Features
Congress Seeks to Restrict Nondebtor Releases in New Bankruptcy Reform Bill
Members of Congress recently introduced the Nondebtor Release Prohibition Act, which proposes to amend the Bankruptcy Code to, among other things, restrict courts' ability to approve third-party releases of nondebtors and related injunctions under plans of reorganization or otherwise in Chapter 11 cases.
Features
Authority to File Chapter 11: A Matter of Contract or Public Policy?
If you think public policy favoring the freedom to file a Chapter 11 trumps the freedom to negotiate specific restrictions to such a filing, think again.
Features
Supreme Court's Denial to Hear Student Debt Discharge Case Leaves Ambiguity
With federal student loan forbearance set to expire at the end of September, many hoped the high court would provide, if not clarity, at least uniformity for the millions of Americans who currently are on the hook for student loans.
Features
Abbreviated Name Makes UCC Financing Statement Defective
In In re Bryant, the U.S. Bankruptcy Court for the Middle District of Georgia determined that a lender's UCC-1 financing statements were "seriously misleading" under the Georgia Commercial Code because the financing statements identified the individual debtor with his middle name abbreviated.
Features
Sixth Circuit: Section 363 Sale Not 'Free and Clear' of Creditor's Claims
Buyers generally assume that the multi-page "free and clear" order, which typically follows the sale hearing, will insulate them from any of the seller's current (and often) future liabilities. However, that is not always the case.
Features
Escape New York: Court Dismisses NRA's Chapter 11 As Improper Tactic to Avoid New York's Non-Profit Regulatory Scheme
This article explores the competing factors the Bankruptcy Court considered and the rationale underlying its decision to grant the drastic relief of dismissing the NRA's bankruptcy case.
Features
Obtaining Administrative Claim Status When Doing Business With a Debtor
How is administrative claim status obtained in a bankruptcy case, and what risks does a service or goods supplier take by continuing to do business with the debtor after commencement of the bankruptcy case?
Features
Trustee Rights and Obligations When Debtor's Ch. 11 Case Converts to Ch. 7
U.S. Bankruptcy Court for the District of Delaware court held that a Chapter 7 trustee was bound by the pre-conversion actions of the debtors, and that the trustee would not be permitted to step into the shoes of the then-dissolved official committee of unsecured creditors to pursue certain causes of action.
Features
Appellate Court Finds Plaintiffs' Claims Under Section 362 Not Automatically Stayed
Parties holding potential claims against non-debtor third parties that are arguably "related to" the bankruptcy estate must weigh the risks and benefits of actively prosecuting such claims. The mere fact that a bankruptcy trustee could pursue such claims as property of the bankruptcy estate under Section 541 of the Bankruptcy Code will not be enough to argue that such claims are conclusively barred by the automatic stay.
Features
Retail Lease Workout In Bankruptcy Trends Show 'We're All In This Together'
Landlords and commercial tenants have proven savvy and mutually symbiotic. These entities learned quick lessons during the pandemic to sustain the landlord-tenant relationship on adjusted footing or otherwise to provide an agreeable runway for a lease exit minimizing the damage to landlords and tenants. Three workout trends reflect this changing landscape that "we are all in this together."
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