Unfunded public union pension obligations have been making headlines for years, perhaps most notably with Detroit being forced into a contentious bankruptcy. Detroit, however, is hardly alone. Many states and municipalities have severely underfunded pension obligations crushing their balance sheets.
One overarching certainty of federal debt collection law seems to be prolonged uncertainty over its appropriate scope. Is this scope about to change yet again? One recent bill called the Practice of Law Technical Clarification Act of 2017, H.R. 1849, seeks to do just that.
On October 4, 2017, the CFPB released an interim final rule and a proposed rule to amend certain provisions of its 2016 Mortgage Servicing Final Rule.
It is hard to peruse the internet or even mainstream media outlets without hearing about bitcoin. What is this ubiquitous bitcoin? It depends on whom you ask.
A CNN Money articled defined bitcoin as “a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto.” The IRS has recently defined bitcoin as an “intangible asset” for investors, making it subject to capital gains and loss treatment using the realization method.
Employees who sue their employers must disclose that lawsuit if they file for bankruptcy—right? Maybe not. In Slater v. U.S. Steel Corp., the Eleventh Circuit overruled prior precedent and impaired a valuable defense for early dismissal or settlement with bankrupt plaintiffs. This decision will affect strategy for employers that face litigation from bankrupt plaintiffs.
Legal Background
Some bankruptcy experts predict an increase in business failures for government contractors in the coming years. Increased demands and constraints on government spending will stress both prime contractors and subcontractors. As federal regulations generally place the burden of compliance on prime contractors, a financially distressed subcontractor is a concern not only for the sub, but also for the prime contractor.
A sub’s financial problems jeopardize the sub’s ability to perform its subcontract and, thus, pose serious threats to a prime contractor, including:
After several years of drafting, debate, compromise and fine tuning, it appears that major changes to the administration of consumer bankruptcy cases are imminent. On April 27, 2017, Chief Justice John Roberts submitted to Congress amendments to the Federal Rules of Bankruptcy Procedure that will have a profound impact on consumer bankruptcy cases.
Miller Act, you’re not in Kansas anymore. In a recent bankruptcy case, the court in Kansas addressed issues of jurisdiction and venue raised by claims asserted by the debtor, an electrical contractor on a federal government project.
On Dec. 7, 2016, the U.S. Supreme Court heard oral arguments in Czyzewski v. Jevic Holding Corp, No. 15-659. (S. Ct. argued Dec.
The first Monday of each October marks the beginning of a fresh term for the Supreme Court of the United States. As the 2016 term approaches, the court’s docket has already begun to fill with cases that will impact commercial practitioners. While the court will continue to accept additional cases throughout the upcoming term, it has already agreed to hear at least five cases that may have significant implications for commercial lawyers throughout the country.