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Supreme Court Holds That a Non-Debtor Retaining a Debtor’s Property Does Not Exercise Control Over the Property in Violation of the Automatic Stay

In January 2020, we analyzed a split among the Circuit Courts regarding whether a non-debtor holding a debtor’s property on the petition date has an affirmative obligation under section 362(a)(3) of the Bankruptcy Code to return that property to the debtor immediately following the filing of the bankruptcy petition.

USA, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
Lenders Beware: The 9th Circuit Dilutes Voting Power in Multi-Debtor Cases (In re Transwest Resort Properties Inc.)

Courts are often faced with the situation in which affiliated debtors file for Chapter 11 reorganization and request to have their cases jointly administered. While joint administration does not, without more, cause substantive consolidation of the assets and liabilities of the corporate group, jointly-administered debtors may propose a single plan of reorganization that establishes the recovery for all of the debtors’ creditors.

USA, Company & Commercial, Insolvency & Restructuring, Litigation, Sullivan & Worcester LLP, Holding company, Ninth Circuit, United States bankruptcy court
A win for innovation: Supreme Court’s denial of review of Jaffe v. Samsung Electronics Co. preserves U.S. rights of licensees of Chapter 15 foreign debtors

BACKGROUND

USA, Insolvency & Restructuring, Litigation, Patents, Sullivan & Worcester LLP, Debtor, Samsung
But only from sea to shining sea: U.S. court limits the reach of U.S. Bankruptcy Code

International businesses involved in transactions associated in some way  with U.S. citizens received a measure of relief over the 4th of July holiday  weekend.

USA, New York, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Sullivan & Worcester LLP