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Proskauer Rose LLP

New York Legislature Proposes New Sovereign Debt Restructuring Bill

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The New York State Legislature recently proposed a bill, entitled the Sovereign Debt Stability Act, intended to facilitate sovereign debt restructuring. The bill, which could be brought to a vote as soon as May or June 2024,...more

King & Spalding

The 2024 UAE Financial Restructuring and Bankruptcy Law: What is New?

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On 31 October 2023, Federal Law Decree No. (51) concerning Financial Restructuring and Bankruptcy (the New Law) was published in the UAE Federal Gazette. The New Law comes into force on 1 May 2024 and will repeal the 2016 Law...more

Goldberg Segalla

While the Crypto Financial World Burns, New York Passes Law Preventing Crypto Miners from Burning More Fossil Fuels

Goldberg Segalla on

A few weeks after her election as New York’s first female governor, and a couple days before New Yorkers sat down to Thanksgiving dinner, Gov. Kathy Hochul on Nov. 22 finally signed an environmental conservation moratorium on...more

Shumaker, Loop & Kendrick, LLP

Corporate bankruptcy reformation in the US - Eurofenix, Summer 2022

As a result of recent high profile Chapter 11 cases, such as Purdue Pharma and Johnson & Johnson, there has been great Congressional and media attention to controversial Chapter 11 practices. These include debtors’ forum- and...more

Seward & Kissel LLP

Unpacking Revlon, LATAM cleared for takeoff (sorry), $7.5 million sub V limit official, retail apocalypse redux (?), and new...

Seward & Kissel LLP on

Revlon Bankruptcy Complicated by Citi’s $900 Million Error | Financial Times - As Revlon prepares for restructuring negotiations following its bankruptcy filing last week, it faces complications with identifying its...more

Dorsey & Whitney LLP

The Commercial Rent (Coronavirus) Act 2022: A Solution to the Commercial Rent Arrears Problem?

Dorsey & Whitney LLP on

On 24 March 2022, the Commercial Rent (Coronavirus) Act 2022 (the “Act”), took effect. This legislation further continues the range of coronavirus measures passed by the government, which aim to provide an as fair as possible...more

Farrell Fritz, P.C.

Governor Cuomo Signs the COVID-19 Emergency Protect Our Small Businesses Act of 2021 Establishing Eviction and Foreclosure...

Farrell Fritz, P.C. on

Governor Andrew M. Cuomo this week signed the COVID-19 Emergency Protect Our Small Business Act of 2021 (S471A/A3207) (the “Act”), which will impact commercial landlords, tenants, mortgagors, and mortgagees.  ...more

Cozen O'Connor

Congress Enacts Modification to Bankruptcy Procedures Governing Assumption and Rejection of Leases

Cozen O'Connor on

The Consolidated Appropriations Act of 2021 (the Appropriations Act) is a $2.3 trillion spending bill that combines stimulus relief for the COVID-19 pandemic and an omnibus spending bill for the federal fiscal year. ...more

Pullman & Comley, LLC

New Bankruptcy Relief Provisions Brought to You by the 2021 Federal Appropriations Act

Pullman & Comley, LLC on

The new Consolidated Appropriations Act, 2021 (the “Act”), which was signed into law on December 27, 2020 (H.R. 133), includes within its 5,593 pages a number of new bankruptcy relief provisions for businesses as part of what...more

Nossaman LLP

California Adopts Statutory Backstop Legislation as PG&E Emerges from Bankruptcy

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On June 30, 2020, Governor Newsom signed Senate Bill 350 (“SB 350”), which is intended to serve as a backstop for customers as Pacific Gas and Electric Company (“PG&E”) completes its restructuring process and begins...more

Harris Beach PLLC

Revisions to Bankruptcy Code Spell Good News for Creditors

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It is bad enough when a customer or borrower files for bankruptcy and you have to write off the debt, but things can get worse when you are then faced with a lawsuit to recover payments made within the 90 days prior to the...more

Lowndes

Major Change for Bankruptcy Preference Defendants Tucked into New Small Business Chapter 11 Law

Lowndes on

On August 23, 2019, the President signed the “Small Business Reorganization Act,” which changed the Bankruptcy Code and goes into effect on February 19, 2020....more

Partridge Snow & Hahn LLP

Lenders Take Notice - A New Bankruptcy Subchapter Goes Into Effect February 19, 2020 - Increased Filings Expected

The Small Business Reorganization Act (SBRA) goes into effect on February 19, 2020. The SBRA creates a new Subchapter V to Chapter 11, expanding access to bankruptcy relief for small businesses. With a debt ceiling of...more

Carlton Fields

Big Changes for Small Business Bankruptcies

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The Small Business Reorganization Act of 2019 (SBRA) was signed into law in August 2019 and will go into effect on February 19, 2020. The goal of the SBRA is to make small business bankruptcies faster and less expensive....more

Hogan Lovells

A further step taken by Ukraine to simplify out of court loan workouts

Hogan Lovells on

On 25 September 2019, the Ukrainian Parliament brought into force law No. 112-IX (the “Law“). The purpose of the Law is to correct deficiencies in existing legislation and further promote out-of-court financial restructurings...more

Moritt Hock & Hamroff LLP

Countdown to the Small Business Reorganization Act of 2019: New Law Taking Effect in February 2020 May Make Chapter 11...

In February, a new bankruptcy chapter directed at small businesses will take effect.  The Small Business Reorganization Act of 2019 (SBRA) was signed into law on August 23 by President Trump and should help make bankruptcy a...more

Moritt Hock & Hamroff LLP

New Hurdles For Landlords Seeking To Evict Commercial & Residential Tenants Under New York’s Stability and Tenant Protection Act...

On June 14, 2019, Governor Andrew Cuomo signed into law the Housing Stability and Tenant Protection Act of 2019 (“HSTPA”), which amounts to extensive reform of prior regulations governing rent stabilization and rent control...more

Patterson Belknap Webb & Tyler LLP

“Reasonably Knowable Affirmative Defenses”: a Small Change to the Bankruptcy Code Could Have a Big Impact on Preference Litigation

On August 23, 2019, President Trump signed H.R. 3311 into law. The goal of the Small Business Reorganization Act is to facilitate reorganization among small businesses. But in addition to helping small businesses, the SBRA...more

Jones Day

Legislative Update

Jones Day on

On August 23, 2019, President Trump signed into law four pieces of bankruptcy legislation designed to help financially distressed small businesses, disabled veterans, National Guard and reservists, and family farmers. Those...more

Womble Bond Dickinson

Family Farmer Relief Act Expands Chapter 12 Bankruptcy Protections for Small and Mid-Sized Farms

Womble Bond Dickinson on

Running a family-owned farm is not easy work under the best of economic circumstances, and it can be nearly impossible when times are tough. More than 30 years ago, during the mid-1980s, John Cougar Mellencamp’s mournful song...more

BCLP

Bankruptcy Code Amended: Congress Makes Chapter 12 More Accessible to Family Farmers and Creates New Chapter 11 Subchapter for...

BCLP on

On August 23, 2019, President Donald J. Trump signed into law two bills amending the Bankruptcy Code: (i) the Family Farmer Relief Act of 2019 (“FFRA”); and (ii) the Small Business Reorganization Act of 2019 (“SBRA,” and with...more

Pierce Atwood LLP

President Trump Signs New Bankruptcy Legislation – Is Relief from Questionable Bankruptcy Preference Claims In Sight?

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On Friday, August 23, President Trump signed into law the “Small Business Reorganization Act of 2019.” The SBRA will take effect in February 2020 and, at long last, may provide some (although probably minimal) relief to...more

Husch Blackwell LLP

New Legislation Likely To Spur Increase In Bankruptcy Filings

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On August 23, President Trump signed into law two new pieces of legislation—the Family Farmer Relief Act of 2019 and the Small Business Reorganization Act of 2019—that will likely lead to an increase in bankruptcy filings...more

Burr & Forman

Trump Signs Bankruptcy Bills Providing Economic Relief for Small Businesses, National Guard, Veterans, and Family Farmers

Burr & Forman on

On Friday, August 23, President Trump signed four bankruptcy bills into law: H.R. 3311, the “Small Business Reorganization Act of 2019”, which adds a new Subchapter V to Chapter 11 of the Bankruptcy Code in order to...more

Rosenberg Martin Greenberg LLP

Maryland Governor Signs into Law New Statute Assisting Commercial Lenders Seeking to Obtain Receiverships over Borrowers and/or...

There is good news for commercial lenders in Maryland seeking the appointment of a receiver over a borrower or solely over real estate collateral.  On  April 30, 2019, Governor Hogan signed into law HB 1065, which creates an...more

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