Payments made by a debtor within 90 days of a bankruptcy petition are generally avoidable as preferences under section 547 of the Bankruptcy Code. Many exceptions and defenses exist, however, to ensure that creditors are not discouraged from conducting business with companies that may be at risk of filing
Lien stripping is a topic that has frequently been in the bankruptcy news this summer in light of the Supreme Court’s recent decision in Bank of America v.
For many parents with school-age kids, the month of August marks the end of summer vacation and the start of the new school year, and in this spirit, a post on practice fundamentals seems appropriate. Specifically, attorneys are responsible for (i) maintaining an accurate address of record to ensure proper service and (ii) monitoring their case docket to avoid missing a deadline. While this may seem elementary, the recent decision from Judge Teel of the United States Bankruptcy Court for the District of Columbia nonetheless reinforces a point that is particularly applicable to a
In the latest chapter of the New Century bankruptcy cases, the Court of Appeals for the Third Circuit vacated a district court’s decision on the sufficiency of the debtors’ publication notice and remanded the case back to the district court to determine the critical issue of whether the plaintiff-appellees were known creditors entitled to actual notice.
As the adage goes, everything old is new again. Just like old fads coming back into style, bankruptcy issues that first arose decades ago seem to present themselves again and again over the years, albeit with a different set of facts. Such is the case with the bankruptcy of Johns-Manville Corporation and its affiliates. Despite Manville’s emergence from bankruptcy in 1988, questions regarding the protections of the channeling injunction issued under Manville’s chapter 11 plan continue to present themselves today. Much to the relief of one of Manville’s insurers, in a
Two recent decisions from the District Court for the Southern District of New York have renewed interest in the Trust Indenture Act and the ability of minority bondholders to use it as a shield to protect their rights in an out-of-court nonconsensual restructuring: Marblegate Asset Management, LLC v.
Two recent decisions from the District Court for the Southern District of New York have renewed interest in the Trust Indenture Act and the ability of minority bondholders to use it as a shield to protect its rights in an out-of-court nonconsensual restructuring: Marblegate Asset Management, LLC v.
Last week, we reviewed the recent decision of the Bankruptcy Court for the Southern District of New York that granted recognition to the Brazilian bankruptcy proceedings of three entities in the OAS Group (“OAS”), a Brazilian infrastructure enterprise. Part I of this series focused on the facts of the OAS cases and the objections to recognition interposed by two signific
Key Takeaway: Second Circuit allows secured
creditors to opt out of chapter 11 and preserve their liens from discharge.