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Debtors Beneficiaries

Mintz - Bankruptcy & Restructuring Viewpoints

Understanding Post-Bankruptcy Liquidation Trusts

A main goal in bankruptcy is to get in and out as quickly as possible to minimize costs.  It is often the case that even though a substantial portion of a debtor’s assets have been liquidated in bankruptcy, some valuable...more

Pillsbury Winthrop Shaw Pittman LLP

Use It or Lose It! Indemnification Rights May Not Be Asserted against a Post-Confirmation Liquidation Trust

The Fifth Circuit recently held that claims and defenses arising from an indemnification agreement with a debtor could not be asserted against a liquidation trust because the chapter 11 plan barred those claims and defenses,...more

Pillsbury Winthrop Shaw Pittman LLP

No Cutting the (Priority) Line!: Incidental Beneficiaries to Assumed Contracts and Leases Cannot Assert Cure Claims Against...

In rejecting an incidental beneficiary’s cure claim, the Second Circuit reasoned that affording a non-party administrative priority “would let it cut the line and stand in front of even secured creditors in exchange for...more

McGlinchey Stafford

Do I have standing to bring a declaratory judgment action? - McGlinchey’s Commercial Law Bulletin - September 7 2022

McGlinchey Stafford on

Unambiguous Contract Language- Lake Breeze Condo. Homeowner’s Ass’n v. Eastlake Ohio Developers, LLC, 11th Dist. Lake No. 2022-Ohio-3002. In this case the Eleventh Appellate District affirmed in part and reversed in...more

Fox Rothschild LLP

Israeli Tax Authority Imposes ‘Capital Declaration’ Reporting Requirement On Trusts

Fox Rothschild LLP on

For the first time since Israel began taxing trusts, the Israeli Tax Authority (ITA) has sent inquiries to some trusts seeking a declaration of worldwide assets and liabilities as of December 31, 2019. We have heard that this...more

Patterson Belknap Webb & Tyler LLP

“Diminishing” Returns: A Pre-Petition Change of Life Insurance Beneficiary is Not Subject to Avoidance as a Fraudulent Transfer

Does a debtor’s pre-petition change of the beneficiary of a life insurance policy constitute a “transfer” of an interest of the debtor in property? Not according to the U.S. Bankruptcy Court for the Eastern District of North...more

Patterson Belknap Webb & Tyler LLP

Close Enough: Fifth Circuit Holds That Section 510(B) of the Bankruptcy Code Requires Subordination of Payments That “Look a Lot...

In 1930, Clarence Bennett’s wealthy uncle died. He left behind shares in Berry Holding Company ("BHC") that were subdivided into three groups. Bennett was the beneficiary of dividends paid out of one of these groups and, for...more

Pillsbury Winthrop Shaw Pittman LLP

Situs of Debt Owed under Letters of Credit

Supreme Court of England clarifies terms for enforcement of international arbitral awards in Taurus Petroleum Limited v State Oil Marketing Company of the Ministry of Oil, Republic of Iraq [2017] UKSC 64 - The English...more

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