The Consolidated Appropriations Act of 2021 (the CAA), which President Trump signed into law on December 27, 2020, amends several provisions of the Bankruptcy Code. While a number of the amendments are applicable only to small businesses (e.g., businesses eligible to file under the new small-business subchapter of the Bankruptcy Code and/or businesses eligible to receive PPP loans), several others have more general application, as discussed below.
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Amendments of More General Application
Case Name and Number: Chicago v. Fulton, No. 19-357
Introduction: In an 8-0 opinion issued today, the Supreme Court held that a creditor’s passive retention of property properly seized from a debtor pre-bankruptcy does not violate the automatic stay under 11 U.S.C. § 362(a)(3).
On 17 December 2020, the German Parliament passed the Act on the Further Development of Restructuring and Insolvency Law ("SanInsFoG"), which is expected to lead to a fundamental change in the restructuring landscape in Germany.
In a recent decision in In re Nuverra Environmental Solutions, Inc., No. 18-3084, 2021 WL 50160 (3d Cir. Jan 6, 2021), a divided Third Circuit panel held that an appeal of a Chapter 11 plan confirmation order was equitably moot and that the dissenting unsecured creditor who filed the appeal, David Hargreaves, was not entitled to individualized relief.
Part 1: termination rights
The Corporate Insolvency and Governance Act 2020 (CIGA 2020) introduces important changes to the operation of cross-border insolvency regulations and impacts more broadly on the potential remedies available in the maritime sector to recover debts. In this two-part series, we consider first CIGA 2020, the Cross-Border Insolvency Regulations 2006 (CBIR) and termination rights, and in the second part, we review CIGA 2020, liens and set-off claims.
In a new opinion issued in the Chuck E. Cheese bankruptcy cases, In re CEC Entertainment, Inc., Case No. 20-33163 (Bankr. S.D. Tex.),1 Judge Marvin Isgur of the U.S.
Introduction – the framework
Has COVID-19 encouraged you to reconsider your outsourcing needs? If so, it might be time to quarantine your outsourcing agreements and give them a health check. Below we have tracked-and-traced a list of considerations to help you to isolate any potential areas in those agreements that may need sanitising.
The U.S. Bankruptcy Court for the Northern District of Georgia ruled in In re Serendipity Labs, Inc., 620 B.R. 679 (Bankr. N.D. Ga.