In a recent decision by the Tenth Circuit Bankruptcy Appellate Panel, the court held that a chapter 7 trustee could not sell an LLC membership interest pursuant to section 363 of the Bankruptcy Code because of a transfer restriction within the LLC operating agreement. Malloy v. Trak-1 Technology Inc.(In re Kramer), No. 21-005, 2022 WL 17176411 (B.A.P. 10th Cir. Nov. 23, 2022).
When a debtor files for bankruptcy, it’s axiomatic that all creditors, wherever located, must immediately cease their efforts to collect on debts owed to them by that debtor, right? Not necessarily so, says the United States Court of Appeals for the Seventh Circuit, insofar as those creditors and their collateral are located outside of the United States.
The Bankruptcy Protector
The United States Court of Appeals for the Fifth Circuit entered its (second) opinion in the case of In re Ultra Petroleum Corporation, Case No. 21-20008, on October 14, 2022, potentially widening a circuit split on the issue of “make-whole” payments. With the circuit split potentially growing, this issue could be ripe for a grant of certiorari.
De Herstructureringsrichtlijn van 20 juni 2019 zorgt voor het eerst op Europees niveau voor een harmonisatie van de wetgeving omtrent insolventie.
Een belangrijk onderdeel van deze Richtlijn heeft betrekking op preventieve herstructureringsstelsels, die tot doel hebben de vereffening van levensvatbare ondernemingen te vermijden.
In België zal dit voornamelijk een impact hebben op de gerechtelijke reorganisatie, en meer bepaald op de gerechtelijke reorganisatie door een collectief akkoord.
The Restructuring Directive of 20 June 2019 harmonises insolvency legislation for the first time at the European level.
An important part of this Directive concerns preventive restructuring frameworks, which aim to limit the unnecessary liquidation of viable companies.
In Belgium, this will mainly impact judicial reorganisation, and more specifically judicial reorganisation by means of collective agreement.
La directive du 20 juin 2019 relative aux restructurations harmonise pour la première fois la législation sur l'insolvabilité au niveau européen.
Une partie importante de cette directive concerne les cadres de restructuration préventive, qui visent à limiter la liquidation inutile d'entreprises viables.
En Belgique, cela aura principalement un impact sur la réorganisation judiciaire, et plus particulièrement sur la réorganisation judiciaire par accord collectif.
The Bankruptcy Protector
To the long list of things people love about lawyers we can add last week’s holding by the Eleventh Circuit Court of Appeals that “Blvd.” is utterly unrecognizable as “Boulevard” – at least by Article 9 of the Uniform Commercial Code as enacted in Florida.
The Bankruptcy Protector
On August 18, 2022, the United States Bankruptcy Court for the Southern District of Indiana, in In re BWGS, LLC, No. 19-01487-JMC-7A, 2022 WL 3568045 (Bankr. S.D. Ind. Aug. 18, 2022), narrowly interpreted the safe harbor provision in section 546(e) of the Bankruptcy Code by refusing to dismiss a lawsuit against a guarantor whose liability was eliminated by the debtor’s payment to the bank that held the guarantee.
Overview on Section 546(e) of the Bankruptcy Code