Popular, Bankruptcy Code

Where the F(BO) Is the Money? Part 1 – Synapse’s Clarion Call for Standards

Troutman Pepper on 9/11/2024

This is the first of three articles focused on a key question: as bank-fintech partnerships continue to play a vital role in driving financial services, how does the industry make this system safer and better?...more

Impacts of Cannabis Rescheduling on Bankruptcy

McGlinchey Stafford on 8/9/2024

Despite the excitement of many over rescheduling cannabis from Schedule I to Schedule III, the move does not make cannabis “legal” unless it is produced, sold, and used within the tightly regulated parameters of the...more

Circuit Split: Eleventh Circuit and Second Circuit Disagree on Eligibility Requirements for Chapter 15 Debtors

Jones Day on 8/1/2024

Courts disagree over whether a foreign bankruptcy case can be recognized under chapter 15 of the Bankruptcy Code if the foreign debtor does not reside or have assets or a place of business in the United States. In 2013, the...more

Bankruptcy Court Rejects Attempts to Lock Up Creditor Votes in Favor of Reorganization Plan

Pillsbury Winthrop Shaw Pittman LLP on 7/31/2024

Recent decisions reflect a renewed focus on lock-up provisions by bankruptcy courts. The U.S. Bankruptcy Court for the Southern District of New York recently severed a provision from a post-petition agreement that required...more

PHL Variable Insurance Company in ‎Rehabilitation At A Glance

Locke Lord LLP on 6/26/2024

On Friday, May 17, 2024, Connecticut Insurance Commissioner Mais filed a Petition for Rehabilitation and Appointment of the Commissioner as Rehabilitator of PHL Variable Insurance Company ("PHL"), a Connecticut domestic stock...more

5 Issues to Consider When Liquidating Through an ABC

Troutman Pepper on 6/21/2024

Assignments for the benefit of creditors, or ABCs, continue to grow in popularity as a tool for the orderly wind-down of companies. Originally published in Law360 - March 21, 2024....more

Understanding Suppliers’ Rights and Remedies in Retail and Hospitality Bankruptcies

ArentFox Schiff on 5/28/2024

On May 14, Outfox Hospitality LLC, the parent company of the retail chain Foxtrot Market, along with its affiliates, filed for Chapter 7 bankruptcy protection in the Bankruptcy Court for the District of Delaware, with the...more

Singapore International Commercial Court Issues First Decision on Recognition of Cross-Border Bankruptcy Cases under Model Law

Jones Day on 3/26/2024

Established in 2015 as a trusted neutral forum to meet increasing demand for effective transnational dispute resolution, the Singapore International Commercial Court (the "SICC") is a division of the General Division of the...more

Supreme Court Hits the Brakes on Boy Scouts Chapter 11 Plan

White and Williams LLP on 2/19/2024

In a terse last-minute order, the United States Supreme Court stayed implementation of the Boy Scouts of America’s (“BSA”) confirmed Chapter 11 plan, which would have stripped thousands of survivor claimants of their ability...more

Second Circuit Adopts "Transfer-by-Transfer" Approach to Bankruptcy Code's Safe Harbor for Securities Contracts Payments

Jones Day on 2/8/2024

The scope of the Bankruptcy Code's "safe harbor" shielding certain securities, commodity, or forward-contract payments from avoidance as fraudulent transfers has long been a magnet for controversy, particularly after the U.S....more

Key Issues When Navigating A Tenant's Bankruptcy

Proskauer Rose LLP on 1/11/2024

Recently, two significant distressed companies with thousands of commercial leases, Rite Aid Corp. and WeWork Inc., each filed Chapter 11 bankruptcy cases, seeking in part to rationalize their geographic footprints through...more

Interpreting the UNCITRAL Model Law on Cross-Border Insolvency: Singapore courts adopt a uniform, consistent and expansive...

A&O Shearman on 11/30/2023

Creditors involved in cross-border restructuring or insolvency proceedings of corporate groups will find that the approach of the Singapore courts to questions of cross-border insolvency provides the assurance of an orderly...more

Bankruptcy Trustees and Receivers Beware: The California Second District Court of Appeal Tests The Barton Doctrine’s Limits on...

Buchalter on 10/27/2023

In Breanne Martin v. Leslie Gladstone, the Second District Court of Appeal recently decided a case that could reverberate throughout the receivership and bankruptcy industries. This case comes at a propitious moment as...more

Bankruptcy in the Cannabis Space

Troutman Pepper on 10/25/2023

Though controversial, cannabis has steadily grown into a booming industry. Despite this rapid growth and the legalization of cannabis in numerous states, cannabis is still classified as a Schedule I drug under the Controlled...more

Liquidating Chapter 11 Plan Confirmed Despite Provision Temporarily Enjoining Litigation Against Corporate Debtors

Jones Day on 7/28/2023

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

Getting a handle on social media: new guidance to help companies establish their ownership rights in social media accounts

A&O Shearman on 7/10/2023

Social media accounts are increasingly a crucial component of corporate marketing, allowing businesses to build brand awareness, reach new audiences, create and maintain relationships with customers and track the market’s...more

Second Circuit Assesses Propriety of Third-Party Releases in Purdue

McDermott Will & Emery on 6/13/2023

On May 30, 2023, the US Court of Appeals for the Second Circuit released its long-awaited opinion addressing Purdue Pharma’s confirmed chapter 11 bankruptcy plan. Although the appeal challenged more than one aspect of the...more

As SPAC Boom Subsides, Some De-SPACed Companies Seek Chapter 11 Protection

Skadden, Arps, Slate, Meagher & Flom LLP on 4/24/2023

The contraction of the market for special purpose acquisition companies (SPACs) and the recent challenges de-SPACed companies have encountered have attracted considerable press attention. The stocks of many de-SPACed...more

How Will Bankruptcy Courts Shape Crypto Regulation?

Epiq on 4/5/2023

Last year’s cryptocurrency market crash a/k/a “the crypto winter” did not cause trembles in the U.S. economy, but it caused enormous losses to its investors. The near collapse of this decentralized currency market resulted in...more

SVB Financial Group Files for Chapter 11 Bankruptcy

Lowenstein Sandler LLP on 3/21/2023

Early Friday morning, March 17, 2023, SVB Financial, the former holding company of SVB, filed a voluntary Chapter 11 bankruptcy petition in the United States Bankruptcy Court for the Southern District of New York, citing the...more

Supreme Court Limits the Ability to Discharge Debts Obtained by Fraud

Miller Nash LLP on 3/8/2023

The discharge provided in bankruptcy is fundamental, allowing the “honest but unfortunate” debtor a fresh start. There are various exceptions to the discharge found in Sections 523 and 727 of the Bankruptcy Code—designed to...more

The Year In Bankruptcy: 2022

Jones Day on 2/1/2023

One year ago, we wrote that, in early 2021, it was widely anticipated that the unprecedented pressure the COVID-19 pandemic brought to bear on the U.S. economy would lead to a boom in corporate bankruptcy filings. That boom...more

Read the Fine Print – Bankruptcy Court Holds Cryptocurrency in Interest Bearing 'Earn Accounts' to be Property of the Estate

Nelson Mullins Riley & Scarborough LLP on 1/17/2023

When a company files for bankruptcy protection, Section 541 of the Bankruptcy Code creates an estate comprised of "all legal and equitable interest of the debtor in property." On July 15, 2022, Celsius Network LLC filed for...more

Celsius Cryptocurrency Woes - Bad News for Those Whose Cryptocurrency Is Trapped in the Estate, Could Be Worse for Those Who Think...

Miller Canfield on 1/13/2023

On January 4, 2023, the judge in the Celsius Network bankruptcy case[1] ruled that Celsius users who had deposited cryptocurrency in Celsius’s “Earn Accounts” had transferred ownership of their cryptocurrency to Celsius....more

Another Cryptocurrency Firm Bites the Dust

Husch Blackwell LLP on 11/29/2022

Cryptocurrency platform BlockFi Inc.—another casualty of the collapse of exchange FTX earlier this month—filed a Chapter 11 bankruptcy petition this morning in the New Jersey Bankruptcy Court (Case No. 22-1936). BlockFi joins...more

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