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Business Filings Fall in Fiscal Year 2015 for Sixth Consecutive Year
The Administrative Office of the U.S. Courts has reported that bankruptcy cases filings in the federal courts have fallen by nearly 11% overall for the fiscal year 2015 ' the 12-month period ending Sept. 30, 2015. For FY 2015 there were a total of 860,182 petitions filed compared with 963,739 bankruptcy filings in FY 2014. This is the lowest number of bankruptcy filings for any 12-month period since 2007, and the fifth consecutive fiscal year filings have fallen.
Of greater concern to business bankruptcy practitioners is that business filings are down 12% for this fiscal year. There were 24,985 business cases filed in FY 2015 compared with 28,319 the year before. While commercial bankruptcy counsel are accustomed to the cyclical nature of their practice, this acknowledgment is cold comfort to the reality that the total number of business filings over the past two years combined is less than the single year highs of 58,651 and 58,322 business filings recorded in FY 2009 and FY 2010, respectively. It should also be noted, however, that in FY 2007, the year before the global recession, business filings stood at 25,925, only slightly less than the 24,985 cases filed for FY 2015.
For more detailed statistics from the Administrative Office of the U.S. Courts, please visit http://tinyurl.com/pkp4vsk.
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Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Strategy vs. Tactics: Two Sides of a Difficult Coin
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Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
The Anti-Assignment Override Provisions
UCC Sections 9406(d) and 9408(a) are one of the most powerful, yet least understood, sections of the Uniform Commercial Code. On their face, they appear to override anti-assignment provisions in agreements that would limit the grant of a security interest. But do these sections really work?