Fulltext Search
Courts, Cooperation, and More: Incorporating Case-Specific Provisions in Insolvency Protocols

In Short

The Situation: In cross-border restructuring cases, court-approved insolvency protocols are applied to facilitate communication between U.S. and foreign courts and standardize certain common procedures. The protocols are sometimes adapted to address case-specific issues.

The Result: Case-specific provisions tend to address information-sharing guidelines, claims reconciliation, the management of assets, and dispute resolution.

USA, Insolvency & Restructuring, Litigation, Jones Day, Dispute resolution, US District Court for the Southern District of New York
Sunshine Heifers, LLC v. Citizens First Bank (In re Purdy)

(6th Cir. Aug. 31, 2017)

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Sixth Circuit
In re Stapp

(Bankr. S.D. Ind. Aug. 21, 2017)

USA, Indiana, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Springer v. RNBJ RTO LLC (In re Springer)

(Bankr. W.D. Ky. Aug. 16, 2017)

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Grede v. FCStone, LLC (In re Sentinel Management Group, Inc.)

(7th Cir. Aug. 14, 2017)

The Seventh Circuit reverses the district court and holds that certain funds held by the debtor were held in trust for the appellant and other creditors in the same customer class. The funds therefore were not property of the estate that should be distributed pro rata to all creditors. Opinion below.

Judge: Hamilton

Attorneys for Appellant: Foley & Lardner LLP, Stephen Bedell, Robert Seth Bressler, Geoffrey S. Goodman, David B. Goroff, Thomas P. Krebs, William J. McKenna, Jr.

USA, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC, Seventh Circuit
In re Mann

(Bankr. W.D. Ky. Aug. 10, 2017)

The bankruptcy court denies the U.S. Trustee’s motion to enter an order for sanctions and requiring disgorgement of fees. The attorney had provided advice to the debtor about the petition and schedules that the debtor had drafted. The attorney was not aware that a bankruptcy was filed until he received the U.S. Trustee’s motion. The court declines to grant the relief requested under these circumstances. Opinion below.

Judge: Lloyd

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Second Circuit Affirms Bankruptcy Court’s Nullification of Chapter 15 Debtor’s Sale of Claim Due to Woefully Inadequate Price

In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against Bernard Madoff’s defunct brokerage company was not subject to review as an asset sale under section 363(b) of the Bankruptcy Code.

USA, Insolvency & Restructuring, Litigation, Real Estate, Jones Day, Second Circuit
Kendrick v. Rister (In re Rister)

(Bankr. E.D. Ky. Aug. 4, 2017)

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC
Coslow v. Reisz (In re Coslow)

(Bankr. W.D. Ky. July 28, 2017)

USA, Kentucky, Banking, Insolvency & Restructuring, Litigation, Real Estate, Stoll Keenon Ogden PLLC, Mortgage loan, United States bankruptcy court
Ball v. United Cumberland Bank (In re Ball)

(Bankr. E.D. Ky. July 17, 2017)

The bankruptcy court dismisses the debtor’s complaint seeking to avoid a transfer to the bank defendant. The transfer consisted of the Bank exercising its contractual setoff right and applying funds in the debtor’s bank account to the Bank’s claim. The transfer occurred while the bankruptcy case was dismissed. The debtor fails to state a claim that is plausible on its face. Opinion below.

Judge: Schaaf

USA, Kentucky, Insolvency & Restructuring, Litigation, Stoll Keenon Ogden PLLC