A bill introduced by Democratic U.S. senators looks to make it easier for Americans to discharge student loans and medical debt. If passed as currently written, the Medical Bankruptcy Fairness Act of 2021 would drastically change the U.S. bankruptcy system by removing certain procedural hurdles that make the bankruptcy process complex and by creating a clearer path to discharging debts that impact millions of Americans.

As we previously discussed in our Bankruptcy Bytes video series, the filing of a bankruptcy petition generally gives rise to an “automatic stay” against any attempt to exercise control over the debtor’s property, or property of the bankruptcy “estate” which comes into existence when a bankruptcy case is filed.

State of New York: New York Court of Appeals Rules Voluntary Discontinuance Revokes Prior Acceleration

While long-term care facilities have generally been kept afloat over the last year through various stimulus packages and lenders willing to work through defaults given the pandemic, some may face financial trouble in the near future due to litigation arising from deaths related to COVID-19.

There are nine changes in the Bankruptcy code under the CAA, which extends additional support from the federal government both individual and business debts due to the COVID pandemic. Of these nine bankruptcy changes only three directly affect the residential mortgage industry. These are:

1. Chapter 13 only – Order of discharge entered albeit mortgage debt still in default. Even when the debtor has not cured the mortgage debt under chapter 13, a discharge order may be entered where 2 requirements are satisfied:

The case of Re NMUL Realisations Limited (in administration) [2021] EWHC 94 (Ch) follows in the footsteps of the case of Re Tokenhouse VB Limited [2020] EWHC 3171 (Ch),where the Court considered whether a charge-holder’s failure to give notice of their intention to appoint administrators invalidates the appointment (see our previous blog here).

In response to the economic crisis caused by the COVID-19 pandemic, lawmakers very quickly started working on improving the legal framework to enhance existing and develop new restructuring instruments. Contrary to expectations, not that many restructurings actually took place in 2020, likely because of support made available to businesses.

Wir beziehen uns auf das Schreiben vom 19. Oktober 2020 betreffend die Eröffnung der Vernehmlassung zum Entwurf der Verordnung zur Anpassung des Bundesrechts an Entwicklungen der Technik verteilter elektronischer Register und bedanken uns bestens für die Gelegenheit zur Stellungna

Wir beziehen uns auf das Schreiben vom 19. Oktober 2020 betreffend die Erffnung der Vernehmlassung zum Entwurf der Verordnung zur Anpassung des Bundesrechts an Entwicklungen der Technik verteilter elektronischer Register und bedanken uns bestens fr die Gelegenheit zur Stellungnahme.

If two persons each become a debtor and creditor towards the other, they may declare that they mutually set off those claims. However, this general possibility can be significantly reduced when one of the debtors enters into bankruptcy proceedings.

In late June 2020, the UK’s Corporate Insolvency and Governance Act (the Act) became law.1