insolvency Bulletin: Issue 4 - May 2018: If You Don’t Succeed in Anguilla, Should You Try Again in the US?

by Dechert LLP on

Two United States Bankruptcy Judges for the Southern District of New York recently issued a joint opinion addressing common issues raised by motions to dismiss in two separate adversary proceedings – one pending before Judge...more

First Circuit: Trademark Licensee Doesn't Retain Rights After Rejection by Bankrupt Licensor - Court's Decision Causes Circuit...

by Holland & Knight LLP on

• Considered without reference to a corresponding definition, Section 365(n) of the Bankruptcy Code seems clear. If the trustee or debtor-in-possession, as licensor, rejects an executory intellectual property license, the...more

Bankruptcy Court Holds That Transferee Not Liable For Intentional Fraudulent Transfer Where Funds Were Returned To Debtor

Section 544 of the Bankruptcy Code permits a bankruptcy trustee to avoid any transfer that would be avoidable by creditors under state fraudulent transfer law. Section 550 of the Bankruptcy Code permits the bankruptcy trustee...more

Avanti Bankruptcy Court Enforces Nonconsensual Third-Party Releases in Chapter 15 Proceeding

Introduction Nonconsensual third-party releases in the Chapter 15 context may be gaining traction following a recent decision by Judge Martin Glenn of the U.S. Bankruptcy Court for the Southern District of New York. ...more

Supreme Court Bankruptcy Thoughts: Scope of Safe Harbor and Appellate Review

The Supreme Court recently addressed two bankruptcy issues. In its Merit Management opinion, the Court resolved a circuit split regarding the breadth of the safe harbor provision which protects certain transfers by financial...more

Equity v. Statute: In Bankruptcy, the Code Prevails (The Official Committee of Unsecured Creditors v. The Archdiocese of Saint...

Garrison Keillor once said, “Sometimes I look reality straight in the eye and deny it.”[1] Being that the case arose in Minnesota, perhaps Circuit Judge Michael Melloy channeled Keillor, one of that state’s great humorists,...more

Can Tax Sales Be Set Aside In Bankruptcy? The Federal Courts Are Increasingly Split

In BFP v. Resolution Tr. Corp., 511 U.S. 531 (1994), the Supreme Court held that a mortgage foreclosure sale conducted in accordance with state law was shielded from avoidance under the Bankruptcy Code’s fraudulent conveyance...more

Bankruptcy Remoteness Going to a Court of Appeals (Progress Report No. 3)

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

Franchisor Bankruptcy Case Dismissed as a Bad Faith Filing

by Foley & Lardner LLP on

The United States Bankruptcy Court for the District of Delaware recently issued an opinion discussing the tension between using bankruptcy as a legitimate tool to maximize value versus using bankruptcy merely as a litigation...more

CMS Files Objection in Skilled Nursing Bankruptcy Case

by Arnall Golden Gregory LLP on

An increasing number of Medicare providers have found themselves in financial distress and are contemplating bankruptcy filings. While provider bankruptcies include a host of issues outside the government reimbursement...more

Supreme Court Clarifies Standard of Appellate Review of Creditor’s Insider Status

In U.S. Bank N.A. v. Village at Lakeridge, LLC, the U.S. Supreme Court issued an important decision on standards of appellate review, holding that appellate courts should review a bankruptcy court’s determination of whether a...more

Debate Intensifies as to Whether the Bankruptcy Code’s Avoidance Provisions Apply Extraterritorially

by Jones Day on

The ability of a trustee or chapter 11 debtor-in-possession to avoid fraudulent or preferential transfers is a fundamental part of U.S. bankruptcy law. However, when a transfer by a U.S. entity takes place outside the U.S. to...more

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

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

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

VER Technologies Files For Chapter 11 Bankruptcy Protection

by Fox Rothschild LLP on

On April 5, 2018, VER Technologies Holdco LLC, along with eight subsidiaries and affiliates (collectively, “VER”), filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in the U.S. Bankruptcy Court for...more

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

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

Delaware District Court Dismisses Appeal by Creditors’ Committee After Case is Converted from Chapter 11 to Chapter 7

The Bankruptcy Code provides for the appointment of a creditors’ committee in chapter 11 bankruptcy cases. See 11 U.S.C. § 1102. There is no parallel provision applicable to chapter 7 cases. When a bankruptcy case is...more

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