FCA Implications for M&A Transactions
Polsinelli Podcasts - Supreme Court Closes Gap on Bankruptcy Issue
The Ontario Fraudulent Conveyances Act (the FCA), a concise statute of long-standing that traces its history to an English statute of 1571, is intended to prevent conveyances of property made with the intent to defeat,...more
A recent opinion by the United States Bankruptcy Court for the Western District of North Carolina kept alive a bankruptcy trustee’s fraudulent conveyance claims based on, in part, the Internal Revenue Code (“IRC”) 10-year...more
Except for disastrous fires that sparked the largest bankruptcy filing of the year, liabilities arising from the opioid crisis, the fallout from price-fixing, and corporate restructuring shenanigans, economic, market, and...more
Unlike mortgage foreclosures, which are immune from fraudulent conveyance avoidance attack, the Third Circuit recently ruled, in a case of first impression, that a transfer of title pursuant to a New Jersey tax sale...more
The Sixth Circuit recently ruled that a trustee’s claim that a novation occurred upon the execution of amended and restated loan documents could not be dismissed under a Rule 12 (b)(6) motion. The Sixth Circuit remanded the...more
Many states, including Maryland and Pennsylvania, recognize the common law form of ownership of property as “tenants by the entireties” for both real and personal property, including bank accounts. Under that form of...more
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
In Weisfelner v. Blavatnik (In re Lyondell Chemical Company), 2017 BL 131876 (Bankr. S.D.N.Y. Apr. 21, 2017), the bankruptcy court presiding over the chapter 11 case of Lyondell Chemical Company ("Lyondell") handed down a...more
THE RULING: CHAPTER 15 DEBTORS CAN ASSERT AVOIDANCE ACTIONS UNDER STATE LAW - On March 23, 2017, the United States Bankruptcy Court for the Southern District of Florida, Miami Division, ruled that a foreign debtor could...more
On March 22, 2017 in Czyzewski v. Jevic Holding Corp. (SCOTUS Case no. 15-649), the Supreme Court of the United States held that a bankruptcy court was not authorized to approve a structured dismissal of a Chapter 11 case...more
The United States Supreme Court heard oral arguments on December 7, 2016 in Czyzewski v. Jevic Holding Corp. The case poses a question that has divided the Second, Third, and Fifth Circuits: Whether a bankruptcy court may...more