Features
COVID-19: As Coronavirus Ravages the Economy, Bankruptcy Attorneys Prepare for the Flood
Law firms have always counted on bankruptcy as a countercyclical practice in hard times. Now, those that prepared when the economy was booming may be about to get their reward.
Features
Parent of Secured Creditor Does Not Automatically Gain Secured Status
The ruling in In re Jarvis that the grant of a security interest to a corporate lender will not necessarily "spread" that security interest to the lender's affiliates underscores the need for precision and care in the drafting of loan documents, particularly with respect to the granting language contained in security agreements.
Features
Personal Guaranty of Commercial Lease Held Discharged in Guarantor's Bankruptcy
As we prepare for the anticipated increase in bankruptcy filings caused by the COVID-19 pandemic's impact on the economy, many practitioners are trying to compare this to the savings and loan crisis of the late 1980s. One of the issues that keeps coming up cycle after cycle is whether a personal guaranty of a commercial lease is discharged in the bankruptcy of the individual guarantor. Court decisions have split on this issue for years.
Features
Supreme Court Defers to State Law on Ownership of Tax Refund
High Court Rejects Application of Bob Roberts Rule Federal courts should "turn to state law to resolve" a "fight over a tax refund," held a unanimous U.S. Supreme Court in Rodriquez v. FDIC (In re United W Bancorp., Inc.)
Features
Expect Flurry of Bankruptcy Filings With Coronavirus Slowdown
Potential Clients Are Reaching Out to Bankruptcy Attorneys to Assess the Need for Business Filings Bankruptcy attorneys expected to get calls as the coronavirus pandemic swiftly slowed the economy — and they were right.
Features
Venue Reform in Corporate Bankruptcies
A bipartisan group of House lawmakers has introduced a bill that aims to limit where distressed companies can file bankruptcy, making it harder for companies to file outside of the jurisdiction where they are headquartered or have most of their assets. The Bankruptcy Strategist asked Robert J. Gayda, a partner in Seward & Kissel's Bankruptcy and Corporate Reorganization Group who represents a clients in all aspects of restructuring, about his thoughts on proposed venue reform in corporate bankruptcies.
Features
Asset Protection, Pre-Bankruptcy Planning and Code §727(a)(2)(A)
This article examines asset protection and pre-bankruptcy planning and its impact on a debtor's discharge through Bankruptcy Code §727(a)(2)(A).
Features
A New Regime in Preference Litigation
One of the provisions of the Small Business Reorganization Act amends the language of Bankruptcy Code Section 547 — which gives trustees and debtors in possession the right to seek to recover a payment to a third party in the 90-day period prior to the commencement of a bankruptcy case as a "preference" — to add a due diligence requirement. Though the intent behind the added language seems clear, it may not have its intended effect.
Features
Bankruptcy Court Preliminary Injunction Held Not Appealable
A bankruptcy court's preliminary injunction was "not a final and immediately appealable order," held the U.S. District Court for the District of Delaware in In re Alcor Energy, LLC.
Features
Discharge of Student Loan Debt OK'd Under Brunner Standard
In January, a Southern District of New York U.S. Bankruptcy Chief Judge entered a decision granting summary judgment to a pro se debtor, finding that he debtor had satisfied the "undue hardship" standard set forth in Section 523(a)(8) of the Bankruptcy Code, and ordering the discharge of the student loan debt of more than $220,000.
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