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Court of Appeals Holds Bankruptcy Law Does Not Preempt Lender’s Tortious Interference Claims Against Third-Party Non-Debtors

1In Sutton 58 Associates LLC v.

USA, New York, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP
New York Amends Its Fraudulent Conveyance Law by Enacting the Uniform Voidable Transactions Act

Last month, New York enacted the Uniform Voidable Transactions Act (“UVTA”)[1], which seeks to modernize the state’s fraudulent conveyance law.

Since its introduction by the Uniform Law Commission in 2014, the UVTA has now been adopted by 21 states.[2] The UVTA was originally drafted by the Uniform Law Commission as an amendment to the 1984 Uniform Fraudulent Transfer Act (“UFTA”); New York was one of only seven states that did not adopt the original UFTA.[3]

USA, New York, Insolvency & Restructuring, Patterson Belknap Webb & Tyler LLP
Ninth Circuit Removes Important Restriction to Cannabis Bankruptcy Reorganizations, But Obstacles Remain

The court noted that the DOJ might prosecute cannabis-related businesses under the CSA, notwithstanding plan confirmation. Thus, Garvin may have foreclosed any future DOJ CSA-based noneconomic objections to cannabis reorganizations.

USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Ninth Circuit
Commercial Division Declines to Use New York Debtor and Creditor Law to Enjoin a Defendant’s Asset Sale Without Evidence of Inadequate Consideration

In Del Forte USA, Inc. v. Blue Beverage Group, Inc. et al., No. 518454/2016, 2017 BL 253248 (Sup. Ct. Jul. 17, 2017), New York Commercial Division Justice Sylvia G. Ash denied plaintiff Del Forte’s preliminary injunction motion that sought, pursuant to N.Y.

USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Breach of contract, Preliminary injunction
Commercial Division Declines to Use New York Debtor and Creditor Law to Enjoin a Defendant’s Asset Sale Without Evidence of Inadequate Consideration

In Del Forte USA, Inc. v. Blue Beverage Group, Inc. et al., No. 518454/2016, 2017 BL 253248 (Sup. Ct. Jul. 17, 2017), New York Commercial Division Justice Sylvia G. Ash denied plaintiff Del Forte’s preliminary injunction motion that sought, pursuant to N.Y.

USA, New York, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP