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    Consumer complaints spur government action and focus on financial education
    2010-03-17

    This article was featured in the March 2010 issue of The Independent Counselor.

    The role of credit counseling agencies in assisting consumers in financial distress has received a lot of positive government and media attention. Before the economic crisis, the public most often heard about credit counseling only in the context of broader discussions about consumer debt and repayment alternatives or bankruptcy.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Venable LLP, Credit card, Information privacy, Credit (finance), Consumer protection, Fraud, Government agency, Debt, Debt relief, Mortgage loan, Education, Consumer debt, Debt collection, Identity theft, Federal Trade Commission (USA)
    Authors:
    Jonathan L. Pompan
    Location:
    USA
    Firm:
    Venable LLP
    Sovereign debt update - November/December 2014
    2014-12-01

    On September 26, 2014, the United Nations Human Rights Council passed a resolution (A/HRC/27/L.26) condemning "vulture funds" like Argentina's holdout bondholders "for the direct negative effect that the debt repayment to those funds, under predatory conditions, has on the capacity of Governments to fulfill their human rights obligations, particularly economic, social and cultural rights and the right to development." Among other things, the resolution expresses concern regarding "the voluntary nature of international debt relief schemes which has created opportunities

    Filed under:
    Argentina, Global, USA, Banking, Insolvency & Restructuring, Litigation, Jones Day, Debt relief
    Authors:
    Mark G. Douglas
    Location:
    Argentina, Global, USA
    Firm:
    Jones Day
    Impact of the recent changes in the German tax laws on debt to equity swaps
    2009-04-22

    Due to the ongoing financial crisis and the economic downturn accompanied therewith, many German companies are or will be struggling with default and insolvency problems.

    Filed under:
    Germany, Insolvency & Restructuring, Tax, White & Case LLP, Tax exemption, Shareholder, Accounts receivable, Interest, Taxable income, Swap (finance), Debt, Debt relief, Default (finance), Income-Tax Act 1961 (India)
    Location:
    Germany
    Firm:
    White & Case LLP
    Debt Relief Orders – the latest tool in the debt relief toolbox
    2009-04-07

    For debtors with limited liabilities, little surplus income and minimal gross assets, the new Debt Relief Order (DRO) is a further tool to consider in managing their debts. DROs, which came into force on 6 April 2009, are aimed at those who find they are unable to pay off their debts within a reasonable time but for whom other forms of debt relief, such as bankruptcy or Individual Voluntary Arrangements, are unavailable, or perhaps unaffordable.

    What are the criteria for a DRO?

    A DRO can be applied for where the debtor:

    Filed under:
    United Kingdom, Insolvency & Restructuring, Gowling WLG, Credit (finance), Debtor, Unsecured debt, Dividends, Board of directors, Debt, Debt relief, Liability (financial accounting), Credit rating
    Authors:
    Greg Standing
    Location:
    United Kingdom
    Firm:
    Gowling WLG
    Hard times in the oil patch: tax implications for investors in the era of price fluctuations
    2016-11-14

    The current decline in oil prices, which continues to show no signs of a long-term reversal, is having unexpected and unwanted consequences, many of which may turn into long-lasting troubles for the oil and gas industry, especially for its investors.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Tax, DLA Piper, Share (finance), Private equity, Income tax, Limited liability company, Option (finance), Debt, Debt relief, Limited partnership, Cashflow, Double taxation
    Location:
    USA
    Firm:
    DLA Piper
    Split Fifth Circuit Affirms Success Fee for Financial Advisers
    2016-08-02

    A Chapter 11 debtor’s financial advisers were entitled to a “Success Fee” based on a percentage of a $50-million “debt-to-equity conversion,” held a split U.S. Court of Appeals for the Fifth Circuit on May 4, 2016. In re Valence Technology, Inc., 2016 WL 2587109, *1 (5th Cir. May 4, 2016) (2-1). Key to the opinion was the parties’ concession that the “debt-to-equity conversion qualified as a Private Placement under [their] engagement agreements.” Id., at n.1.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Bankruptcy, Debtor, Federal Reporter, Consideration, Debt, Debt relief, Fair market value, Secured creditor, Secured loan, United States bankruptcy court, Fifth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    FTC issues final rule to restricting debt relief providers
    2010-08-02

    Last week, the Federal Trade Commission announcedamendments to the Telemarketing Sales Rule (TSR) relating to the telemarketing of debt relief services, including new restrictions on advance fees charged by debt relief companies.

    Filed under:
    USA, Insolvency & Restructuring, Telecoms, Alston & Bird LLP, Credit card, Bankruptcy, Debt, Debt relief, Good faith, Federal Trade Commission (USA)
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Liquidating a former trustee: what to do when there is no power to sell the assets
    2021-10-08

    This week’s TGIF looks at In the matter of Gary John Anderson in his capacity as liquidator of G & G Contractors Pty Ltd (In Liquidation) [2021] FCA 1185, the latest of a line of Federal Court decisions confirming the approach to be taken by liquidators of trustee companies that have ceased to be trustees as a result of going into liquidation.

    Key Takeaways

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Corrs Chambers Westgarth, Asset management, Debt relief, Liquidation, Secured creditor, Liquidator (law), Creditors' rights, Corporations Act 2001 (Australia), Federal Court of Australia, Trustee
    Location:
    Australia
    Firm:
    Corrs Chambers Westgarth
    BAPCA provisions are not unconstitutional
    2010-05-24

    On May 18th, the Second Circuit, applying the Supreme Court's holding in Milavetz, Gallop & Milavetz, P.A. v. U.S., 130 S.Ct. 1324 (2010), reversed a trial court order finding that provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act that prohibit debt relief agencies from advising clients to incur more debt were overbroad and unconstitutional when applied to attorneys.

    Filed under:
    USA, Insolvency & Restructuring, Legal Practice, Litigation, Winston & Strawn LLP, Bankruptcy, Consumer protection, Debt, Debt relief, Constitutionality, SCOTUS, Second Circuit
    Location:
    USA
    Firm:
    Winston & Strawn LLP
    Tax complications of bankruptcies in difficult economic times
    2009-02-03

    Given the current state of the economy, it should come as no surprise that business related bankruptcy filings increased 41.6 percent and non-business bankruptcies increased 28.4 percent between June 30, 2007, and June 30, 2008, with more than one million Americans filing for bankruptcy during calendar year 2007, according to the Administrative Office of the U.S. Courts.

    Filed under:
    USA, Insolvency & Restructuring, Tax, Duane Morris LLP, Tax exemption, Credit card, Bankruptcy, Debtor, Tax credit, Debt, Debt relief, Title 11 of the US Code, Internal Revenue Code (USA), Internal Revenue Service (USA)
    Location:
    USA
    Firm:
    Duane Morris LLP

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