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Bankruptcy Courts Embracing Virtual ADR Image

Bankruptcy Courts Embracing Virtual ADR

Jeffrey T. Zaino 

Bankruptcy courts are embracing virtual alternative dispute resolution (ADR) processes to handle cases during this extraordinary period. Engaging in online mediation, and arbitration, can expedite Chapter 11 cases toward an equitable conclusion for the parties involved, while ensuring everyone can practice safe social-distancing.

Features

Time Is Running Out On Restructuring Under New Subchapter V Image

Time Is Running Out On Restructuring Under New Subchapter V

Jerrold L. Bregman

The clock is ticking for small businesses to take advantage of a new way to restructure under Chapter 11 of the Bankruptcy Code. New Subchapter V — part of the CARES Act — is set to expire early next year.

Features

Treatment of Straddle Year Federal Taxes in Bankruptcy Cases Image

Treatment of Straddle Year Federal Taxes in Bankruptcy Cases

Andrew C. Kassner & Joseph N. Argentina Jr.

When does a tax liability claim arise in a bankruptcy case? The issue was recently addressed by the U.S. District Court for the District of Delaware which ruled that federal income taxes for the year in which a debtor files for bankruptcy are entitled to priority treatment as administrative expenses when the end of the taxable year occurred after the bankruptcy petition date.

Features

Nondischargeability Judgment Requires Willful and Malicious Injury Under Section 523(a)(6) Image

Nondischargeability Judgment Requires Willful and Malicious Injury Under Section 523(a)(6)

Rudolph J. Di Massa Jr. & Keri L. Costello

In re Smith The Bankruptcy Appellate Panel for the Tenth Circuit recently joined the majority of circuit courts of appeals in finding that a creditor seeking a judgment of nondischargeability must demonstrate that the injury caused by the prepetition debtor was both willful and malicious under Section 523(a)(6) of the Bankruptcy Code.

Features

Cash Flows for Bankruptcies During COVID-19 Image

Cash Flows for Bankruptcies During COVID-19

Jonathan Koevary & Robert Gagne

Chapter 11 petition strategy will almost invariably require and depend upon cash flow for continued use of leased stores and restaurants. To say the least, for those companies that filed for bankruptcy on the eve of the COVID-19 shutdowns, the strategies — and available cash flows to pay landlords — did not go as planned.

Features

COVID Shutdown Orders v. Statutory Rent Obligations Image

COVID Shutdown Orders v. Statutory Rent Obligations

Brett S. Theisen & Mark B. Conlan 

Even though payment of post-petition rent under a nonresidential lease (prior to rejection) has historically been an absolute requirement, bankruptcy courts, as courts of equity, have the ability during these extraordinary times to take a more flexible approach.

Features

What's In Store for Bankruptcy Reform In a Biden Presidency Image

What's In Store for Bankruptcy Reform In a Biden Presidency

Mette H. Kurth & Dan Mette

Senator Elizabeth Warren has been relentlessly pursuing bankruptcy reform for two decades. And Joe Biden has adopted her comprehensive proposal. The proposals could impact commercial bankruptcy law and reverberate across our financial systems.

Features

Unforeseen Consequences for Bankruptcy Practice In CARES Act Image

Unforeseen Consequences for Bankruptcy Practice In CARES Act

Sourav Chaudhuri & Gregory Plotko

This article highlights several of these outcomes and discrepancies of the CARES Act stimulus package, including how accepting crisis funding could lead to a company becoming more distressed, how bankruptcy courts are inconsistently ruling on the ability for Chapter 11 debtors to receive PPP loans and how changes to the Bankruptcy Code altered the rights of equity holders and debtholders.

Features

Bankruptcy and Intellectual Property Executory Contracts Image

Bankruptcy and Intellectual Property Executory Contracts

Michael H. Strub Jr.

The economic impact of the pandemic has been catastrophic. For many companies, intellectual property are significant assets, and counsel for these businesses, as well as counsel for their creditors, licensees and licensors, will need to understand these issues that arise to avoid pitfalls and take full advantage of opportunities to exploit the full value of a company's IP for the benefit of their clients.

Features

COVID-19 Related Governmental Shut Down Order Triggers Force Majeure Provision In Restaurant Leases Image

COVID-19 Related Governmental Shut Down Order Triggers Force Majeure Provision In Restaurant Leases

Marisa L. Byram

While commercial leases and the force majeure clauses contained in such leases vary widely, a recent decision from the United States Bankruptcy Court for the Northern District of Illinois may provide guidance to parties and help them to resolve similar disputes without resorting to the courts.

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