Settling any remaining uncertainty in how professionals’ hourly rates will be considered for approval in bankruptcy courts in the Eastern District of Virginia, on October 18, the Bankruptcy Court for the Eastern District of Virginia approved the professional fee applications in the Nordic Aviation bankruptcy cases, including the rates of each of the professionals as appropriate market rates. In particular, the Bankruptcy Court noted that, “[m]uch ink has since been spilled differentiating so-called ‘local’ rates from ‘national’ rates. The distinction is much ado about nothing.
"Credito Real is attempting to bypass Mexican and US insolvency laws and deploy a corporate liquidation statute with almost no protections for creditors.
On Sept. 19, the U.S. District Court for the Eastern District of Virginia entered an order1 adopting the report and recommendation, or R&R, of the chief bankruptcy judge2 approving the fee applications of three law firms in the retail group bankruptcy cases, including the requested national rates.
On September 19, 2022, the District Court for the Eastern District of Virginia entered an Order1 adopting the Report and Recommendation of the Chief Bankruptcy Judge2 approving the fe
In a recent opinion arising from the Chapter 11 proceedings of Arcapita Bank, Judge Alvin Hellerstein of the US District Court for the Southern District of New York affirmed a bankruptcy court decision denying safe-harbor protection to Shari’a-compliant Murabaha investment agreements.1 Specifically, the district court held that the Murabaha agreemen
In its June 6, 2022 opinion in Siegel v. Fitzgerald, the United States Supreme Court resolved a circuit split and invalidated a 2017 statute that increased U.S. Trustee fees in 48 states—but not Alabama or North Carolina—as unconstitutional under the uniformity requirement of the Constitution’s Bankruptcy Clause. See Siegel v. Fitzgerald, 596 U.S. ___ (2022).
U.S. Trustee Fees, a History
Background
In a recent decision, Judge David Novak of the US District Court for the Eastern District of Virginia vacated the Chapter 11 plan confirmation order entered by the bankruptcy court in the Mahwah Bergen Retail Group (formerly known as Ascena Retail Group) case, holding that the plan’s non-consensual third-party releases were unenforceable.1 The ruling arrived shortly after an
The Wall Street Journal reports that Russia has taken another step closer to defaulting on its sovereign debts after an industry watchdog overseeing the credit-default swaps market ruled Wednesday that Russia failed to meet its obligations to foreign bondholders when it paid them in rubles earlier this month.
Recently, the Second Circuit became the first federal circuit court to rule that the federal government could deny a Paycheck Protection Program (“PPP”) loan to a debtor in bankruptcy solely because of an applicant’s bankruptcy status.[1] Prior to the Second Circuit’s decision in Springfield Hospital, Inc. v.