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Update on Corporate Bankruptcy Tax Refund Litigation Image

Update on Corporate Bankruptcy Tax Refund Litigation

Michael L. Cook

The bankruptcy trustee of a bank holding company was not entitled to a consolidated corporate tax refund when a bank subsidiary had incurred losses generating the refund, Tenth Circuit held.

Features

Estate Professionals Can Be Compensated for Services Performed Before Entry of a Retention Order, Even Without Nunc Pro Tunc Orders Image

Estate Professionals Can Be Compensated for Services Performed Before Entry of a Retention Order, Even Without Nunc Pro Tunc Orders

Sheryl P. Giugliano

Bankruptcy professionals should be relieved by a recent decision holding that although nunc pro tunc orders approving a professional's retention are now considered "inappropriate" in light of the Supreme Court's decision in Roman Catholic Archdiocese of San Juan, there is nothing in the Bankruptcy Code, Bankruptcy Rules, or applicable case law preventing an award of compensation before a retention order is entered.

Features

Corporate Resiliency: How to Ensure Financial Health Ahead of an Economic Downturn Image

Corporate Resiliency: How to Ensure Financial Health Ahead of an Economic Downturn

Derek F. Meek & Hanna Lahr

Proper planning is key to ensuring a company's financial health when facing an economic downturn. Although companies will come into such planning with different levels of financial health, the same considerations can be helpful in determining the best path forward.

Features

The Shutdown of the Restaurant Industry: The Widespread Impact Image

The Shutdown of the Restaurant Industry: The Widespread Impact

Gerald D. Davis & Amy L. Drushal

Restaurants are already fragile businesses, not known for lucrative revenue, but instead known for surviving on tight margins. When the industry reopens to the "new normal," what will the restaurant industry look like?

Features

Advertising Section 363 Sales in the Digital Age Image

Advertising Section 363 Sales in the Digital Age

Mark S. Melickian & David M. Madden

this article provides an overview of the legal landscape governing §363 sales and the types of Internet-based resources available to potential asset sellers.

Features

Open Questions Regarding Disallowance Under Section 502(d) Image

Open Questions Regarding Disallowance Under Section 502(d)

Paul A. Rubin & Hanh V. Huynh

The intra-district divide in the Southern District of New York continued to deepen on the issue of whether claims disallowance under section 502(d) of the Bankruptcy Code applies to the claim or to the claimant.

Features

Legal Tech: As Bankruptcies Grow, E-Discovery Counsels' Work May Become More Challenging Image

Legal Tech: As Bankruptcies Grow, E-Discovery Counsels' Work May Become More Challenging

Victoria Hudgins

Businesses reeling after multiple international stay-at-home mandates are finding themselves out of options and filing for bankruptcy. The situation has led some law firms to cash in on bankruptcy service, and made many cautiously optimistic that the bankruptcy practice will be in high-demand during the current recession.

Features

Preparing for State Bankruptcies Image

Preparing for State Bankruptcies

Samantha Stokes

It's no secret that major law firm bankruptcy practices are ramping up for a historic rise in Chapter 11 filings as industries are battered by the COVID-19 pandemic. Controversial comments by Senate majority leader Mitch McConnell in April raised the possibility that restructuring lawyers could also gain a new clientele: state governments.

Features

Bankruptcy Asset Sales During COVID-19 Crisis Image

Bankruptcy Asset Sales During COVID-19 Crisis

Hugh McDonald & Deborah Kovsky-Apap

The COVID-19 pandemic is already leaving its mark on the bankruptcy asset sale landscape. Despite the uncertainty — or even because of it — bankruptcy should still be viewed as a useful tool to effectuate the acquisition of assets. The current situation and anticipated distress across many industries presents opportunities for purchasers to acquire assets on favorable terms.

Features

COVID-19: A Massive Impediment to Bankruptcy Relief Image

COVID-19: A Massive Impediment to Bankruptcy Relief

Joseph H. Lemkin

With Uncertainty As to When the Pandemic Will Ease, Bankruptcy Courts Do Not Seem to Be a Panacea Leading to Successful Reorganizations or Orderly Liquidations for Troubled Companies The impact of COVID-19 on efforts of businesses to reorganize or even orderly liquidate in bankruptcy has been swift and devastating

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