In cases under both chapter 15 of the Bankruptcy Code and its repealed predecessor, section 304, U.S. bankruptcy courts have routinely recognized and enforced orders of foreign bankruptcy and insolvency courts as a matter of international comity. However, U.S. bankruptcy courts sometimes disagree over the precise statutory authority for granting such relief, because the provisions of chapter 15 are not particularly clear on this point in all cases.
On January 14, 2021, the U.S. Supreme Court held in City of Chicago v. Fulton, 592 U.S. __ (2021), that a creditor in possession of a debtor's property does not violate the automatic stay, specifically section 362(a)(3) of the Bankruptcy Code, by retaining the property after the filing of a bankruptcy petition. The Court's decision provides important guidance to bankruptcy courts, practitioners, and parties on the scope of the automatic stay's requirements.
Introduction
Good-Faith Defense to Avoidance of Fraudulent Transfers
Stockbroker Liquidations Under SIPA
Madoff
The Second Circuit's Ruling
Outlook
On January 14, 2021, the U.S. Supreme Court held in City of Chicago v. Fulton, 592 U.S. __ (2021), that a creditor in possession of a debtor's property does not violate the automatic stay, specifically section 362(a)(3) of the Bankruptcy Code, by retaining the property after the filing of a bankruptcy petition. The Court's decision provides important guidance to bankruptcy courts, practitioners, and parties on the scope of the automatic stay's requirements.
La Sala Primera del Tribunal Supremo ha dictado una nueva sentencia, la 46/2021, de 2 de febrero, en la que se confirma lo ya señalado en la Sentencia 4/2021, de 15 de enero de 2021. Dos sentencias miméticas en todo (casi hasta en las partes).
La doctrina ahora asentada por la 46/2021 se resume:
In the latest chapter of more than a decade of litigation involving efforts to recover fictitious profits paid to certain customers of Bernard Madoff's defunct brokerage firm as part of the largest Ponzi scheme in history, the U.S. Court of Appeals for the Second Circuit held in In re Bernard L. Madoff Investment Securities LLC, 976 F.3d 184 (2d Cir.
In Short
The Situation: Circuit courts were split on whether mere retention by a creditor of estate property violates the Bankruptcy Code's automatic stay, under 11 U.S.C. § 362(a)(3). The U.S. Supreme Court considered the question inCity of Chicago v. Fulton, in which the City of Chicago had refused to return debtors' vehicles after they filed Chapter 13 bankruptcy petitions.
Una reciente sentencia del Tribunal Supremo (TS) establece que el socio que ejerce el derecho de separación conserva su condición hasta que se reembolse de manera efectiva su participación. La resolución también señala que, en caso de que la separación se produzca antes de la declaración de concurso de acreedores, el crédito del socio será subordinado sin perjuicio de la eventual contingencia derivada de la posible litigiosidad de su cuantía.
2020 ha sido un año atípico. La alerta sanitaria mundial provocada por la expansión del COVID-19 y la consecuente declaración del estado de alarma en España en marzo de 2020 llevaron a una vorágine legislativa sin precedentes. En este contexto, las empresas se encuentran inmersas en un escenario incierto en el que la toma de decisiones juega un papel clave para la viabilidad futura del negocio.
The ability of a bankruptcy trustee to avoid certain transfers of a debtor's property and to recover the property or its value from the transferees is an essential tool in maximizing the value of a bankruptcy estate for the benefit of all stakeholders. However, a ruling recently handed down by the U.S. Court of Appeals for the Tenth Circuit could, if followed by other courts, curtail a trustee's avoidance and recovery powers. In Rajala v. Spencer Fane LLP (In re Generation Resources Holding Co.), 964 F.3d 958 (10th Cir. 2020), reh'g denied, No.