News & Analysis as of

Chapter 7

Prison for Bankruptcy Fraud Where Creditors Paid 100%

by Clark Hill PLC on

On November 7, 2017, a panel of the Third Circuit, in an unreported decision, upheld the District Court’s determination that intended loss equaled the amount of concealed assets in a bankruptcy fraud case in which creditors...more

Eleventh Circuit Affirms Award of Attorneys’ Fees Incurred by Individuals for Stay Violation in Damages Action and on Appeal

The Bottom Line - Addressing an issue of first impression in the Eleventh Circuit, the Court in Mantiply v. Horne (In re Horne), 876 F.3d 1076 (11th Cir. 2017), recently held that section 362(k)(1) of the Bankruptcy Code...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

Chris Lazarini Discusses Challenge to Dischargeability of Claim Against Broker in Bankruptcy

by Bass, Berry & Sims PLC on

Bass, Berry & Sims attorney Chris Lazarini discussed an adversary proceeding brought against a broker by a plaintiff seeking recovery of investment losses. After the plaintiff filed a FINRA arbitration, the broker filed 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 tax law eliminates NOL carry backs

by Thompson Coburn LLP on

In a blow to certain distressed companies, the Tax Cuts and Jobs Act of 2017 eliminates the ability of taxpayers to carry back net operating losses (“NOLs”) incurred after December 31, 2017, to previous tax years. Under the...more

Litigation Funders’ Collateral Did Not Include Malpractice Claims

When the fallout from failed intellectual-property litigation collides with bankruptcy, the complexities may be dizzying enough, but when the emerging practices and imperatives of litigation financing are imposed on those...more

Fifth Circuit Affirms Dismissal of Claims Relating to Pre-Petition Payments to D&O’s

The Fifth Circuit, in In the Matter of: ATP Oil & Gas Corp. (Tow v. Bulmahn, et. al.), dismissed breach of fiduciary duty claims and fraudulent transfer claims brought by a chapter 7 trustee relating to cash bonuses and...more

Creditors Beware: Inbound Bankruptcy Rule Changes Require Heightened Awareness

On December 1, 2017, several important changes to the Federal Rules of Bankruptcy Procedure will be implemented. Those changes will impact creditors who have secured claims, judgment liens, and unsecured claims against...more

Third Circuit Rules That WARN Act's "Unforeseeable Business Circumstances" Exception Requires That Layoffs Be Probable, Not...

by Jones Day on

In Varela v. AE Liquidation, Inc. (In re AE Liquidation, Inc.), 866 F.3d 515 (3d Cir. 2017), the U.S. Court of Appeals for the Third Circuit became the sixth circuit court of appeals to rule that a "probability standard"...more

Ninth Circuit: Federal Law Governs Substantive Consolidation, and Supreme Court’s Siegel Ruling Does Not Bar Consolidation of...

by Jones Day on

In Clark’s Crystal Springs Ranch, LLC v. Gugino (In re Clark), 692 Fed. Appx. 946, 2017 BL 240043 (9th Cir. July 12, 2017), the U.S. Court of Appeals for the Ninth Circuit ruled that: (i) the remedy of "substantive...more

Client Alert: Shorter Deadline for Filing Bankruptcy Claims and Other Changes to Bankruptcy Rules Starting December 1st

Creditors need to know of significant changes about to occur to the Federal Rules of Bankruptcy Procedure ("Bankruptcy Rules"). On December 1, 2017, certain amendments to the Bankruptcy Rules will become effective. This...more

Blog: Amendments To The Federal Rules Of Bankruptcy Procedure Take Effect December 1, 2017

by Cooley LLP on

Just about every year amendments are made to the rules that govern how bankruptcy cases are managed — the Federal Rules of Bankruptcy Procedure. The amendments address issues identified by an Advisory Committee made up of...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

Third Circuit Reinforces that Rules are Not Meant to Be Broken

The Third Circuit recently held, in Schepis v. Burtch (In re Pursuit Capital Management, LLC), No. 16-3953, 2017 WL 4783009 (3d Cir. Oct. 24, 2017), that under section 363(m) of the Bankruptcy Code, if a party does not seek a...more

Bankruptcy Trustees Are Entitled To Jury Trials Too?!

by Fox Rothschild LLP on

Americans generally cherish their right to a jury trial under the Sixth and Seventh Amendments to the United States Constitution and the media certainly perpetuate the idea that jury trials are the norm. However, there are...more

In Preference Suit, Seventh Circuit Holds That Debtor’s Assignment of Contractual Rights Does Not Negate Creditor’s New Value...

In Levin v. Verizon Bus. Global, LLC (In re OneStar Long Distance, Inc.), 2017 U.S. App. LEXIS 18374 (7th Cir. Sept. 22, 2017), the Seventh Circuit recently addressed a situation where a debtor sought to reduce a creditor’s...more

Eleventh Circuit Narrows Application of Judicial Estoppel

by Burr & Forman on

The Eleventh Circuit has revisited the question of when a debtor may be judicially estopped from pursuing a civil lawsuit due to his or her failure to disclose the claims forming the basis of the lawsuit in their bankruptcy....more

Restructuring and Insolvency Bulletin Issue 2 - 2017: Offshore and off limits: SDNY Bankruptcy Court finds foreign transfer...

by Dechert LLP on

Can foreign transfers of a U.S. debtor be avoided under the Bankruptcy Code’s avoidance provisions? While the Bankruptcy Court for the Southern District of New York recently found that the answer is no, that court, as well as...more

Three Point Shot - September 2017

by Proskauer Rose LLP on

On August 25th, 2017, in a convincing knockout, a federal judge in Los Angeles dismissed dozens of lawsuits against Manny Pacquiao and Floyd Mayweather alleging Pacquiao's concealed shoulder injury impacted the quality of...more

Double Whammy: In a Sweeping New Opinion, the Ninth Circuit Creates a New Mechanism for Completely Wiping Out Unexpired Leases in...

In In re Spanish Peaks Holdings II, LLC, Case No. 15-35572 (9th Cir. Sept. 12, 2017), the Ninth Circuit Court of Appeals held that a bankruptcy trustee may use Section 363(f) of the Bankruptcy Code to sell real property free...more

Focus on Health Care Provider Bankruptcies

by Jones Day on

The next few years are expected to see a significant increase in the volume of bankruptcy cases filed by health care providers. Thus far in 2017, the number of bankruptcies in health care-related sectors, including hospitals,...more

Some Upside To Being Upside-Down: The Fifth Circuit Provides Undersecured Creditors An Additional Front On which To Contest...

by Cole Schotz on

Undersecured creditors face unique challenges because they are neither fully secured nor fully unsecured. Beyond the obviously undesirable issue of being upside-down on their deal, undersecured creditors often are exposed to...more

Private Schools Defeat Clawback Claim by Chapter 7 Trustee

by Shipman & Goodwin LLP on

Over the last few years, Chapter 7 Trustees have aggressively sought to clawback tuition payments made to colleges and universities by parents on behalf of their children after the parents filed for Chapter 7 bankruptcy....more

Samson Resources Preference Actions Filed In Delaware

by Fox Rothschild LLP on

Starting on September 12, 2017, Peter Kravitz, as Settlement Trustee of the Samson Settlement Trust, filed approximately 293 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers...more

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