A recent case from the 11th Circuit illustrates the procedural perils of litigation arising from a bankruptcy case but ultimately tried in the district court. In Rosenberg v.
In a favorable ruling to creditors and bankruptcy trustees, SCOTUS issued its ruling yesterday in Husky Int'l Elecs., Inc. v. Ritz (In re Ritz) addressing a circuit split on whether “actual fraud” requires a debtor in bankruptcy to have made a false representation. The 7-1 majority found that “actual fraud” under §523(a)(2)(A) of the Bankruptcy Code to encompass fraudulent conveyance schemes, even when those schemes do not involve a false representation.
On May 10, 2016, the Missouri General Assembly passed the Missouri Commercial Receivership Act (MCRA), providing for significant changes to Missouri’s law on receiverships. Assuming that Governor Nixon signs the bill (which is almost certain), the law will become effective later this year. The significant changes to the Missouri receivership law in the MCRA are as follows:
Either from our prior posts here and here, or from the great posts from Stone and Baxter’s Plan Propon
On May 16, 2016, the Supreme Court of the United States handed down its opinion in Husky International Electronics, Inc. v. Ritz, Case No. 15-145.
On May 10, 2016, the Missouri Commercial Receivership Act (the “Act”) was passed by the Missouri General Assembly as SB 578. The proposed Act provides a complete statutory structure for the appointment of receivers and the administration of receiverships within the state.
Currently, Missouri law regarding receiverships is largely based on case law, in addition to very limited statutory authority. As a result, receivership law can be somewhat confusing and inconsistently applied.
Husky Int’l Electronics, Inc. v. Ritz, No. 15-145
Debtors seek the protections of the Bankruptcy Code to have their debts discharged, but there are exceptions. A creditor can prohibit discharge of a debt “obtained by … actual fraud.” 11 U.S.C. § 523(a)(2)(A). Today, in a 7-1 decision written by Justice Sotomayor, the Supreme Court ruled that a fraudulent conveyance qualifies as “actual fraud.”
The Big Easy. A city overflowing with art, food, fun, and pride. A place where you can experience the immensity and power of a hurricane (both the rum-based libation and the coastal weather event). And home to one of the most popular travel destinations in the United States—the French Quarter. In this installment of the Weil Bankruptcy Blog, we take you to Bourbon Street and review a decision of the Fifth Circuit Court of Appeals resolving a dispute between two companies regarding (fittingly) the assumption of a lease for a saloon on Bourbon Street.
From May 11 to May 13, 2016, SRC Liquidation, LLC International Holdings, LLC (“Liquidating Debtor”), unleashed yet another wave of preference actions, filing approximately 257 additional complaints seeking the avoidance and recovery of allegedly preferential and fraudulent transfers under Sections 547 and 550 of the Bankruptcy Code. The Liquidating Debtor also seeks to disallow claims of such preference defendants under Sections 502(d) and (j) of the Bankruptcy Code.
On May 10, 2016, the Supreme Court of the State of New York, New York County, entered an Order of Liquidation as to Health Republic Insurance of New York (HRINY) based upon a petition filed by the Acting Superintendent of the New York Department of Financial Services, Maria Vullo. The Order was entered upon the filing of an