The U.S. Court of Appeals for the First Circuit recently ruled in the Puerto Rico bankruptcy case that Fifth Amendment takings claims cannot be discharged or impaired by a bankruptcy plan. As a matter of first impression in that circuit, the Court disagreed with the Ninth Circuit and held that former property owners affected by prepetition takings must be paid in full.
In re Fin. Oversight & Mgmt. Bd., 41 F.4th 29 (1st Cir. 2022)
We are frequently approached by architects looking to wind down their practices, because either (i) they want to retire, (ii) they want to close down because of economic uncertainty, or (iii) they simply do not want to carry on with their practice and they will gain little value in selling it. However, in winding down a practice, we recommend the following key issues are considered:
1. Your contractual and professional obligations as an architect to maintain professional indemnity insurance run-off cover; and
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