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Discharge Exception for Fraud by Corporate Insider Is More Broad Than Circuit Court of Appeals Had Thought

On May 16, 2016, the Supreme Court of the United States handed down its opinion in Husky International Electronics, Inc. v. Ritz, Case No. 15-145.

USA, Insolvency & Restructuring, Litigation, White Collar Crime, Duane Morris LLP, Debtor, Fraud, Misrepresentation, Supreme Court of the United States, Fifth Circuit
Eastern District of New York Holds That "Forced Vesting" of Title to Collateral Is an Impermissible Modification of a Secured Creditor's Rights

In In re Zair, 2016 U.S. Dist. LEXIS 49032 (E.D.N.Y. Apr. 12, 2016), the U.S. District Court for the Eastern District of New York became the latest to take sides on the emerging issue of “forced vesting” through a chapter 13 plan. After analyzing Bankruptcy Code §§ 1322(b)(9) and 1325(a)(5), the court concluded that a chapter 13 debtor could not, through a chapter 13 plan, force a mortgagee to take title to the mortgage collateral.

Background

USA, New York, Banking, Insolvency & Restructuring, Litigation, Duane Morris LLP, Debtor, Collateral (finance), Vesting, Secured creditor
U.S. Supreme Court addresses authority of federal bankruptcy courts to enter final orders and judgments

The world may end in fire and ice but, at least for now, it will not end in the bankruptcy court.[1]

USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, United States bankruptcy court
Second Circuit's significant decision could impact liquidating trustees

In the case of United States of America v. Edward P. Bond, No. 12-4803 (2d. Cir. August 13, 2014), the United States Court of Appeals for the Second Circuit (the "Second Circuit") issued a decision that could have far-reaching effects on how liquidating chapter 11 bankruptcy cases will be handled in the future.

USA, Insolvency & Restructuring, Litigation, Tax, Duane Morris LLP, Liquidation, Internal Revenue Service (USA), Second Circuit, United States bankruptcy court
Public works projects and municipal bankruptcies

The good news is that public works construction projects for municipalities are projected to remain a major sector of construction activity for the foreseeable future. The not-so-good news is that municipal bankruptcy filings are on the rise, and they are likely to increase. The issues facing parties under contract with a municipality when it files for bankruptcy protection are playing out nationally in places like Stockton, California, and Detroit, Michigan.

USA, Insolvency & Restructuring, Projects & Procurement, Duane Morris LLP, Bankruptcy, Title 11 of the US Code
Second Circuit ruling appears to limit ability of U.S. Bankruptcy Courts to assist foreign debtors

 

 

USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Debtor, Discovery, US Code, Title 11 of the US Code, Second Circuit, United States bankruptcy court
Second Circuit establishes relevant time period for center of main interests determination under chapter 15 of the Bankruptcy Code

 

In Morning Mist Holdings Limited v. Krys (In re Fairfield Sentry Limited), Case No. 11-4376, 2013 WL 1593348 (2d Cir.

British Virgin Islands, USA, Insolvency & Restructuring, Litigation, Duane Morris LLP, Liquidation, Title 11 of the US Code, Second Circuit, United States bankruptcy court, Fifth Circuit