Mondaq USA: Insolvency/Bankruptcy, Re-structuring
Dentons (US)
This article first appeared in the December 2014 edition of Corporate Rescue & Insolvency journal. Written by Deepak Reddy in Dentons' New York office, Carlo Vairo in Dentons’ Toronto office and Alexander Hewitt in Dentons' London office.
Jones Day
Europe has struggled mightily during the last several years to triage a long series of critical blows to the economies of the 28 countries of the European Union.
Fox Rothschild LLP
From January 23-27, 2015, Charles A. Stanziale, Jr., as the Chapter 7 Trustee (the "Trustee") of Powerwave Technologies, Inc. ("Powerwave" or the "Debtor"), filed approximately 102 preference complaints seeking to avoid and recover alleged preferential transfers pursuant to Sections 547 and 550 of the Bankruptcy Code.
Stites & Harbison PLLC
The Sekema court awarded sanctions of $1000 for no-showing a show-cause hearing to explain why filing a time-barred claim did not violate Rule 9011.
Foley & Lardner
On October 20, 2014, we issued a Legal News Alert commenting on a decision of the Delaware Supreme Court, on certification from the Second Circuit, regarding the effect of a mistaken UCC-3 termination statement.
Fox Rothschild LLP
Once a tenant files for bankruptcy, it has three options regarding the lease: it can assume the lease and continue performing all obligations, or assume and assign the lease to a third party, or reject the lease and surrender the premises and terminate performance.
Fox Rothschild LLP
In ruling on a very unfortunate situation (more on that below), Judge Shannon issued an opinion on July 24, 2014 in the Aro bankruptcy, holding that a state court decision concerning the validity of a lien cannot be challenged in Bankruptcy Court.
Fox Rothschild LLP
once-prominent Wall Street trader imprisoned for embezzling $43 million was not allowed to rid of his debts through bankruptcy because of repeated lies to the court.
Fox Rothschild LLP
New Jersey Governor Chris Christie recently appointed a turnaround team for Atlantic City, including former Detroit emergency manager Kevyn Orr
Stites & Harbison PLLC
Justice Scalia, writing for a unanimous Court, concluded that to effect rescission under the Truth in Lending Act a debtor need only notify the creditor, in accordance with the CFPB's regulations of his intention to do so.
Troutman Sanders LLP
This Order (Mandate) terminated the litigation brought by the Adelphia Recovery Trust against the Prestige Defendants that spanned three different federal courts over ten years.
Thompson Coburn LLP
This post is part of a continuing series on the Credit Report Blog on the subject of workouts and bankruptcies involving low-income housing tax credit (LIHTC) projects.
Fox Rothschild LLP
On January 12, 2015, Appaloosa Investment LP and funds affiliated with Oaktree Capital and Tennenbaum Capital filed an involuntary bankruptcy petition against Caesars Entertainment Operating Company, Inc..
Cadwalader, Wickersham & Taft LLP
On January 13, 2015, the U.S. Court of Appeals for the Second Circuit denied a petition for en banc review of the Second Circuit’s September 2014 panel decision holding that bankruptcy courts are required to review the propriety of a Chapter 15 debtor’s transfers of property interests within the territorial jurisdiction of the U.S., even if such a transfer has already been approved in the debtor’s foreign proceeding.
Fox Rothschild LLP
After mass attorney defections that triggered a breach of Thelen's loan agreement in 2008, its partners voted to dissolve the partnership and entered into a dissolution agreement.
Fox Rothschild LLP
The Chapter 7 Trustee for the bankruptcy estate of Golden Guernsey Dairy, LLC, began filing complaints to recover what he contends are avoidable preferences.
Schnader Harrison Segal & Lewis LLP
We predicted here that at least five U.S. Supreme Court Justices would reject the creditor’s argument in Jesinoski v. Countrywide Home Loans, Inc. that a borrower must file a lawsuit within three years of the consummation of the loan in order to preserve the statutory right to rescind under the Truth in Lending Act.
Reinhart Boerner Van Deuren S.C.
Section 548(a) empowers a bankruptcy trustee to recover an actual or constructively fraudulent transfer made within the two-year period prior to the debtor's bankruptcy filing.
Fox Rothschild LLP
Judge Walrath of the Delaware Bankruptcy Court granted a defendant’s motion to dismiss a preference complaint, but granted the plaintiff leave to amend.
Fox Rothschild LLP
The so-called "hypothetical test" adopted in cases such as Catapult and Sunterra has been widely criticized as potentially preventing a debtor-in-possession from continuing to use certain unassignable contracts.
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Jones Day
As in 2012, banking and financial services companies were conspicuously absent from the Top 10 List of public-company bankruptcy filings for 2013.
Fox Rothschild LLP
DEB Stores Holding LLC and certain of its affiliated companies ("DEB" or the "Debtors") filed for bankruptcy under Chapter 11 of the Bankruptcy Code on December 4, 2014 in the United States District Court for the District of Delaware.
Troutman Sanders LLP
On December 8, the Southern District of Indiana released a decision relating to the interplay between the Fair Debt Collection Practices Act and bankruptcy.
Cadwalader, Wickersham & Taft LLP
Chapter 15 of the U.S. Bankruptcy Code can be a very useful tool for foreign companies or individuals seeking bankruptcy relief in the U.S.
Fox Rothschild LLP
On January 12, 2015, Appaloosa Investment LP and funds affiliated with Oaktree Capital and Tennenbaum Capital filed an involuntary bankruptcy petition against Caesars Entertainment Operating Company, Inc..
Herrick, Feinstein LLP
The Second Circuit's recent decision in the Madoff clawback actions effectively limited the exposure period that "innocent investor" defendants face for the return of transfers they received in connection with the Bernie Madoff Ponzi scheme to two years prior to the date of its collapse.
Jager Smith P.C.
Section 546(e) does not apply to or preempt a state law constructive fraudulent transfer claim to recover LBO payments to shareholders.
Reinhart Boerner Van Deuren S.C.
Trademarks today are the poor cousins of other forms of intellectual property under the United States Bankruptcy Code (the "Code"). 11 U.S.C. §§ 101-1532.
Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
As many lenders know, Florida has a five year statute of limitations for mortgage foreclosures.
Shearman & Sterling LLP
Facing the imminent bankruptcy of the federal Highway Trust Fund (the "HTF") and the specter of delays and reductions in payments from the HTF to the States, the US Congress last week passed the Highway and Transportation Funding Act of 2014, which extended federal surface transportation programs and funding through May 2015.
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