In 2003 the Seventh Circuit Court of Appeals surprised many observers when it held that a sale of real property under section 363 of title 11 of the United States Code (Bankruptcy Code) could be approved free and clear of a lessee’s leasehold interest in the property. Precision Industries, Inc. v. Qualitech Steel SBQ, LLC (In re Qualitech Steel Corp. & Qualitech Steel Holdings Corp.), 327 F.3d 537 (7th Cir. 2003) (Qualitech).

Key Notes:

Effective March 23, 2015, the Ohio Revised Code will contain robust provisions for the court appointment of a receiver, which will expand the statutory grounds for such appointments and expressly authorize enumerated powers for receivers designed to facilitate the receiver’s ability to liquidate assets. In many respects the revised statute codifies a number of existing practices.

In a major victory for secured creditors, the United States Bankruptcy Court for the Western District of Tennessee has held that a sale of secured property must afford a secured creditor the right to credit bid for its collateral under section 363(k) of title 11 of the United States Code (Bankruptcy Code), except in extraordinary circumstances upon a showing of “cause.” The court held that even where secured party credit bidding might impact the competitive bidding process – including potentially “chilling” third party bids – this alone does not constitute sufficient cause to deny a credito

On June 9, 2014, a unanimous Supreme Court issued the latest in a series of key rulings regarding the extent of a bankruptcy court’s constitutional authority.¹ Notably, while Monday’s Executive Benefitsdecision answered one important question arising out of the Court’s 2011 decision in Stern v. Marshall,² it also left the primary question that resulted in a split in the Circuit Courts of Appeals to be decided another day.

The Aftermath of Stern v. Marshall

The United States Court of Appeals for the Fourth Circuit recently affirmed the bankruptcy court decision in the Qimonda AG chapter 15 bankruptcy case,¹ providing that holders of intellectual property licenses based on U.S. patents are entitled to the special protections contained in 11 U.S.C. § 365(n).² In so doing, the court bolstered the rights of U.S. intellectual property licensees whose agreements might otherwise be vulnerable to termination in a cross-border insolvency proceeding.

Background

In 2010, the Uniform Law Commission promulgated several amendments (Amendments) to Article 9 of the Uniform Commercial Code (Article 9) designed to address problems that have arisen since revised Article 9 went into effect in 2001. Most, but not all, of the Amendments address the proper way to reflect debtor names on financing statements.

Timing and Enactment

Overview

Overview

In a major victory for secured creditors, the United States Supreme Court, on May 29, 2012, unanimously held that a chapter 11 plan involving a sale of secured property must afford the secured creditor the right to credit bid for the property under section 363(k) of title 11 of the United States Code (the “Bankruptcy Code”).¹ In so holding, the Supreme Court resolved the split that had emerged among the United States Circuit Courts of Appeals, as illustrated by the Seventh Circuit’s decision below,² which contrasted with recent decisions from the Third and Fifth Circui