Indiana Code Section 32-28-3-9, often referred to as the Personal Liability Notice (PLN) Statute, provides a means for subcontractors, equipment lessors, and laborers to assert a claim against a project owner for amounts owed for labor and material on a construction project. Essentially, the PLN Statute provides a means to assert a lien against funds the owner would otherwise pay to a general contractor, as contrasted to asserting a mechanic’s lien claim against real estate.

The Indiana Court of Appeals recently held in a published opinion that the appointment of a receiver for the benefit of a mortgagee who agreed to subordinate its mortgages was mandatory under Indiana law. PNC Bank, Nat’l Assoc. v. LA Dev., Inc., __ N.W.2d __, 2012 WL 3156539 (Ind. Ct. App. Aug. 6, 2012).

The issues concerning validity of appointment, which arose following the decision in Minmar Limited v Khalastchi have been considered in a number of recent cases, most recently BXL Services Limited [2012] EWHC 1877 (Ch).

Like the common law of most other states, Michigan law generally grants to a court-appointed receiver a first priority claim in the receivership proceeding for payment of the receiver’s fees and expenses incurred in that proceeding. See, e.g., In re Dissolution of Henry Smith Floral Co., 260 Mich. 299, 244 N.W. 480 (1932); Cohen v. Cohen, 125 Mich. App. 206, 335 N.W.2d 661 (1983).

The United States Bankruptcy Court for the Western District of Michigan recently held in a published opinion that no statutory or common law landlord’s lien exists under Michigan law. Rather, in order for a landlord to assert a valid lien on the personal property of its tenant, the tenant must have consensually agreed to grant a security interest in the property and the landlord must have perfected such interest in accordance with Article 9 of the Uniform Commercial Code. In re Kentwood Pharmacy, LLC, ___ B.R. ___, 2012 WL 2899383 (Bankr. W.D. Mich. July 17, 2012).

In these parlous economic times, more businesses are facing increased financial pressure, resulting in periods of stressful trading. In such cases, consideration needs to be given to the development of a sound strategy that allows the company to successfully continue to trade and pay its creditors.

The purpose of this article is to address some of the “tools” available to assist directors in the restructuring of a company.

The Seventh Circuit Court of Appeals recently held that the rejection of a trademark license by the trustee did not abrogate the licensee’s rights under a prepetition agreement to use the debtor’s trademark. Sunbeam Products, Inc. v. Chicago American Manufacturing, LLC, __F.3d __, 2012 WL 2687939 (7th Cir. July 9, 2012). The Seventh Circuit decision is contrary to a prior decision by the Fourth Circuit in Lubrizol Enterprises, Inc. v. Richmond Metal Finishers, Inc., 756 F.2d 1043 (4th Cir. 1985).

The new Insolvency rules which came into force on 23rd February 2012 provide that when presenting a Petition, the Petitioning Creditor must now conduct an initial search to ascertain whether any other petitions have been presented against the debtor within the previous 18 months.

Leisure Norwich (2) Ltd & Others v Luminar Lava Ignite Limited & Others - [2012] EWHC 951(Ch). Incurring liabilities to third parties is often necessary in order to carry out an effective administration of an insolvent company.

The UK Supreme Court's decision in Re Lehman Brothers International (Europe) (In Administration) caps the extensive litigation which developed in the aftermath of the collapse of Lehman Brothers International (Europe) (Lehman Brothers) almost four years ago.

It all began on 15 September 2008 when Lehman Brothers went into administration following what the Courts have referred to as its performance failures on 'a truly spectacular scale', foremost of which was the failure to protect its clients' monies.