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Statutory Interpretation › Debtors

Jones Day

U.S. Supreme Court Rules that Bankruptcy Code Provides Only Limited Abrogation of Sovereign Immunity to Avoidance Actions

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Bankruptcy trustees and chapter 11 debtors-in-possession ("DIPs") frequently seek to avoid fraudulent transfers and obligations under section 544(b) of the Bankruptcy Code and state fraudulent transfer or other applicable...more

Nelson Mullins Riley & Scarborough LLP

Equity Won’t Save You: Bankruptcy Court Rules that Principles of Equity Cannot be Used to Extend the Deadline to File a...

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In a recent decision that highlights a key circuit split, Bankruptcy Judge Patricia M. Mayer of the Eastern District of Pennsylvania ruled that equitable powers under Section 105(a) of the Bankruptcy Code cannot be used to...more

Proskauer Rose LLP

Slamming the Backdoor on Non-Consensual Third-Party Releases

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Non-Consensual Third-Party Releases are Not Permissible in Section 363 Sales or Rule 9019 Settlements, Regardless of the Suggestions of Some Bankruptcy Courts...more

Ballard Spahr LLP

Supreme Court: No Strong-Arming the Federal Government With State-Law Fraudulent Transfer Claims

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Recently, in the case United States v. Miller, the U.S. Supreme Court held that the sovereign immunity waiver provision in the Bankruptcy Code is jurisdictional only and does not waive the federal government’s sovereign...more

Jones Day

The Eleventh Circuit Revisits the Doctrine of Statutory Mootness in Bankruptcy Sales

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The finality of sales of assets in bankruptcy is an indispensable feature of U.S. bankruptcy law, designed to maximize the value of a bankruptcy estate as expeditiously as possible for the benefit of all stakeholders....more

Nelson Mullins Riley & Scarborough LLP

Supreme Court to Decide Constitutionality of U.S. Trustee Fees in Chapter 11 Cases

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The Supreme Court of the United States granted certiorari on Jan. 10, 2022 in a case arising out of the Circuit City bankruptcy regarding certain additional fees imposed on large Chapter 11 debtors. Most Chapter 11 debtors...more

Patterson Belknap Webb & Tyler LLP

Federal Appeals Court Rules on Requirements for Involuntary Bankruptcy

Patterson Belknap Webb & Tyler LLP on

Section 303 of the Bankruptcy Code allows creditors to initiate an involuntary bankruptcy case against a debtor. The petition initiating the case must be filed by creditors holding claims aggregating to at least $10,000, and...more

Bennett Jones LLP

Alberta Court of Appeal Clarifies Super-Priority of CCAA Charges

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In most restructuring proceedings, money is needed to fund the professionals and the management team retained to preserve value in the insolvent company. This money must often be borrowed, and is typically secured by...more

K&L Gates LLP

Legal Tropics: Changes to Judgment Enforcement in Florida

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So you’ve won a judgment against a Florida company or individual. Now what? Creditors that want to enforce and collect upon a judgment in Florida should be aware of recent changes to Florida statutes regarding the enforcement...more

Jones Day

Third Circuit Rules That Transfer by Nondebtor Is Not Avoidable as Fraudulent Transfer Under Delaware UFTA

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In Crystallex International Corp. v. Petróleos de Venezuela, S.A., 879 F.3d 79 (3d Cir. 2018), a divided U.S. Court of Appeals for the Third Circuit ruled that transfers by nondebtor subsidiary corporations to their ultimate...more

Mintz - Bankruptcy & Restructuring Viewpoints

Split Third Circuit Holds Transfer By Non-Debtor Cannot Be Fraudulent Transfer

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Refusing to rely on “equitable principles” when interpreting the Delaware Uniform Fraudulent Transfer Act (DUFTA), the Third Circuit (2-1 decision) in Crystallex Int’l Corp. v. Petroleos De Venezuela, S.A, et als. held that a...more

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