Broadfoot v. Jamestown Mgmt. Corp. (In re Int’l BioChemical Indus., Inc.), 521 B.R. 395 (Bankr. N.D. Ga. 2014) –

A chapter 7 trustee objected to the claim of a creditor/lessor on the basis that it should be disallowed because the lessor failed to turn over property recoverable using the trustee’s voiding powers, or alternatively, that it constituted a claim for lease termination damages that was subject to a cap.

In re Trackwell, 520 B.R. 788 (Bankr. W.D. Mo. 2014) –

The successful bidder at a bankruptcy auction of a ranch claimed that a cattle chute was included in the sold assets.  The debtors disagreed.  Resolution of the dispute turned on whether the cattle chute constituted a fixture that was part of the real estate.

Branch Bank & Trust Co. v. Michael’s Enterprises of Virginia, Inc. (In re Michael’s Enterprises of Virginia, Inc.), 519 B.R. 916 (Bankr. E.D. Va. 2014)  –

A mortgage lender sought sanctions against the debtor, its sole shareholder and its attorney.  It alleged that the bankruptcy petition was filed for an improper purpose.

Introduction

In this Banking Reform updater we examine the single resolution mechanism (SRM), which together with the single supervisory mechanism (SSM) (Banking Reform updater 10) forms the key pillars of the EU Banking Union.

What is the SRM?

n re Sterling Bluff Investors, LLC, 515 B.R. 902 (Bankr. S.D. Ga. 2014) –

A mortgagee moved to dismiss a real estate debtor’s chapter 11 case, or in the alternative for relief from the automatic stay.  It contended that the debtor filed bankruptcy in bad faith, and that this was a “single asset real estate” case subject to special provisions regarding its entitlement to relief from the stay.

Declining to follow a 2012 decision, the High Court has ruled that a bankrupt’s unexercised rights to draw his pension did not represent income to which he was entitled within the meaning of the Insolvency Act 1986, and so did not form part of the bankruptcy estate.

Background

In re Castle Home Builders, Inc., 520 B.R. 98 (Bankr. N.D. Ill. 2014) –

The debtors obtained confirmation of plans of reorganization that restructured prepetition mortgage loans.  When the servicer for some of the loans continued to ignore the terms of the plans, the reorganized debtors sought enforcement of the court’s confirmation order and sanctions.

The process of repossession will involve complex issues of fact and law. Each one is different depending upon the jurisdiction involved, the approach of the operator and the attitude of the relevant authorities.

Information and planning

Great Plains Royalty Corp. v. Earl Schwartz Co. (In re Great Plains Royalty Corp.), 520 B.R. 292 (Bankr. D. N.D. 2014) –

1. What is the risk if a counter-party is located in an exiting member state?