Background |
Background
Law360, New York (June 30, 2016, 1:20 PM ET) -- After four hearings and one markup at the House Committee on Natural Resources, and countless hours of public and behind-the-scenes debate by the legislators, the House of Representatives passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA) on June 9, 2016. Then, on June 29, 2016, the Senate agreed to the House bill, sending the bill to the president for his expected signature.
In a June 10 letter to the House Ways and Means Subcommittee on Oversight, the IRS said it plans to notify individuals whose assets were seized because of suspected financial structuring abuses as far back as October 2009 that they may be able to recover their assets from the govern
UPDATE
THE INSOLVENCY AND BANKRUPTCY CODE, 2016 - NEW ROAD AND NEW CHALLENGES
25 May 2016
Introduction
Law360, New York (May 5, 2016, 12:02 PM ET) -- A core principle of bankruptcy tax litigation holds that “bankruptcy courts have universally recognized their jurisdiction to consider tax issues brought by the debtor, limited only by their discretion to abstain.” IRS v. Luongo, 259 F.3d 323, 329-330 (5th Cir. 2001) (citing In re Hunt, 95 B.R. 442, 445 (Bankr. N.D. Tex. 1989). The Second Circuit recently departed from that generally accepted principle in United States v. Bond, 762 F.3d 255 (2d Cir. 2014).
The crash in oil prices has reverberated throughout the industry and is widely expected to lead to a wave of bankruptcies among oil and gas producers (particularly the small to midsize companies that have played a major role in the boom in shale production in North America). Less well recognized, until recently, is the prospect that these producer bankruptcies may soon affect oil pipeline companies that built new infrastructure, relying on long-term ship-or-pay contracts with the producers.
On June 12, 2014, the Supreme Court held that assets of an “inherited IRA” are not exempt from the IRA holder’s bankruptcy estate and are subject to the claims of creditors in bankruptcy. (Clark v. Rameker, Sup. Ct. Slip Op. No. 13-299, affirming In re Clark, 714 F.3d 559 (7th Cir. 2013). In Clark, the petitioner, Heidi Heffron-Clark, inherited an IRA worth approximately $450,000. The IRA was originally established by the petitioner’s mother as a traditional IRA and became an inherited IRA upon her death in 2001.
A New York state trial court has held that plaintiffs alleging asbestos injuries may bring suit against a dissolved and liquidated New Jersey corporation and may effectuate service of process on the dissolved corporation by serving the corporation’s insurer. Germain v. A.O. Smith Water Products Co., No. 190281/12, 2013 WL 6065986 (N.Y. Sup. Ct. Oct 23, 2013).
Key2law (Surrey) LLP v D’Antiquis 2011 EWCA Civ 1567