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Lessor Repossession of Property on Eve of Lessee Bankruptcy Image

Lessor Repossession of Property on Eve of Lessee Bankruptcy

Theresa A. Driscoll

Voluntary Turnover or Face Contempt Lessors who repossess property immediately prior to a lessee bankruptcy filing may be required to return such property or face sanctions by the bankruptcy court. Federal courts are currently split on the issue of whether the lessor must voluntary surrender property seized petition or may hold such property until such time as the debtor seeks, and obtains, an order of turnover.

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Tips to Minimize Landlord's Exposure When a Commercial Tenant Files Bankruptcy Image

Tips to Minimize Landlord's Exposure When a Commercial Tenant Files Bankruptcy

Carmen Contreras-Martinez 

Landlords often have clues that a tenant is going to be filing for bankruptcy, rental payments are consistently late several months in a row and the tenant falls more than a month behind on the rent. But, it can still be shocking when a landlord receives a legal notice in the mail, instead of a rent check.

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Recent Developments in Third Circuit Bankruptcy Law Image

Recent Developments in Third Circuit Bankruptcy Law

Rachel Ehrlich Albanese & Gregory Martin Juell

Bankruptcy and corporate restructurings continue to be active despite generally strong U.S. financial markets and broader macroeconomic conditions. Here is a brief overview of three recent and noteworthy bankruptcy decisions within the Third Circuit.

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Move Quickly: Supreme Court Holds that Bankruptcy Court's Denial of Motion for Relief from the Automatic Stay Is a Final Appealable Order Image

Move Quickly: Supreme Court Holds that Bankruptcy Court's Denial of Motion for Relief from the Automatic Stay Is a Final Appealable Order

Louis F. Solimine, James J. Henderson & Andrew L. Turscak, Jr.

In a recent, unanimous opinion authored by Justice Ginsburg, the U.S. Supreme Court affirmed lower court decisions holding that a bankruptcy court order denying a motion for relief from the automatic stay constitutes a final order that must be appealed within the time provided under Federal Rule of Bankruptcy Procedure 8002.

Features

Tips to Minimize Landlord's Exposure When a Commercial Tenant Files Bankruptcy Image

Tips to Minimize Landlord's Exposure When a Commercial Tenant Files Bankruptcy

Carmen Contreras-Martinez

Because bankruptcy can add significant expenses and increase the time it takes to remove a delinquent tenant, landlords should not allow tenants to fall far behind on rental payments. Here are some tips on how to address the issues raised by a bankrupt tenant.

Features

Bankruptcy Court Denies Motion for Fee Enhancement Under 'Common Fund Doctrine' Image

Bankruptcy Court Denies Motion for Fee Enhancement Under 'Common Fund Doctrine'

Rudolph J. Di Massa, Jr. & Geoffrey A. Heaton

The U.S. Bankruptcy Court for the Western District of Virginia recently denied creditors' counsel's motion for a fee enhancement under the "common fund doctrine," finding it could not award the requested fees absent statutory authority.

Features

Examining the Interplay Between Exculpation Clause and Fiduciary Duty Image

Examining the Interplay Between Exculpation Clause and Fiduciary Duty

Lawrence J. Kotler 

In the case of In re Solutions Liquidation, the U.S. Bankruptcy Court for the District of Delaware adjudicated a motion to dismiss filed by the debtors' former managers and officers in connection with the breach of fiduciary duty complaint filed against them by the trustee of the debtors' liquidating trust.

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Sixth Circuit Considers Rejection of a Filed Power Purchase Agreement Image

Sixth Circuit Considers Rejection of a Filed Power Purchase Agreement

Andrew C. Kassner & Joseph N. Argentina Jr. 

The provisions of the Bankruptcy Code sometimes conflict with other federal laws and regulations. The Sixth Circuit Court recently considered whether an energy company debtor could reject a power purchase agreement as an executory contract that had been filed with the Federal Energy Regulatory Commission (FERC)

Features

Chapter 11 Plan Support Agreements: Greasing the Wheels for Confirmation Success Image

Chapter 11 Plan Support Agreements: Greasing the Wheels for Confirmation Success

John J. Rapisardi & Joseph Zujkowski 

Plan support agreements are often an essential component of a successful complex Chapter 11 reorganization and provide a framework for a debtor's financial restructuring. These agreements have increasingly been used to induce core groups of major lenders and bondholders to support a debtor's restructuring in return for enhanced recoveries.

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Uniform Voidable Transactions Act Signed Into Law in NY Image

Uniform Voidable Transactions Act Signed Into Law in NY

Thomas R. Slome, Michelle McMahon & Sophia Hepheastou

On Dec. 6, 2019, Gov. Andrew Cuomo signed legislation modernizing New York's 95-year-old fraudulent conveyance law and making it consistent with the U.S. Bankruptcy Code and the law of at least 44 other states. The Uniform Voidable Transactions Act (UVTA) primarily clarifies the rights and remedies of parties involved in transactions with financially distressed entities.

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