In the typical day-to-day experience in bankruptcy proceedings, the debtor’s ability to assume or reject executory contracts and leases under Section 365 of the Bankruptcy Code is seen from the sometimes-unfortunate perspective of the creditor.
Despite the downturn in the retail industry, retailers should not automatically adopt a "glass half empty approach" but instead view the impending cycle as creating opportunities for companies in both the U.S. and globally. In recent months, a steady stream of analyst coverage has painted a bleak outlook for the retail industry. Between February and March 2017, BCBG Max Azria, Eastern Outfitters, hhgregg, Gander Mountain, and Gordmans were among the companies added to the long list of retailers to seek bankruptcy protection.
Two recent Bankruptcy Court cases both remind and illustrate the power and risks presented by discovery of facts and documents under Bankruptcy Rule 2004, showing that it can compel third parties to provide information to support later litigation against them or cause them to lose their 5th Amendment right against self-incrimination.
Editor’s Note: While we at The Bankruptcy Cave always enjoy writing about new cases or legal developments, we really love using our posts as an opportunity to pass along tips, easily forgotten rules, and things that make the client think you are a rock star (and avoid a client’s distrust in your ability to captain the Chapter 11 ship).
On April 1, a bevy of dollar amounts set forth in the Bankruptcy Code will change. Some of these are quite important to substantive relief, and others are quite important to making sure you don’t look bad in front of the client or your favorite (least favorite?) judge. We have Section 104 of the Bankruptcy Code to thank for this malpractice-inducing enterprise, which we enjoy every three years. See 11 U.S.C. § 104 (a) (“On April 1, 1998, and at each 3-year interval ending on April 1 thereafter, each dollar amount in effect under sections . . . shall be adjusted . . . .”).
On August 29, 2014, Judge John T.
ADVISORY | DISPUTES | TRANSACTIONS Make insolvency great again February 2017 One of the great criticisms of the new President of the United States of America is that his companies filed for bankruptcy four times when he was a business mogul. In truth Donald Trump utilised various provisions of Chapter 11 of the US Bankruptcy Code to restructure his businesses. In an effort to encourage a similar level of entrepreneurial spirit, a mere 14 days after his election the EU Commission unveiled plans to adopt a pan-European regime which closely mirrors much of the US’s Chapter 11.
In Vizcaya Partners Ltd v Picard and another, the Privy Council recently held that anagreement to submit to the jurisdiction of a foreign court can arise through an implied term but there must be actual agreement (or consent). However, simply agreeing that an agreement should be governed by foreign law did not amount to agreement to the corresponding jurisdiction.
The Budget reaffirmed the Government’s commitment to implementing reforms to support consumers and businesses affected by COVID-19.
The Government confirmed the implementation of a number of measures designed to reduce the regulatory burden to ensure a timely flow of credit and resolution for distressed business. These include:
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