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Tweet all about it: U.S. Bankruptcy Court rules business social media accounts are property of debtor LLC's bankruptcy estate, not individual LLC members

In a case of first impression in Texas, the United States Bankruptcy Court for the Southern District of Texas held that the former majority member of a chapter 11 LLC debtor had to relinquish control of the LLC's Facebook page and Twitter account because they were property of the LLC's bankruptcy estate. In re CTLI, LLC, Case No. 14-33564, 2015 WL 1588085 (Bankr. S.D. Tex. April 3, 2015). CTLI, LLC was a Texas gun store and shooting range doing business as Tactical Firearms.

USA, Texas, Insolvency & Restructuring, Internet & Social Media, Litigation, Duane Morris LLP, Debtor, Limited liability company, Twitter, United States bankruptcy court, US District Court for Southern District of Texas
Liquidators in limbo – are they required to account to the ATO under s 254?

The High Court today granted special leave to the Commissioner of Taxation (Commissioner) to appeal against the decision of the Full Court of the Federal Court in Commissioner of Taxation v Australian Building Systems Pty Ltd (in liq) [2014] FCAFC 133. The appeal is likely to be heard later this year.

Significance

Australia, Insolvency & Restructuring, Litigation, Tax, King & Wood Mallesons
Liquidators and receivers not required to account to the ATO under S 254

The decision of the Full Court of the Federal Court handed down this week in Commissioner of Taxation v Australian Building Systems Pty Ltd (in liq) [2014] FCAFC 133 offers welcome certainty to administrators, receivers and liquidators in relation to their obligations with respect to post-appointment tax liabilities.

Significance

Australia, Insolvency & Restructuring, Litigation, Tax, King & Wood Mallesons
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
Bitcoin exchange Mt. Gox files for bankruptcy protection; may have broader implications for digital currency industry

In its bankruptcy filing under Japan's Civil Rehabilitation Law, Mt. Gox claims 6.5 billion yen, or around $64 million, in liabilities and 3.84 billion yen, or around $38 million, in assets.

Japan, USA, Banking, Insolvency & Restructuring, Internet & Social Media, Duane Morris LLP, Bankruptcy, Bitcoin
Bankruptcy appellate panel for Eighth Circuit reaffirms it is not the forum for debtors in pending bankruptcy cases to take second bite at the apple

Last week, the 8th Circuit B.A.P. affirmed, first noting that criminal judgments, including restitution awards and liens, are afforded special protection from bankruptcy discharge.

USA, Capital Markets, Insolvency & Restructuring, Litigation, Duane Morris LLP, Bankruptcy, Debtor, Bankruptcy discharge, Eighth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel
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