New Consumer Bankruptcy Reform Act Implications and the 2023 Congressional Outlook - The Consumer Finance Podcast
At the outset of the Covid-19 pandemic, some commentators were preparing for a mass extinction event in the retail industry, characterized by hundreds of brick-and-mortar store closings, massive job losses, and numerous...more
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
The Woolard Review team has acted swiftly in publishing their recommendations to the FCA, publishing their findings just over two months after the initial Call for Input closed. The Review contains a number of recommendations...more
Since the beginning of the COVID pandemic in early 2020, consumers and the business community have had to navigate new realities. The pandemic has dramatically changed the ways in which we interact, presenting challenges that...more
The Small Business Reorganization Act (“SBRA”), which became effective February 19, 2020 after being signed into law in August 2019, created a new Subchapter V of Chapter 11 of the Bankruptcy Code with a stated purpose “to...more
COVID-19: FCA finalised guidance for mortgage firms - On 14 September 2020, the UK Financial Conduct Authority (FCA) published finalised guidance containing additional guidance for mortgage firms in light of COVID-19....more
The COVID-19 pandemic has heavily disrupted our lives, communities, and businesses. Even with new approaches, not all businesses can overcome the substantial challenges brought by the pandemic. Lending programs like the...more
Certain provisions of the coronavirus economic stimulus legislation are subject to the ongoing issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified,...more
Given the volatile economic environment caused by the COVID-19 pandemic, business development companies (“BDCs”) need to proactively manage their loan portfolio companies to mitigate risk and avoid surprises that may arise in...more
The Federal bank regulators which supervise banks have made a statement encouraging workouts necessitated by the coronavirus. Loans which would otherwise be classified as TDRs (Troubled Loan Restructurings) will not have to...more
Maximizing Recoveries in Bankruptcy - One of the many impacts of the COVID-19 pandemic is, and will continue to be, an increase in business bankruptcies. This will affect creditors in many ways, including unpaid debts,...more
At the moment, the bankruptcy court may be an unfriendly place for impatient lenders. As the United States and much of the world reel from the coronavirus pandemic, many businesses’ revenues have been shut off (or close to...more