Recent Changes to BVI Company Law: What You Need to Know
Williams Mullen's Comeback Plan: Part II - How Banks Think About Loan Defaults: Lessons for Borrowers in Troubled Times
Bankruptcy Basics and Recent Developments
Business Succession Planning: Strategies for the Transition
Bill on Bankruptcy: Big Time Lawyers Pricing Themselves Out
Bill on Bankruptcy: Supreme Court Cases Will Have Wide Impact
Bill on Bankruptcy: Easterbrook Turns the Tide on Student Loans
Bill on Bankruptcy: How Purchasers of AMR Stock Made a Killing
The essence of a Chapter 7 business bankruptcy is the orderly liquidation of the business debtor’s assets by a bankruptcy trustee and the distribution of funds to creditors. Troutman Pepper Locke's Creditor’s Rights...more
Bankruptcy debtors have special rights in contracts or leases where both parties have outstanding obligations, known in legal terms as “executory contracts” or “unexpired leases”. If you are doing business with a company that...more
Until recently, two of the most important cases interpreting the Bankruptcy Code’s “safe harbor” provisions appeared to be in potential tension. First, in the U.S. Supreme Court’s 2018 Merit Management decision, the Supreme...more
It is a basic principle of the income tax that the gain or loss realized by a taxpayer from the conversion of property into cash, or from the exchange of property for other property that differs materially in kind from the...more
A debtor's non-exempt assets (and even the debtor's entire business) are commonly sold during the course of a bankruptcy case by the trustee or a chapter 11 debtor-in-possession ("DIP") as a means of augmenting the bankruptcy...more
Louisiana Pellets, Inc. and German Pellets Louisiana, LLC filed for Chapter 11 bankruptcy in 2016. The bankruptcy court confirmed the debtors’ plan in 2017, which established a liquidating trust for the debtors’ remaining...more
In its recent opinion in Raymond James & Associates Inc. v. Jalbert (In re German Pellets Louisiana LLC), 23-30040, 2024 WL 339101 (5th Cir. Jan. 30, 2024), the Fifth Circuit held that a confirmed bankruptcy plan enjoined a...more
Since the introduction of the Insurance Act in 1979, the Cayman Islands has established itself as one of the largest, and most sophisticated, centres for international insurance business. As of the first quarter of 2023, the...more
On June 14, 2023, the United States Bankruptcy Court for the District of Delaware entered judgment for the defendants, the former owners of Samson Investment Company (the “SIC”), in a fraudulent transfer action brought by...more
To prevent "trafficking in corporate shells," the Bankruptcy Code prohibits any discharge of corporate or partnership debts if the debtor is not an "individual" and, in a chapter 11 case, if the debtor proposes a liquidating...more
BlockFi Bankruptcy Plans Opposed by FTX, Three Arrows, and SEC | CoinDesk - Bankrupt crypto lender BlockFi submitted bankruptcy plans which have now been opposed by bankrupt companies FTX and Three Arrows Capital as well...more
The Fox Rothschild In Solvency blog previously covered the Supreme Court’s decision in Siegel v. Fitzgerald, 142 S. Ct. 1770 (2022), in which the 2017 amendment to 28 U.S.C. § 1930(a)(6) increasing quarterly fees payable to...more
In a 2021 opinion in In re Paragon Offshore PLC, 629 B.R. 227 (Bankr. D. Del. 2021) (“Paragon Offshore”), Judge Sontchi of the United States Bankruptcy Court for the District of Delaware held that a litigation trust created...more
A bankruptcy court ruled that a creditor didn’t need to seek derivative standing to sue a liquidating trustee. The creditor, himself a trustee of the debtor’s employee stock-option plan, had standing to sue without prior...more
In the 2022 Chambers and Partners Global Aviation Finance & Leasing Guide for the Cayman Islands, our aviation experts provide a comprehensive overview of the latest legal information regarding aircraft and engine purchase...more
The Eleventh Circuit sided with the Third Circuit in finding that a creditor’s administrative claim under 11 U.S.C. § 503(b)(9) does not offset its new value defense pursuant to 11 U.S.C. § 547(c)(4). Auriga Polymers Inc. v....more
While it is becoming increasingly rare for the Supreme Court to speak with a singular voice on virtually anything these days, bankruptcy provides a rare exception. On June 6, 2022, the Supreme Court unanimously held in...more
It is common that accountants seek to limit their liability to a client in the event of malpractice. Typically, in the retention agreement, the liability is limited to the amount of fees paid by the client to the accounting...more
In JPMorgan Chase Bank, N.A. v. Campbell, a member of a limited partnership sued other partners, including a trustee of a trust, to dissolve the partnership. No. 09-20-00161-CV, 2021 Tex. App. LEXIS 5001 (Tex. App.—Beaumont...more
The Calm Before? I’m confused. For better or worse, I’m pretty sure that I am not alone. Last week, in a letter addressed to the American people, forty-six of the fifty Republicans in the U.S. Senate indicated they...more
In a recent post, our own Harriet Wallace observed a truism in a recent ruling by the United States Bankruptcy Court for the District of Delaware in the chapter 7 iteration of the infamous Jevic case—the wording of an order...more
Some courts permit debtors to designate vendors crucial to their business as “critical vendors.” These vendors supply debtors with necessary goods or services. Debtors are permitted to pay them amounts owing when a...more
Nothing is more frustrating to a trade creditor holding a large unpaid balance owed by a debtor in bankruptcy than the risk that payments the trade creditor received before the debtor filed bankruptcy may be clawed back by...more
Chapter 7 bankruptcy cases are straight liquidations sought by debtors who wish to have most or all of their debts discharged. In Chapter 7 cases, the Chapter 7 trustee obtains control over the debtor’s assets and evaluates...more
Any creditor that has experienced more than a few customers or borrowers filing for bankruptcy is aware that there is a risk of being sued by a trustee to avoid transfers that the creditor received prior to the bankruptcy...more