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    Protecting manufacturers and distributors in bankruptcy
    2010-03-26

    It is a harrowing scenario for any seller of goods: a trading-partner files for bankruptcy and leaves the seller with thousands, even millions of dollars in unpaid invoices. In many instances, some of these goods were delivered only days before the bankruptcy filing. While a creditor may be able to assert reclamation rights, those rights are often difficult to enforce in bankruptcy and may be subordinate to the interests of an all assets lender.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Debtor, Consumer protection, US Code, Uniform Commercial Code (USA)
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Supreme Court upholds individual states’ rights to tax certain bankruptcy sales
    2008-06-20

    On June 16, 2008, Justice Clarence Thomas delivered the opinion of the court in Florida Department of Revenue v. Piccadilly Cafeterias, Inc. In a 7-2 decision, the Supreme Court reversed the decision of the U.S. Court of Appeals for the Eleventh Circuit and held that § 1146(a) provides an exemption to state stamp taxes only where a sale occurs pursuant to a plan that has been confirmed, and did not properly apply to a case where the plan was confirmed several months after the bankruptcy court approved the sale.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Wiley Rein LLP, Tax exemption, Bankruptcy, Debtor, Dissenting opinion, Stamp duty, Majority opinion, Title 11 of the US Code, SCOTUS, United States bankruptcy court, Eleventh Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Insurers have standing to object to Skinner reorganization plan; insurers’ motion to dismiss case denied
    2007-05-25

    The district court in Hartford Accident & Indemnity Company, et al. v. American Capital Equipment, et al., No. 06-0891 (U.S. Dist. Ct. W.D. Pa. May 11, 2007), affirmed that Skinner Engine Company's insurers have standing to move to dismiss Skinner's chapter 11 bankruptcy case and to challenge its bankruptcy plan. However, the court also affirmed the bankruptcy court's denial of the insurers' motion to dismiss the bankruptcy case.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, Standing (law), Good faith, Involuntary dismissal, US Constitution, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Suspected misconduct prompts creditors to seek appointment of bankruptcy examiners
    2012-02-17

    In late 2011, bondholders in the bankruptcy case of power company Dynegy Holdings, LLC (Dynegy) moved for the appointment of a bankruptcy examiner to investigate certain transactions that occurred immediately prior to the filing of Dynegy's bankruptcy petition. The transactions at issue involve the alleged transfer of millions of dollars in assets to Dynegy's parent company (a non-debtor) approximately two months prior to the bankruptcy filing.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Wiley Rein LLP, Bankruptcy, Debtor
    Authors:
    Rebecca L. Saitta
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy Appellate Panel affirms relief from automatic stay for payment of director's defense costs
    2010-02-25

    The Bankruptcy Appellate Panel of the Ninth Circuit has affirmed the bankruptcy court’s grant of a motion by a debtor’s sole director to modify the automatic stay to allow payment of defense costs under the A-side coverage of the debtor’s directors and officers liability insurance policy. In re MILA, Inc., 2010 WL 455328 (B.A.P. 9th Cir. Jan. 29, 2010).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Costs in English law, Debtor, Liability insurance, Capital punishment, Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel, Trustee
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Identifying and dealing with a financially troubled franchisee: what franchisors can do to prepare for a franchisee bankruptcy or receivership
    2008-05-09

    In the last issue of Franchise Alert, we discussed how to spot signs of franchisee financial distress at an early stage. Here, we present some steps franchisors can take to deal with financially distressed franchisees.

    Update Files

    Filed under:
    USA, Franchising, Insolvency & Restructuring, Wiley Rein LLP, Bankruptcy, Surety, Debtor, Accounts receivable, Consent, Due diligence, Franchise agreement, Precondition, Default (finance), Title 11 of the US Code
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Bankruptcy court rejects Congoleum bankruptcy plans: appeal to the United States District Court for the District of New Jersey filed
    2007-05-17

    The United States Bankruptcy Court for the District of New Jersey rejected the pre-packaged bankruptcy plan presented by the debtors and asbestos claims representatives. In re Congoleum Corp., No. 03-51524, 2007 WL 328694 (Bankr. D.N.J. Jan. 26, 2007). In addition, the court rejected a plan proposed by a group of insurers. In re Congoleum Corp., No. 03-51524, 2007 WL 328700 (Bankr. D.N.J. Feb. 1, 2007).

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Debtor, Injunction, Adoption, Unsecured creditor, United States bankruptcy court, US District Court for District of New Jersey
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Commercial leases in bankruptcy
    2012-02-17

    The last several years have seen bankruptcy filings from prominent retail chains such as Borders, Circuit City, Blockbuster, Movie Gallery and Ritz Camera. Many of these cases have resulted in liquidation. For commercial landlords, retail bankruptcy cases present a number of potentially damaging issues, including non-payment of rent, assignment of the lease to an unworthy tenant, vacant space in an otherwise popular location and going-out-of business sales.

    Filed under:
    USA, Insolvency & Restructuring, Real Estate, Wiley Rein LLP, Bankruptcy, Debtor, Leasehold estate, United States bankruptcy court
    Authors:
    Dylan G. Trache
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Proofs of claim and objections - tricks of the trade revisited
    2009-11-20

    Filing a successful proof of claim is the key to unlocking a creditor's right to recover against a debtor in bankruptcy. Only in limited circumstances may a creditor recover against the debtor's estate without properly filing a proof of claim. This article addresses the various stages of filing, attacking and defending a proof of claim.

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Wage, Bankruptcy, Debtor, Unsecured debt, Collateral (finance), Legal burden of proof, Prima facie, United States bankruptcy court
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Federal district court reverses bankruptcy court ruling allowing appointment of “special insurance counsel”
    2008-04-28

    The United States District Court for the Central District of California has reversed a bankruptcy court ruling allowing two law firms—Snyder Miller & Orton LLP (SMO) and Morgan Lewis & Bockius LLP (MLB)—to serve as "special insurance counsel" to address insurance and insurance-coverage-litigation-related matters under the narrow special purpose standards of § 327(e). In re Thorpe Insulation Co., No. CV08-00246-DSF (C.D. Cal. Apr. 22, 2008). Citing In re Congoleum Corp., 426 F.3d 675 (3d Cir.

    Filed under:
    USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Conflict of interest, Bankruptcy, Debtor, Federal Reporter, Limited liability partnership, Amicus curiae, Standing (law), Remand (court procedure), US District Court for Central District of California, United States bankruptcy court, Third Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP

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