News & Analysis as of

Debtors

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

Chapter 15: Decision Reviews Jurisdictional Issues and Bankruptcy Code Section 109

In a recent decision, In re B.C.I Fins. Pty Ltd. (In Liquidation), No. 17-11266, 2018 Bankr. LEXIS 1217 (Bankr. S.D.N.Y. Apr. 24, 2018), Judge Sean Lane granted a chapter 15 petition after rejecting a challenge to...more

The Effect of Attorney's Fee Entitlement Language in an Agreement and Florida's Reciprocal Fee Statute 57.105(7)

Creditors beware! Don’t get stuck paying the debtor's fees. Creditors need to know that in instances when a voluntary dismissal is filed or the court enters an involuntary dismissal, creditors face a risk of having to pay the...more

Foreign Online Customer is Subject to US Personal Jurisdiction in Fraudulent Transfer Litigation

by Dechert LLP on

Is a foreign online customer of a bankrupt goods supplier subject to personal jurisdiction in the United States, when sued by a bankruptcy trustee for fraudulent transfers? Yes, says the Bankruptcy Court for the Northern...more

Restructuring and Insolvency Bulletin: Issue 4 - May 2018: Bad Faith and Misconduct Not a Bar to US Recognition of Hong Kong...

by Dechert LLP on

Manley Toys Limited once claimed to be the seventh largest toy company in the world. Due to ongoing litigation and declining sales, it entered into a voluntary liquidation in Hong Kong. On March 22, 2016, the debtor’s...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

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

Financial Services Weekly News - May 2018 #2

by Goodwin on

Editor's Note - Regulatory Relief, One Way or Another. It seems that banks may finally be the beneficiaries of meaningful regulatory relief and such relief is coming from several different sources. Yesterday, May 8, 2018,...more

Detroit: Has Oversight Helped the Municipality Rebound?

by Harris Beach PLLC on

There is evidence of a turn-around for municipalities recently struggling to stay afloat. We have posted on several occasions about the fiscal challenges facing municipalities nationwide, from Detroit and Chicago in 2015 and...more

A Crack In The Courthouse Doors For Marijuana Related Businesses And The Availability Of Bankruptcy Protection

by SmithAmundsen LLC on

A recent decision from the Bankruptcy Appellate Panel of the Ninth Circuit is another in a small, but growing line of cases finding that bankruptcy cases need not be mandatorily dismissed simply because they touch upon...more

Are Lessors Responsible for Interference With Lessee Quiet Enjoyment Rights?

by Holland & Knight LLP on

In the course of an aircraft lease negotiation, the lessee will typically seek to ensure that the lessor provides an express covenant to the lessee that for so long as no default has occurred and is continuing under the...more

Podcast - Credit Funds: How PE Funds Can Address and Minimize Conflict When Expanding Into Credit

by Ropes & Gray LLP on

Although larger sponsors have been running PE funds simultaneously alongside credit funds for quite some time, over the last few years there has been a steady increase in the number of private equity firms expanding their...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

Supreme Court To Decide Important Bankruptcy Case

by SmithAmundsen LLC on

The United States Supreme Court is poised to decide whether a mis-statement about a single asset must be in writing in order to give rise to a non-dischargeable debt for fraud. Scott Appling supposedly orally lied to his...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

Bankruptcy Code’s Safe Harbor Defense Eliminated by Supreme Court; Variant Defense May Survive

In a unanimous decision in Merit Mgmt. Grp., LP v. FTI Consulting, Inc., the U.S. Supreme Court addressed the scope of a Bankruptcy Code exception to the “avoiding powers” of a bankruptcy trustee or Chapter 11...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

The Supreme Court Clarifies The Scope Of Section 546(E)’S Safe Harbor For Securities Related Transactions In Merit Management...

by Cole Schotz on

The Bankruptcy Code gives a bankruptcy trustee, or the debtor in possession, the power to “avoid” certain transfers made by the debtor at various times before filing for bankruptcy relief. Congress provided a number of...more

Suspension of enforcement proceedings – changes to the garnishment procedure

by Allen & Overy LLP on

Banks will no longer block new amounts credited to the debtor’s accounts after a competent court decides upon the suspension of the enforcement proceedings, following recent decision of the High Court of Cassation and Justice...more

Eighth Circuit Says Misleading Statements Must Be Material for FDCPA Liability

by Balch & Bingham LLP on

In Hill v. Accounts Receivables Servs., LLC, the Eighth Circuit recently considered whether the materiality of a misleading statement should factor into finding liability under Section 1692e of the Fair Debt Collection...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

Texas Bankruptcy Judge Holds that Not Every Loan Related to Education is a Nondischargeable Student Loan in Purported Class Action

by Balch & Bingham LLP on

Bankruptcy Code Section 523(a)(8) generally prohibits a discharge of student loan debt, unless the student debtor can prove that paying it back would be an undue hardship—often a high bar. That does not stop student debtors...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

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