The bankruptcy trustee of a bank holding company was not entitled to a consolidated corporate tax refund when a bank subsidiary had incurred losses generating the refund, held the U.S. Court of Appeals for the Tenth Circuit on May 26, 2020. Rodriguez v. FDIC (In re United Western Bancorp, Inc.), 2020 WL 2702425(10th Cir May 26, 2020). On remand from the U.S. Supreme Court, the Tenth Circuit, as directed, applied "Colorado law to resolve" the question of "who owns the federal tax refund." Id., at 2.
On January 12, 2021, the Department of Justice (the “DOJ”) settled its first civil action for alleged fraud against the Paycheck Protection Program (the “PPP”) – the primary lending program under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act for small businesses negatively impacted by the COVID-19 pandemic.
After bringing dozens of criminal charges against Paycheck Protection Program loan recipients in recent months, on January 12, the US Department of Justice announced its first civil settlement resolving allegations of PPP loan fraud.
The Hungarian National Bank (MNB) has issued its updated management circular for the treatment of outstanding loans affected by legislative moratoria.
In line with the European Banking Authority (EBA) position, the MNB states that it not necessary to automatically qualify a customer loan as being defaulted or restructured (and thus the creation of higher provisions is not necessary) if the loan fell under the Hungarian legislative moratoria for up to nine months prior to the expiry date of the second moratorium on 30 June 2021.
On January 12, 2021, the Department of Justice (DOJ) announced the first civil settlement resolving allegations of fraud involving loans issued pursuant to the Paycheck Protection Program (PPP). SlideBelts Inc., an internet retail company, and Brigham Taylor, the company’s president and CEO, agreed to pay $100,000 in penalties and damages to resolve alleged violations of the False Claims Act (FCA) and the Financial Institutions Reform, Recovery and Enforcement Act (FIRREA).
On December 27, 2020, President Donald J. Trump signed the Consolidated Appropriations Act of 2021 (“CAA”) into law. The CAA was enacted in part to expand the economic stimulus relief provided by the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”) signed into law six months earlier. Like the CARES Act, the CAA temporarily modifies the Bankruptcy Code to provide greater protections for debtors and certain creditors in bankruptcy.
Almost 15 years ago, new shale and fracking technology opened areas like North Dakota and Appalachia to significant oil and gas exploration and development, but the advances also created the need for construction of pipelines and related facilities (e.g., gathering, storage, and/or transportation systems) to ensure that oil and gas could be economically moved by interstate transport to markets vital to the U.S. economy.
Following the entering into force of the Dutch Scheme on 1 January this year, allowing for court confirmation of private restructuring plans, the Dutch legal toolbox for national and international restructurings has become even more diverse. This development forms part of a broader trend in the Dutch legal framework to facilitate effective restructurings of businesses, in which context one of the key techniques is the enforcement of share security, including through credit bidding.
On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021). Similar to the March 2020 CARES Act, several temporary changes to the Bankruptcy Code are included in Title X of the CAA 2021. Below, we examine four of the CAA 2021’s most significant changes to consumer bankruptcy laws.