On March 2, 2021, stationery and gift retailer Paper Source filed for chapter 11 bankruptcy, stating in court filings that effects of the COVID-19 pandemic damaged its finances and operations. Paper Source stated that in...more
Amidst a global pandemic, there were plenty of interesting bankruptcy and restructuring events and changes that occurred in 2020. We saw new Bankruptcy Code amendments go into effect (through the Small Business Reorganization...more
After almost eighth months of dealing with the severe economic impact of COVID-19, it is not surprising that more and more businesses are turning to bankruptcy for relief. Commercial filings continue to rise as many...more
As industry observers anticipate an increase in bankruptcy filings resulting from the COVID-19 pandemic, it is important for creditors to understand the risks that arise in dealing with a distressed business. Below are five...more
One day, you get a notice in the mail that an important customer has filed chapter 11. Your customer recently paid $250,000 on invoices that were delinquent for several months and still owes you $500,000....more
Since its enactment as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, section 503(b)(9) of the Bankruptcy Code has provided an important safety net for creditors selling goods to financially...more
In Feltman v. Noor Staffing Grp., LLC (In re Corp. Res. Servs. Inc.), 564 B.R. 196 (Bankr. S.D.N.Y. 2017), the bankruptcy court considered whether section 553 of the Bankruptcy Code creates a right of setoff when no such...more
Recently, the Delaware Bankruptcy Court ruled that a vendor's reclamation trumped a lender's lien on inventory. ...more
Bankruptcy court is often the “court of bad news” for creditors. ...more