The statutory language is clear. As of a bankruptcy petition’s filing date, the automatic stay of section 362 constricts many a creditor and bars many an action. The broad scope of section 362(a)(1) proscribes “the commencement or continuation ...

When can a municipality declare bankruptcy under chapter 9 of the Bankruptcy Code? An issue explored the headline-grabbing chapter 9 case of Detroit, that’s the question illuminated by a decision dealing with the travails of Chester, Pennsylvania, issued by the United States Bankruptcy Court for the Eastern District of Pennsylvania (“Bankruptcy Court”) on March 14, 2023.

Chester’s Long Road to Insolvency

Background

Introducción

En este mes comienzan a publicarse algunas resoluciones interesantes en aplicación de la Ley 16/2022 en relación a planes de restructuración y nombramientos de experto. En este campo preconcursal tan de moda son especialmente reseñables:

As the economic headwinds indicate that borrowers will continue to face financial pressures in 2023 and beyond, lenders are seeking ways to exercise more leverage as “covenant-lite” facilities prevail. Material adverse change clauses in finance documents UK and US perspective By Olga Galazoula, Jacques McChesney and Charlotte Harvey 4 FUNDS INSIDER FUNDS INSIDER 5 The event relied upon by the lender to enforce this clause was the making of an arbitration award that could potentially result in significant damages being awarded against the borrower.

Whether a foreign bankruptcy case can be recognized under chapter 15 if the foreign debtor does not satisfy the commands of both section 109 (of chapter 1) and section 1517 (of chapter 15) of the Bankruptcy Code has long been a contentious issue. As previewed at an oral argument held on March 10, 2023, the Eleventh Circuit has now waded into this thicket, setting up the possibility of a circuit-level counterweight to the Second Circuit’s seminal decision in In re Barnet.

Statutory Text

Spanish Insolvency Law 16/2022

On January 20, 2023, as few courts, such as the U.S. Bankruptcy Court for the District of Colorado, have consistently done, the U.S. Bankruptcy Court for the Central District of California (the “Bankruptcy Court”) further hewed a path for former cannabis businesses to utilize the protections of the U.S. Code's eleventh title (the "Bankruptcy Code") in spite of a mostly inhospitable (and frequently hesitant) jurisprudence--and the steady opposition of the U.S. Trustee's Office (the "UST").

In legal parlance, the term “standing” embraces several discrete doctrines that govern the capacity of a party to sue and appear before a particular court. These concepts' fluidity should not obscure their importance: a party’s standing is a perpetual jurisdictional question, open to review throughout the lifespan of a particular case or matter and at every appellate level.

Types of Standing

Two Generally Applicable Forms

Galeria Karstadt Kaufhof GmbH ("GKK"), based in Essen, Germany, is the second largest department store chain in Europe with 131 stores and 18,000 employees. As some may recall, this is not the first time things have gone badly for the department store chain. Back in the 2000s, under CEO Thomas Middelhoff, who was sentenced to three years in prison in 2014 for 27 counts of embezzlement and tax evasion, the company's balance sheets were less than stellar.

Once asserted, may a party alter it? Once claimed, may a party contradict it?

A party’s ability to abandon a previously taken position and champion its converse in a later case or proceeding often depends on one of the law’s more esoteric prohibitions: that kaleidoscopic smorgasbord of precepts collectively known as “judicial estoppel.”

What Is “Judicial Estoppel,” Precisely?