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    Maybe Borrowers Can Escape Student Loan Debt: New York Bankruptcy Court Reinterprets the Brunner Undue Hardship Test
    2020-01-17

    A New York bankruptcy court recently allowed a pro se debtor to discharge over $200,000 in student loan debt, vehemently rejecting as “punitive” more recent legal authority concerning how student loan debts may be discharged in bankruptcy.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Debtor, United States bankruptcy court
    Authors:
    Allison A. Melton , David M. Gettings
    Location:
    USA
    Firm:
    Troutman Pepper
    Restructuring Market Trends
    2020-01-17

    The number of corporate Chapter 11 filings in the United States remained relatively low in 2019. An estimated 6,000 business bankruptcies were filed (based on the data available at the time of writing), which, if it holds up as the data is finalized, is essentially flat from 2018 and down 56% from the peak reached in 2009, following the Great Recession. The chart immediately below depicts corporate Chapter 11 filing volume over time.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Skadden Arps Slate Meagher & Flom LLP, Bankruptcy, Debtor
    Authors:
    Paul Leake , Christine A. Okike
    Location:
    USA
    Firm:
    Skadden Arps Slate Meagher & Flom LLP
    Delaware District Court Affirms Decision Holding Triangular Setoffs Are Not Permitted
    2020-01-14

    The United States District Court for the District of Delaware recently affirmed a Delaware bankruptcy court case that held that the mutuality requirement of section 553(a)1The case declined to find mutuality in a triangular setoff between the debtor, a parent entity that owed the debtor money, and that entity’s subsidiary, which was a creditor.2

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, US District Court for District of Delaware
    Authors:
    Ronit J. Berkovich , Andriana Georgallas
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    What receivers need to know about the Federal Priority Act
    2020-01-15

    A version of this article previously appeared in the December 2019 issue of the Receiver, a publication of the National Association of Federal Equity Receivers.

    The work of a receiver can be a difficult balancing act. With various creditors and debts that need to be paid, there can be a long and meticulous resolution process. In order for receivers to protect themselves from the risk of personal liability for claims made by the government, it is imperative that receivers understand the Federal Priority Act (“FPA”).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Thompson Coburn LLP, Debtor
    Authors:
    Claire M. Schenk
    Location:
    USA
    Firm:
    Thompson Coburn LLP
    Bankruptcy. Discovery. Sanctions. Bankruptcy court sanctions attorney for failing to make reasonable efforts to obtain discovery materials held outside the U.S. by incarcerated debtor's agents and attorneys.
    2020-01-16

    In re Markus, 607 B.R. 379 (Bankr. S.D.N.Y. 2019) [click for opinion]  

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Debtor, Title 11 of the US Code, United States bankruptcy court
    Authors:
    David Zaslowsky , Grant Hanessian , Michael Lehrman
    Location:
    USA
    Firm:
    Baker McKenzie
    Despite Sabine, Texas Bankruptcy Court finds that certain midstream gathering agreements cannot be rejected
    2020-01-16

    On December 20, 2019, Judge Marvin Isgur in the U.S. Bankruptcy Court for the Southern District of Texas (Houston Division) entered a memorandum opinion which held that debtors' midstream gathering agreements formed real property covenants "running with the land" under Oklahoma law - and such agreements could not be subject to rejection under section 365 of the Bankruptcy Code. See 11 U.S.C. section 365(a) (allowing a debtor-in-possession, "subject to the court's approval," to "assume or reject any executory contract.").

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Title 11 of the US Code
    Authors:
    Rachel Thompson , Gary C. Johnson , Jorge I. Gutierrez , Peggy A. Heeg , Lloyd A. Lim , Matthew E. Tashman
    Location:
    USA
    Firm:
    Reed Smith LLP
    Recent and Upcoming Changes to Bankruptcy Law That Affect Your Rights as a Creditor
    2020-01-16

    The Small Business Reorganization Act of 2019 ("SBRA"), the Honoring American Veterans in Extreme Need ("HAVEN") Act, and the Family Farmer Relief Act were enacted into law on August 23, 2019. This alert summarizes these changes to the law and when they take effect. For a fuller discussion of the SBRA, please see Joe Ammar's recent article in the Michigan Bankruptcy Journal.

    Filed under:
    USA, Insolvency & Restructuring, Miller Canfield PLC, Debtor
    Authors:
    Joseph M. Ammar , Ronald Spinner , Marc N. Swanson
    Location:
    USA
    Firm:
    Miller Canfield PLC
    Insights: Alerts New York's Uniform Voidable Transactions Act
    2020-01-16

    On December 6, 2019, the governor of New York signed into law the New York Uniform Voidable Transactions Act (“NYUVTA”). N.Y. DEBT. & CRED. §§ 270-281. Until the occurrence of that event, New York had adhered for 95 years to the Uniform Fraudulent Conveyance Act (“NYUFCA”) and had refrained from replacing it with the Uniform Fraudulent Transfer Act (“UFTA”), which was adopted by virtually all of the other states as a replacement of the Uniform Fraudulent Conveyance Act (“UFCA”).

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Kilpatrick Townsend & Stockton LLP, Debtor, Title 11 of the US Code
    Authors:
    Alfred S. Lurey , Blaine E. Adams
    Location:
    USA
    Firm:
    Kilpatrick Townsend & Stockton LLP
    Sixth Circuit Rules in Chapter 11 Reorganizations
    2020-01-06

    A divided Sixth Circuit Court of Appeals panel ruled in the case of In re FirstEnergy Solutions Corp. on Dec. 12, 2019. The panel decided that the U.S. Bankruptcy Court and the Federal Energy Regulatory Commission (FERC) share jurisdiction when a Chapter 11 debtor moves to reject a power purchase and sale contract over which the FERC has jurisdiction (Power Contract). However, the Sixth Circuit noted that such jurisdiction is not equal; declaring the bankruptcy court’s authority as primary and superior to that of the FERC.

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Debtor, FERC
    Authors:
    Olivia K. Snider , Sara L. Abner
    Location:
    USA
    Firm:
    Frost Brown Todd LLP
    Sixth Circuit Holds Bankruptcy Court Has Jurisdiction Over Rejection of Power Purchase Agreements
    2020-01-08

    The Bottom Line

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Debtor, FERC, Sixth Circuit
    Authors:
    Priya K. Baranpuria , Matthew D. Friedrick
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP

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