When it comes to releases, plan proponents generally agree the broader the better. But when plan proponents include far reaching and all-encompassing language in hopes of securing a release for every possible claim under the sun, they sometimes overlook the very claims for which they may actual want a release. This was the case in a recent decision,
It is widely known that one of the basic tenets of U.S.
The Bankruptcy Court for the Southern District of New York recently handed down a decision declining to grant a creditor’s motion to reopen a debtor’s chapter 7 case and vacate a discharge order. Although the legal predicates at issue in that case may not be relevant to all practitioners, the case itself serves as a valuable reminder about “best” practices and provides a number of teachable moments for attorneys of all ages and practice areas.
Background
Attorney. Counselor. Advisor. As “the last bastion of the generalist,” the role of the restructuring attorney takes various forms and requires a restructuring attorney to wear many different hats – at times acting both as lawyer and business advisor. This combination of business and law is very often what draws professionals to the practice area in the first place. The line, however, between business and legal advisor is often blurry and imprecise, and a recent
In a decision that could have far reaching implications on the manner and level of secured creditor participation in bankruptcy cases, the Court of Appeals for the Seventh Circuit recently held that the deadline for filing proofs of claim under Bankruptcy Rule 3002(c) applied to all creditors – both unsecured and secured. Previously, secured creditors had relied on conflicting cases that permitted secured creditors to f
As a part of our continuing coverage of the 2012-2014 Final Report and Recommendations of the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11, we’ve reported on a number of the Commission’s proposed revisions and reforms to the Bankruptcy Code, many of which (i.e., systemically important financial institutions, cross-border cases, DIP financing, etc.) primarily impact the traditional big players i
Regardless of whether a creditor has a claim identified in a debtor’s schedules of assets and liabilities, generally speaking, most attorneys representing creditors in the context of a chapter 11 case will advise their clients to file a formal proof of claim with the bankruptcy court. Often this is just “belts and suspenders” and a matter of good practice but, if nothing else, a formal proof of claim will serve to protect a creditor’s rights and interests vis à vis the estate.
Creditors contemplating the bold step of commencing an involuntary bankruptcy case against a putative debtor may wish to consider a recent decision of the Bankruptcy Court for the District of Minnesota Court,