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Double Duty: UCC Definition of Goods Same for ' 503(b)(9)
As most practitioners know, the Bankruptcy Code imposes a specific priority scheme that controls the payment of claims. The higher the priority of a particular claim, the more likely it is to be paid. Generally, secured claims are paid first from the specific collateral backing that claim, followed by administrative priority claims, unsecured priority claims and then general unsecured claims. Equity takes last, assuming there is anything left.
In 2005, Congress amended the Bankruptcy Code to add ' 503(b)(9), which dramatically changed the payment priorities and, as a result, Chapter 11 itself. Section 503(b)(9) provides for the allowance of an administrative claim for the “value of any goods received by the debtor within 20 days before the date of commencement of a case under [Title 11] in which the goods have been sold to the debtor in the ordinary course of such debtor's business.” Thus a large body of claims that were formerly treated as general unsecured now receive administrative priority. Because a plan (the vehicle for a debtor to successfully exit Chapter 11) must pay administrative claims in full in order to be confirmed, many debtors are now entering Chapter 11, selling their assets and immediately converting to a Chapter 7 liquidation.
Aggressive Challenges
Yachts, Jets, Horses & Hooch: Specialized Commercial Leasing Models
Defining commercial real estate asset class is essentially a property explaining how it identifies — not necessarily what its original intention was or what others think it ought to be. This article discusses, from a general issue-spot and contextual analysis perspective, how lawyers ought to think about specialized leasing formats and the regulatory backdrops that may inform what the documentation needs to contain for compliance purposes.
Hyperlinked Documents: The Latest e-Discovery Challenge
As courts and discovery experts debate whether hyperlinked content should be treated the same as traditional attachments, legal practitioners are grappling with the technical and legal complexities of collecting, analyzing and reviewing these documents in real-world cases.
Identifying Your Practice's Differentiator
How to Convey Your Merits In a Way That Earns Trust, Clients and Distinctions Just as no two individuals have the exact same face, no two lawyers practice in their respective fields or serve clients in the exact same way. Think of this as a "Unique Value Proposition." Internal consideration about what you uniquely bring to your clients, colleagues, firm and industry can provide untold benefits for your law practice.
Risks and Ad Fraud Protection In Digital Advertising
The ever-evolving digital marketing landscape, coupled with the industry-wide adoption of programmatic advertising, poses a significant threat to the effectiveness and integrity of digital advertising campaigns. This article explores various risks to digital advertising from pixel stuffing and ad stacking to domain spoofing and bots. It will also explore what should be done to ensure ad fraud protection and improve effectiveness.
Turning Business Development Plans Into Reality
This article offers practical insights and best practices to navigate the path from roadmap to rainmaking, ensuring your business development efforts are not just sporadic bursts of activity, but an integrated part of your daily success.