This is the sixth in a series of alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies (the “Commission”). This alert covers the Commission’s recommendations regarding Chapter 11 plans of reorganization and Chapter 11 dismissal orders. It discusses the Commission’s proposed changes to plan confirmation and voting procedures, approving settlements contained in the plan, and releasing insiders from liability.
1. Recommended Changes to Confirmation and Voting Requirements.
Welcome to the second article in this amazing series which looks at what you can do to try to extract money from a stubborn business debtor.
In the first article I looked at the potential benefits and detriments of issuing a County Court Claim. This time I will take a step back and look at what you could do prior to going to Court with your completed forms and a large cheque for the ever-growing Court fee. You can read this article here.
The confusion over Bitcoin grows in the latest lawsuit brought in a California bankruptcy court by Trustee Mark Kasolas against Marc Lowe, a former employee of HashFast Technologies LLC.
The trustee alleges, among other things, that Lowe received from the bankrupt Bitcoin mining company fraudulent transfers which included 3,000 Bitcoin (“BTC”) in September 2013, valued at approximately $363,861.
Bankruptcy practitioners routinely advise secured creditor clients to file protective proofs of claim in bankruptcy proceedings despite those clients’ ability to ignore bankruptcy proceedings and decline filing claims without imperiling their lien due to the protections afforded by state law foreclosure rights.[1] But a recent Ninth Circuit decision is causing attorneys and clients to reconsider whether this traditionally conservative approach is simply too risky in Chapter 13 cases. HSBC Bank v. Blendheim (In re Blendheim), No. 13-35412, 2015 WL 5730015 (9th Cir. Oct.
I am sure many of you may be aware already that as of the 1st October 2015 the Bankruptcy Limit has increased to £5,000 whilst a Winding up Order remains the same at £750.00.
The limit debtor's can apply for a Debt Relief Order has also been increased from £15,000 to £20,000.
While there are smart ways to avoid the debt collection process, sometimes you have to hire a professional. After all, you have your business to run and dealing with delinquent accounts can be draining on your resources, time and patience. That said, not every debt collection specialist is created equal and not every company will be right for your unique business. Here are a few things you should consider when selecting a partner in the process.
Do the Research
This is the fifth in a series of Alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies. This alert covers the Commission’s recommendations regarding the now predominant practice of selling substantially all of the debtor’s assets as a going concern, free of all claims, at the outset of a bankruptcy case. The process, known as a “363 Sale” for the Bankruptcy Code section that applies, has been hailed as a job-saving measure and condemned for giving all value to lenders and none to other creditors.
Will Congress Finally Act?
This is the fourth in a series of Alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies. We discuss here the Commission’s efforts to require that debtor’s management act in a more transparent fashion. For copies of this or any prior articles about the Commission, please contact any BakerHostetler bankruptcy attorney.
This is the fourth in a series of Alerts regarding the proposals made by the American Bankruptcy Institute Commission to Reform Chapter 11 Business Bankruptcies. We discuss here the Commission’s efforts to require that debtor’s management act in a more transparent fashion. For copies of this or any prior articles about the Commission, please contact any BakerHostetler bankruptcy attorney.
Will Congress Finally Act?
This is the third in a series of Alerts regarding the proposals made by the American Bankruptcy Institute’s Commission to Reform Chapter 11 Business Bankruptcies. It covers the Commission’s recommendations about the fiduciary obligations of a Chapter 11 debtor’s directors and officers and proposed changes to typical defenses asserted to state causes of action. For copies of this or any prior articles about the Commission, please contact any BakerHostetler bankruptcy attorney.
Director and Officer Fiduciary Duties in Chapter 11