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Conflicts of interest among clients are a chronic problem for law firms with many clients. How law firms address the problem — and they must — is what the Boy Scouts of America decision shows.
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The Ninth Circuit recently affirmed a lower courts' rulings that a stipulation between the IRS and a bankruptcy trustee, which allowed the IRS's priority tax claim, did not prevent the IRS from collecting nondischargeable tax debt above the agreed amount in that stipulation.
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It seems clear that bankruptcy filings inevitably will increase in the near future, because of rising interest rates, pandemic-related micro-economic forces, global strife, and other macro-economic factors and their continuing strain on the global economy and individual businesses. Consequently, strategic buyers and private equity sponsors should find expanding opportunities to purchase distressed businesses out of bankruptcy.
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While regularly used among lenders, manufacturers, and dealers, treatment of Inventory financing program agreements in bankruptcy is not uniform, and uncertainty exists with respect to how such agreements may be treated in the context of a manufacturer's Chapter 11.
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Two Recent Cases Shed Light on Potential Risks to Preferred Equity Holders in Chapter 11 Preferred equity is a varied and flexible instrument, but, in practice, it typically has a limited number of common features. One feature is that it is entitled to a "liquidation preference" ahead of common stock. Whether the liquidation preference of preferred equity entitles preferred shareholders to priority over common shareholders in a Chapter 11 reorganization is a question that figured prominently in two recent high profile cases.
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"Good-faith purchasers enjoy strong protection under [Bankruptcy Code] §363(m)," but the silent asset buyer ("B") with "actual and constructive knowledge of a competing interest" lacks "good faith," held the U.S. Court of Appeals for the Seventh Circuit.
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Federal bankruptcy courts have been unavailable to marijuana businesses due to the Schedule I status of marijuana. The United States Trustee's policy is to move to dismiss or object in each case involving marijuana assets, because they cannot be administered under the Bankruptcy Code.
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The Small Business Reorganization Act created a new pathway for small businesses to remain in control of running their businesses, which is the usual reason for choosing to seek relief under Chapter 11, while eliminating many of the reasons that typical Chapter 11 proceedings exhausted the patience, and wallets, of both debtors and creditors.
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A summary of the factors that courts have considered and will likely continue to consider when addressing dischargeability of private student loans under subsection 523(a)(8)(A)(ii) of the Bankruptcy Code, and a cautionary word for practitioners considering whether to put forth an argument to the contrary.
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The Fifth Circuit signaled that it would not approve in later cases a bankruptcy court asset sale of real property that summarily cuts off the rights of the debtor's lessees.