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Good Problems to Have: Recovery of Interest by Unsecured Creditors of a Solvent Chapter 11 Debtor

The Bankruptcy Protector

Imagine this: you sell a product to a company on credit at 8% interest until you are paid, and the company files for bankruptcy before repayment. Or maybe you are a hard money lender that made an unsecured loan at 18% to a company to bridge through hard times, and the company files for bankruptcy. Or maybe you are a secured creditor with a 5% loan on real estate, and after the borrower files for bankruptcy, you discover there is a defect in your mortgage and your lien can be stripped.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
Reviewing Late Payments for an Ordinary Course Defense

The Bankruptcy Protector

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy
OCA addresses fraudulent transfers under Bankruptcy and Insolvency Act

The recent decision inErnst & Young Inc. v. Aquino, the Ontario Court of Appeal (OCA) analyzed the criteria for establishing voidable transfers at undervalue under section 96 of theBankruptcy and Insolvency Act RSC 1985, c B-3 (BIA), with a particular focus on the application of “corporate attribution” in the context of insolvency.

Canada, Ontario, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Court of Appeal for Ontario
Revisiting the Supreme Court’s 2020 Decision in Acevedo Barring Entry of Nunc Pro Tunc Orders: How to Ensure Your Employment and Fee Applications are Properly Approved

The Bankruptcy Protector

USA, Employment & Labor, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Supreme Court of the United States
A Growing Circuit Split: Does the IRS Have Sovereign Immunity from Fraudulent Transfer Claims under 11 U.S.C. § 544(b)(1)?

The Bankruptcy Protector

USA, Insolvency & Restructuring, Litigation, Tax, Nelson Mullins Riley & Scarborough LLP, Internal Revenue Service (USA), Supreme Court of the United States, Ninth Circuit
Recovery from a Member’s Interest in an LLC

The Bankruptcy Protector

USA, Company & Commercial, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
Bankruptcy 101: The “Estate” and “Property of the Estate”

This entry is part of Nelson Mullins’s ongoing “Bankruptcy Basics” blog series that is intended to address foundational aspects of bankruptcy for non-bankruptcy practitioners and professionals. This entry will explain the concepts of the bankruptcy “estate” and “property of the estate” and the importance thereof.

USA, Insolvency & Restructuring, Nelson Mullins Riley & Scarborough LLP
Decisions on secured lenders’ rights and remedies in 2022

As Canada prepares to emerge from the COVID-19 pandemic, factors such as the elimination of government pandemic support and rising interest rates may significantly affect lenders’ decisions in 2022. Many expect that withdrawal of government funding will create a wave of insolvency filings in Canada. Although there remains significant uncertainty, secured lenders may be comforted by recent court decisions across Canada that have affirmed lenders’ rights and remedies in cases of default. This article summarizes these recent decisions and offers implications for lenders going forward.

Canada, Insolvency & Restructuring, Litigation, Borden Ladner Gervais LLP, Coronavirus, British Columbia Supreme Court, British Columbia Court of Appeal
Does the Bankruptcy Code Allow for Partial Discharge of Student Loans?

The Bankruptcy Protector

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy
The PTL Bankruptcy Case: Sex, Drugs, and Gospel

Not your Ordinary Bankruptcy Case

Columbia, South Carolina is hot during the summer, such that the City adopted the motto “Famously Hot” a few years ago. Temperatures frequently exceed 100 degrees in the summer. On June 12, 1987, the PTL Club filed chapter 11 cases in Columbia, adding heat to the already hot City.

USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy, Internal Revenue Service (USA), Federal Communications Commission (USA)