The Barton doctrine provides that a court-appointed receiver cannot be sued absent “leave of court by which he was appointed.” Barton v. Barbour, 104 U.S. 126, 127 (1881).

Section 548 of the bankruptcy code authorizes a trustee, debtor, or other appropriate party to avoid actual and constructive fraudulent transfers that occurred prepetition. In order to prove that a transfer was an actual fraudulent transfer, the trustee (or another appropriate plaintiff) must prove that the debtor made the transfer “with actual intent to hinder, delay or defraud any entity to which to debtor was or became…indebted.” 11 U.S.C. §548(a)(1)(A).

An appeals court has issued an insightful decision on the availability of damages when an involuntary bankruptcy petition is filed in bad faith. See Stursberg v. Morrison Sund PLLC, No. 23-1186, 2024 U.S. App. LEXIS 20286 (8th Cir. Aug. 13, 2024).

The decision addresses both the interplay between Bankruptcy Code sections 303 and 305 and federal preemption of state law.

Under federal law, a debtor may be criminally prosecuted for various kinds of misconduct in connection with a bankruptcy case, including concealing assets, falsifying information, embezzlement, or bribery. See 18 U.S.C. §§ 152, 157. The U.S. Trustee, which serves as a watchdog over the bankruptcy process, will refer such cases to the U.S. Attorney’s Office for investigation and prosecution.

We have blogged previously about the intersection of fraud and bankruptcy.

In Harrington v. Purdue Pharma L.P., 144 S. Ct. 2071 (2024) (“Purdue”), the Supreme Court held that the Bankruptcy Code does not authorize nonconsensual releases of nondebtors as part of a chapter 11 plan. The Court narrowly read the Code’s language, providing that a plan may “include any other appropriate provision not inconsistent with the applicable provisions of this title,” 11 U.S.C.

This article originally appeared in The Bankruptcy Strategist.

To file bankruptcy in the U.S., a debtor must reside in, have a domicile or a place of business in, or have property in the United States. 11 U.S.C. §109(a). In cross border Chapter 15 cases, courts have considered if a foreign debtor must satisfy that jurisdictional test.

At a hearing in mid-March, the Delaware bankruptcy court held Camshaft Capital Fund, LP, Camshaft Capital Advisors, LLC, Camshaft Capital Management (collectively, “Camshaft”) and William Cameron Morton, principal of Camshaft, in civil contempt. The case is noteworthy because the court not only imposed monetary sanctions but also ordered civil confinement to compel Camshaft and Morton to comply with the court’s prior discovery order. The court issued a supplementary opinion on April 3, 2024, after Camshaft appealed.

To file bankruptcy in the U.S., a debtor must reside in, have a domicile or a place of business in, or have property in the United States. 11 U.S.C. § 109(a). In cross border chapter 15 cases, courts have considered whether a representative of a foreign debtor must satisfy that jurisdictional test.

近年来，我国公开市场债券违约处置体制不断健全，违约处置方式不断丰富，违约处置的市场化程度进一步提升，债务重组作为一种公开市场债务处理的方式逐渐出现在人们的视野中。与此同时，受经济下行大环境的影响，债券市场违约事件频发，截至2023年一季度，公开市场多笔债券出现未按时兑付本息、回售款或利息，构成实质违约。为了寻求公开市场违约债券处置效率的进一步提升，健全公开市场债券信息披露制度，探索最优方式化解债券违约的路径，针对公开市场债券的特点，对处理手段及相应注意事项进行研究十分必要。本文将结合我国目前公开市场违约债券的处置现状和应对方式，从庭外重组与庭内重组程序的差异性出发，论述庭外债务重组作为处置手段的特殊性及应当重点注意的事项等，明确以庭外债务重组手段处置公开市场债务将会进一步提升债券违约处置机制市场化、法治化水平。

一、我国公开市场违约债券处置现状

2021年，我国债券市场新增23家违约发行人，共涉及到期违约债券87期，到期违约金额合计约1015.76亿元；17家发行人首次发生展期，涉及展期债券33期，展期规模157.31亿元，较上年增多。[1]