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Creditor Not Entitled to Post-Sale Discovery to Attempt to Amend Sale Proceeds Distribution

In In re Squirrels Rsch. Labs, LLC, No. 21-61491, 2022 WL 1310173, at *1 (Bankr. N.D. Ohio Apr. 29, 2022), the United States Bankruptcy Court for the Northern District of Ohio recently addressed whether post-sale of the debtors’ assets, a creditor could conduct discovery to investigate the extent of a secured creditor’s liens in order to amend the distribution of the sale proceeds. Under the facts of this case, the bankruptcy court denied the creditor’s request.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Due diligence
Reviewing Late Payments for an Ordinary Course Defense

The Bankruptcy Protector

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy
Lending Money to a Friend, You Lose Both the Friend and the Money

The Bankruptcy Protector

In the case of In re Ricky L. Moore (19-01228), the United States Bankruptcy Court for the Northern District of Iowa taught an important lesson in the context of Chapter 12 bankruptcy cases[1]: do not rely on repeated assurances of payment from a friendly debtor in lieu of filing your bankruptcy proof of claim.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy
The Res Judicata Effect of a Confirmed Chapter 13 Plan on Claim Objections: The Fourth Circuit Provides Guidance to Secured and Unsecured Claimants

In LVNV Funding, LLC v. Harling, 852 F.3d 367 (4th Cir. 2017), as amended (Apr. 6, 2017), the Fourth Circuit addressed whether claim objections filed after a Chapter 13 plan had been confirmed are barred by the res judicata effect of the confirmed plan. Here, LVNV Funding filed unsecured proofs of claim that it conceded were barred by the statute of limitations.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Unsecured debt, Res judicata and issue estoppel, Fourth Circuit
Faculty of the bankruptcy receiver to terminate a commitment to sell property in the case the purchaser has already registered the court claim with the land registry

With the decision of 16 September 2015, No. 18131, the Court of Cassation settled a long-standing debate, ruling that the receiver can not terminate an agreement to sell real estate property, entered into by the company which is later declared bankrupt, if the purchaser has registered with the Land Registry, before bankruptcy, its claim to the Court to be transferred title to the property.

Italy, Insolvency & Restructuring, Litigation, Real Estate, Nctm Studio Legale, Bankruptcy
Does the new section No. 120 TUB introduce an immediately applicable anatocism prohibition? The first case-law

The immediate application of the new section no. 120 TUB and the scope of its anatocism prohibition is the centre of a case-law dispute which originated from a series of inhibitory proceedings promoted by a consumer association in order to make ascertain the unlawful capitalization practiced by Banks of the passive interests in bank accounts. Now that said interim proceedings has been defined a first summary can be drawn.

Two main interpretative options so far emerged:

Italy, Banking, Insolvency & Restructuring, Litigation, Nctm Studio Legale