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Corporate minds do not all think alike: The Supreme Court affirms a purposive approach to the corporate attribution doctrine

Two recent Supreme Court of Canada decisions demonstrate that the corporate attribution doctrine is not a one-size-fits-all approach.

Canada, Company & Commercial, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP, Supreme Court of Canada
There’s Something About (Hail) Mary: Appeals of Sale Processes and Pre-Receivership Sale Agreements

Court approval of a sale process in receivership or Bankruptcy and Insolvency Act (“BIA”) proposal proceedings is generally a procedural order and objectors do not have an appeal as of right; they must seek leave and meet a high test in order obtain it. However, in Peakhill Capital Inc. v.

Canada, Ontario, Insolvency & Restructuring, Litigation, McCarthy Tétrault LLP
Far and Wide: Bankruptcy Court’s Expansive Definition of “Property” Under Section 109(a)

Despite recent criticisms of venue selection and cries to limit or curtail various provisions of the Bankruptcy Code, a recent decision from the Bankruptcy Court of the Southern District of New York demonstrates that the bankruptcy courts may continue to broadly interpret the scope of their jurisdictional reach and the powers and authorities granted to them under the Bankruptcy Code. In In re JPA No. 111 Co., Ltd., No. 21-12075 (DSJ) (Bankr. S.D.N.Y. Feb.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Coronavirus
No Procedural Notice, No Problem: 11th Circuit Affirms Due Process Not Violated Where Debtor Provides Actual Notice

Overview

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, Eleventh Circuit
The Bar Date Notice: Two Recent Cases Show Us There May Be More (Yes, More!) To Learn When It Comes to Providing Notice of a Debtor’s Bar Date

Overview

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Cybersecurity
Delaware Bankruptcy Court Declines to Bind Credit Bidders to the Mast

Section 363(k) of the Bankruptcy Code grants secured creditors the right to credit bid up to the full amount of their claim as a form of currency to bid to purchase assets securing their claim from a debtor in connection with a stand-alone sale of assets under section 363(b). In a recent opinion from the Bankruptcy Court for the District of Delaware, In re Aerogroup International, Inc., Judge Kevin J.

USA, Delaware, Banking, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Secured creditor, Debtor in possession, Third Circuit, US District Court for District of Delaware
Joint Plan Cramdown: Per Plan or Per Debtor?

The Bankruptcy Code’s cramdown provisions are a powerful tool for debtors in the plan confirmation process. Pursuant to section 1129(a)(10) of the Bankruptcy Code, a plan may be confirmed if, among other things, “at least one class of claims that is impaired under the plan has accepted the plan.” Once there is an impaired accepting class, and assuming certain requirements are met, the plan may then be “crammed down” on all other classes of impaired creditors that reject the plan and those creditors will be bound by the terms of a plan they rejected.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, US District Court for the Southern District of New York
Same As It Ever Was: Seventh Circuit Reaffirms Narrow Construction of Informal Proof of Claim Doctrine

We’ve previously commented on this blog on a number of decisions (see: (i) Too Little, Too Late: Ninth Circuit Holds Confirmation Objection Insufficient to Revive Untimely Complaint Objecting to Dischargeability of Debt, (ii)

USA, Company & Commercial, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, Seventh Circuit
Not So Fast: Sixth Circuit Dismisses Appeal of Bankruptcy Court Order Denying Approval of Proposed Settlement Agreement For Lack of Jurisdiction

For those interested in a quick read with some juicy facts and egregious acts by the relevant practitioners, check out the recent opinion in Church Joint Venture, L.P. v. Blasingame (In re Blasingame), where the Sixth Circuit Court of Appeals held that an order denying approval of a proposed settlement agreement was not a final order susceptible to appeal as of right.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, United States bankruptcy court, Sixth Circuit
Proceed with Caution: 11th Circuit Holds Debt Collectors May Face Penalties under FDCPA for Filing Proofs of Claims in Bankruptcy for Time-Barred Claims

One of the more appealing aspects of the U.S. bankruptcy process is the relative ease in which parties in interest may file proofs of claim. In years passed all it took was to mail in a simple form to the bankruptcy court or claims agent and now it is even easier with the advent of email and electronic claims uploading. This relatively easy process, however, often comes with a plethora of invalid or unenforceable proofs of claim.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Debt, Consumer debt, Collection agency, Fair Debt Collection Practices Act 1977 (USA)