First Republic Executives Fail in Attempt to Recover Nonqualified Deferred Compensation Plan Assets
Business Better Podcast Episode: Know The Facts: Silicon Valley Bank Receivership FAQs for Swaps
What Does UCRERA Mean For Creditors? [More with McGlinchey Ep. 13]
Polsinelli Podcasts: Out-of-Court Alternatives to Bankruptcy
Q: I have a client who owes money to the IRS. While I know the IRS likely has a tax lien, my understanding was it just waits until a taxpayer’s property is sold and then gets paid out of escrow. Instead, here, the IRS has...more
Q: I am a receiver for a partnership. I was appointed pursuant to a stipulation between the current partners and a secured creditor. After an extensive investigation, I have sued the former managing partner and her mother to...more
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
On May 15, 2024, Alabama became the thirteenth state to adopt a version of the Uniform Law Commission’s Uniform Commercial Real Estate Receiver Act (the “Act”). The Act seeks to bring more direction and clarity to...more
A federal court has rejected an attempt by former First Republic Bank employees to recover assets held in a rabbi trust that funded deferred compensation benefits. In Harrington v. Federal Deposit Insurance Corporation, the...more
Our London Financial Restructuring team authored the UK chapter of the 8th Edition of The Legal 500’s “Restructuring & Insolvency Comparative Guide". The guide provides information on the current issues affecting...more
In the June 2024 edition of the American Bankruptcy Institute Journal the authors of “Why State Court Receiverships Are Becoming the Norm for Smaller Companies,” write that “state court receiverships are now poised to take...more
Distressed businesses are often compared to melting ice cubes or an aircraft in rapid descent. The goal for a distressed business is to get to a transaction before the ice cube melts or the aircraft and ground meet at an...more
On April 26, the FDIC announced that the Pennsylvania Department of Banking and Securities had closed a Philadelphia-based bank and appointed the FDIC as receiver, noting that this is the first bank to “fail” this year and...more
Q: I was appointed receiver over a manufacturing facility. I operated it for a short time and then obtained court authority to sell it. I netted $1.4 million from the sale. The landlord agreed I could pay it the rent I owed...more
A recent decision by the North Carolina Business Court highlights the risks of interfering with property that is part of a receivership estate. The North Carolina Commercial Receivership Act celebrated its three-year...more
The New York County Supreme Court recently held that in the event of foreclosure, a receiver can be appointed, regardless of necessity, when the parties have contracted for such appointment. 24 West 57 APF LLC (“Defendant”)...more
In a recent judgment, which was heavily critical of the claimant bank, the BVI Commercial Court has set aside an order obtained ex parte permitting service on non-BVI resident defendants of a fraud claim out of the...more
Feb 2024 On 12 January 2024, the Honourable Mr Justice Kawaley granted an order for the appointment of receivers pursuant to Section 224 of the Companies Act (2023 Revision) (the “Act”), over the Premier Life Settlement Fund...more
As we predicted in earlier issues of Davies Insolvency Now, the year 2023 reflected the anticipated increase in business insolvency activity. In this issue, we perform a comparative review of business insolvencies from 2023,...more
It is not a secret that the long term care and senior housing industry continues to experience significant financial distress due to, among other things, the lingering effects of the COVID-19 pandemic and rising interest...more
On January 10, 2024, the CFPB and Attorneys General from seven states filed a complaint against the Company and the individuals in charge for allegedly operating a debt-relief scheme that has been harming consumers since...more
January 1, 2024, was a milestone for small businesses and their owners, as well as bankruptcy trustees, receivers, and chief restructuring officers (“CRO” and collectively, “Troubled Company Fiduciaries”) of small businesses...more
With rapid technological advances, expanded regulatory oversight, and constantly shifting market dynamics, owning and operating a business in the modern world has become an increasingly difficult challenge. Chief among the...more
Deposit Insurance - Are the deposits at my bank FDIC-insured? Deposits held at FDIC-insured depository institutions are insured up to $250,000 per depositor for deposits held in the same “right and capacity.”...more
Q: I am a defendant in a receivership, where the receiver has moved to sell my property. If the court approves the sale, I want to appeal. My attorney says an order approving the sale cannot be directly appealed and I will...more
Q: I was involved in a now closed receivership. I want access to some of the records of the entity that was in receivership and some emails and information I believe was sent to the receiver or her counsel....more
California’s cannabis industry continues to struggle in this seemingly unending shake out period. Namely, hundreds of licensed cannabis companies are getting stiffed on A/R with an overwhelming inability to collect as those...more
Some sectors of the insurance industry, like the property market, for example, have sustained significant financial losses that have resulted in an uptick in the number of insurance companies being ordered into receivership. ...more
This update will address the following issues: whether a party has a right to jury trial in trust modification and other similar actions, what are the standards for pretrial receivership and injunctive relief in trust...more