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Searching Content indexed under Accounting and Audit by Cozen O'Connor ordered by Published Date Descending.
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When Does An Insurers Right To Indemnity Arise? The Third Parties (Rights Against Insurers) Act
The Third Parties (Rights Against Insurers) Act 1930 confers on third parties rights against insurers of third party risks when certain events regarding the solvency of the insured occur.
United States
7 Sep 2011
2
New Accounting Rules To Require Tenants To Reflect Operating Leases On Balance Sheet
After several months of speculation, the consensus among real estate and accounting professionals is that tenants will be required to report operating leases on their balance sheets in coming years.
United States
12 Jul 2011
3
En Banc 3rd Circuit Declares Insurers Have Broad Standing In Bankruptcy To Object To Plans That Implicate Insurer Rights
Over the past decade, insurers have waged an uphill battle to protect their rights in mass-tort bankruptcy cases. On May 4, 2011, in a 6-4 en banc decision in In re Global Industrial Technologies, Inc. (GIT), the U.S. Court of Appeals for the 3rd Circuit vindicated the constitutional and statutory rights of insurers to object and to be fully heard in bankruptcy plan confirmation proceedings.
United States
10 May 2011
4
Community Center Was Not A Charity
An en banc decision of the Commonwealth Court held that a community center that provided free services for all its programs was not a purely public charity entitled to an exemption for real estate tax purposes.
United States
21 Apr 2011
5
Preparation and Filing of Financing Statements/Let the Secured Party Beware!
A creditor that takes a security interest in assets of a debtor to secure the debtor’s obligations will, for most types of assets, "perfect" the security interest by filing one or more financing statements in the appropriate filing office.
United States
23 Nov 2010
6
D&O Policies in Bankruptcy - Delaware Bankruptcy Court Rules that Directors and Officers May Access Eroding Policy Notwithstanding Company's Bankruptcy Filing
A company’s bankruptcy filing affects its D&O insurers and the insured directors and officers in significant ways.
United States
5 Jul 2010
7
Insult to Injury: Dealing with Preference Exposure When a Customer Goes Bankrupt
Especially in our current economic climate, the financial woes of a customer can have painful repercussions for your business. The following scenario is one you may have experienced.
United States
20 Apr 2010
8
Creditors Do Not Have an Absolute Right to Credit Bid When Their Collateral is Sold Pursuant to a Plan of Reorganization
In a case lauded as a major victory for debtors in bankruptcy, and viewed as a setback to secured creditors, the Third Circuit Court of Appeals, in a 2-1 decision, held Monday that secured creditors cannot use what they are owed to bid on the bankrupt company’s assets in an auction, a practice known as "credit bidding."
United States
14 Apr 2010
9
Second Circuit Reaffirms That Bankruptcy Courts Lack Subject Matter Jurisdiction to Enjoin Independent Tort Claims Against Non-Debtors in Asbestos Bankruptcy Cases
In what may be the final chapter of a six-year appellate saga that has reached all the way to the Supreme Court, on March 22, 2010, Cozen O’Connor attorneys Jacob C. Cohn and William P. Shelley won an important victory in the Second Circuit on behalf of Chubb Indemnity Insurance Company (Chubb) in "Travelers Cas. and Sur. Co. v. Chubb Indemnity Insurance Company (In re Johns-Manville Corporation)".
United States
30 Mar 2010
10
Under New Jersey Law, Tax Sale Certificate Purchasers Do Not Hold A "Tax Claim" And, Therefore, Applicable Interest Rate May Be Modified
The state of New Jersey has gained a reputation as being a desirable state in which to purchase tax sale certificates, due in part to the 18% statutory interest rate that a certificate holder could obtain on his or her investment.
United States
9 Mar 2010
11
Pennsylvania Supreme Court Restricts Use Of "In Pari Delicto" Defense By Outside Auditors
On February 16, 2010, the Pennsylvania Supreme Court issued an opinion of first impression under Pennsylvania law as to whether an imputation-based "in pari delicto" defense in an auditor-liability context may be asserted.
United States
22 Feb 2010
12
YMCA Exempt Charity
In the third appellate decision in ten years of litigation, a commercial fitness center failed in a claim that the operation of a fitness center by a YMCA violated the prohibition against subsidizing a commercial business unrelated to the YMCA’s charitable purpose.
United States
3 Feb 2010
13
FINRA’s Trade Reporting Rule Amendments Become Effective
On August 3, 2009, amendments to the Financial Industry Regulatory Authority’s (“FINRA”) trade reporting obligations for over-the-counter (“OTC”) equity transactions became effective.
United States
12 Aug 2009
14
Chrysler/GM Bankruptcies Increase Insurer Risks, Decrease Potential Subrogation Recoveries
The restructurings of Chrysler and General Motors are moving through the bankruptcy court at a dizzying pace.
United States
12 Jul 2009
15
New Cancellation Of Indebtedness Rules
The recently enacted American Recovery and Reinvestment Tax Act contains new rules for cancellation of indebtedness ("COD") income, which could be of major importance for you.
United States
30 Mar 2009
16
New York Insurance Department Issues Opinion On Treatment Of Collateral Held By An Insurer In Liquidation Or Rehabilitation
Certain insurance programs, particularly workers’ compensation programs with large deductibles, require the insured to deposit collateral with the insurer as security for performance by the insured of its payment obligations.
United States
 
3 Feb 2009
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