(Bankr. W.D. Ky. Nov. 16, 2016)
(Bankr. E.D. Ky. Nov. 11, 2016)
The bankruptcy court grants summary judgment in favor of the trustee in this declaratory judgment action, in which the plaintiff sought a judgment that certain health insurance proceeds were not property of the estate. The plaintiff argued that the debtor had assigned the proceeds to it prior to the bankruptcy, but the court holds that the evidence presented did not establish such assignment. The debtor’s spouse had signed the document for him, but the debtor’s spouse did not have the requisite agency authority to do so. Opinion below.
(6th Cir. B.A.P. Nov. 7, 2016)
In Lehman Brothers International (Europe) (in Administration) v Exxonmobil Financial Services BV(1) the High Court considered a range of issues arising from the application of the close-out provisions of the standard-form Global Master Repurchase Agreement (GMRA) 2000.
(Bankr. E.D. Ky. Nov. 1, 2016)
The bankruptcy court grants the debtor’s motion for summary judgment in this 11 U.S.C. § 523(a)(6) nondishargeability action. The plaintiff alleged the debtor willfully and maliciously injured the plaintiff, but failed to offer any evidence that would create a material factual dispute as to the debtor’s intent with respect to actions that gave rise to a prepetition judgment against the debtor. The court finds summary judgment in favor of the debtor is appropriate. Opinion below.
Judge: Wise
In Lomas and others v HMRC [2016] EWHC 2492 (Ch), the High Court has confirmed that statutory interest payable on insolvency is not 'yearly interest' for UK tax purposes. The administrators therefore had no obligation to account for income tax on the interest payments made. The Court was also critical of HMRC's contradictory guidance on this issue.
Background
(6th Cir. Oct. 25, 2016)
(Bankr. W.D. Ky. Oct. 28, 2016)
The bankruptcy court enters an order holding in abeyance the motion to dismiss the Chapter 13 case. The court also denies confirmation of the proposed plan but holds the case open for further filings. The required maintenance payment could not be satisfied by the monthly payments in the proposed plan. Opinion below.
Judge: Lloyd
Attorneys for Debtor: Naber & Joyner, J. Gregory Joyner
Attorney for Creditor: Joseph S. Elder II
Bankruptcy
At the risk of stating the obvious, the collapse of oil and gas prices in the last several quarters has had a profound impact on the industry. Some E & P companies have been able to weather this storm, but other have not been so fortunate. In the time between 2014 and September 14, 2016, 102 oil and gas producers with cumulative debts of over $67 billion, 13 midstream companies with cumulative debts of over $17 billion and 132 oilfield service companies with cumulative debts of over $14 billion have filed bankruptcy petitions.