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Recent Sixth Circuit BAP Case Shows Risks To Lawyers Arising From Violations Of Discharge Injunction

The Bankruptcy Protector

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy, Injunction, Sixth Circuit
Chapter 13: What can I do as a creditor’s attorney?

The Bankruptcy Protector

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy
The Sea Pines Bankruptcy Case

The Bankruptcy Protector

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy
Bankruptcy Venue — Between a Rock and a Hard Place

The Bankruptcy Protector

USA, New York, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Coronavirus
Venue Provisions Fail to Provide Relief in Smaller Dollar Preference Cases

The Bankruptcy Protector

Almost two years ago, the Small Business Reorganization Act of 2019 (SBRA) was enacted. While the provisions regarding the new Subchapter V reorganization received the most press (streamlined chapter 11 for businesses with debts of no more than $7,500,000), the SBRA also included other important changes to the Bankruptcy Code. Among these additional changes was an increase in the venue threshold under 28 U.S.C. § 1409(b) to $25,000.00 as follows:

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
Confusion Involving Constitutionality of U.S. Trustee Fee Increase

The Bankruptcy Protector

In 2017, Congress enacted an amendment imposing a sharp increase in quarterly fees owed to the United States Trustee program by many chapter 11 debtors. Expectedly, the constitutionality of that decision has been challenged on several grounds, and there is considerable disagreement among the circuits.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Supreme Court of the United States
SCARP Bill Passes Through Oireachtas

The Companies (Rescue Process for Small and Micro Companies) Bill 2021 (Bill) detailing the government's proposed rescue process for small and micro companies (SCARP) has successfully passed through the Oireachtas and is expected to be signed into law shortly by the President. The legislation will be commenced at a future date by the Minister.

Ireland, Company & Commercial, Insolvency & Restructuring, William Fry, Coronavirus
It Is, In Fact, Expensive To Be Erika Jayne

The Bankruptcy Protector

“It’s expensive to be me / Looking this good don’t come for free.” —Erika Jayne, “XXpen$ive”

Real Housewives of Beverly Hills cast member Erika Girardi, more commonly known as Erika Jayne, is the latest example of just how powerful (and expensive) an involuntary bankruptcy proceeding can be.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Small Business Administration (USA)
New Regulations Amending Ireland's Solvency II Regulations Signed into Law

Background

The European Union (Insurance and Reinsurance) (Amendment) Regulations 2021 (2021 Regulations) will come into operation on 30 June 2021, giving effect to Directive (EU) 2019/2177 of the European Parliament and of the Council of 18 December 2019 (2019 Directive).

The 2019 Directive amends the Solvency II Directive (2009/138/EC), the MiFID II Directive (2014/65/EU) and the 4th Anti-Money Laundering Directive (2015/849/EU).

Ireland, Insolvency & Restructuring, White Collar Crime, William Fry, Money laundering, Central Bank of Ireland, MiFID, Solvency II Directive (2009/138/EU)
High Court Holds Provisional Liquidator Personally Liable for the Costs of the Official Liquidator and Revenue

In a recent High Court decision, a provisional liquidator was ordered to pay the costs of the official liquidator (who replaced the provisional liquidator and was appointed as the new liquidator of the company) and Revenue without being entitled to have recourse to the assets of the company.

Ireland, Insolvency & Restructuring, Litigation, William Fry