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Banks take a risk in freezing a debtor’s account during chapter 7 proceedings

Introduction

USA, New York, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs
Even the “cleverly insidious” lender cannot prevent its borrower from filing bankruptcy

Put your lender’s hat on. Wouldn’t it be great if you could prevent your borrower from filing bankruptcy in the first place? Unfortunately for lenders, a recent decision demonstrates how hard it is to prevent bankruptcy filings.

USA, Insolvency & Restructuring, Litigation, Real Estate, Squire Patton Boggs, Bankruptcy, Debtor
House passes bank bankruptcy bill – pressure now on Senate to act

On December 1, 2014, the U.S. House of Representatives passed the Financial Institution Bankruptcy Act of 2014(FIBA).  The legislation passed on a voice vote and is supported by the major Wall Street banks.

USA, Insolvency & Restructuring, Squire Patton Boggs, Bankruptcy, Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 (USA)
Court rejects debtor’s attempt to reject part of an integrated contract

All bankruptcy practitioners know that a debtor may choose which contracts to assume and which contracts to reject.  But may a debtor reject contracts that are part of an overall, integrated transaction?  In a recent bankruptcy decision, the court found the answer to be no, at least if the parties are careful in drafting their contracts.

USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs