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    Foreclosure sale of non-debtor's property voided as violation of automatic stay
    2011-08-22

    Lenders and mortgage holders may be surprised to learn that a New York bankruptcy court voided the foreclosure sale of non-debtor property where the debtor filed for bankruptcy with no legitimate intent to reorganize. In a case of first impression, In re Ebadi1 addresses a common scenario: a foreclosure action against multiple parties, including a borrower not in bankruptcy and a guarantor in bankruptcy.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Litigation, Herrick Feinstein LLP, Punitive damages, Bankruptcy, Debtor, Debt, Mortgage loan, Foreclosure, Vacated judgment, Default (finance), United States bankruptcy court
    Authors:
    Paul Rubin
    Location:
    USA
    Firm:
    Herrick Feinstein LLP
    Weathering the storm: bankruptcy court permits minimal artificial impairment and applies investment band approach to determine the cram-down rate under Till
    2011-08-11

    Bankruptcy Judge Michael Lynn of the Northern District of Texas recently issued a noteworthy opinion in In re Village at Camp Bowie I, L.P. that addresses two important Chapter 11 confirmation issues. Judge Lynn determined that a plan that artificially impaired a class of claims in order to meet the requirements of section 1129(a)(10) had not been proposed in bad faith and did not violate the requirements of section 1129(a). In his ruling, Judge Lynn also applied the Supreme Court’s cram-down “interest”1 rate teachings in Till v.

    Filed under:
    USA, Texas, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Credit (finance), Debtor, Unsecured debt, Interest, Foreclosure, Good faith, Bad faith, Default (finance), Title 11 of the US Code, United States bankruptcy court, US District Court for Northern District of Texas
    Authors:
    Ian T. Peck , Stephen Pezanosky , Jarom Yates
    Location:
    USA
    Firm:
    Haynes and Boone LLP
    Reform bankruptcy act provides relief for commercial lessors
    2007-01-03

    October 17, 2006 marked the one year anniversary of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the "Reform Act"). The Reform Act has provided some much needed relief to commercial landlords, and the reported decisions of bankruptcy courts during the first year of the Reform Act confirm the effectiveness of the new landlord-friendly provisions.

    Filed under:
    USA, Insolvency & Restructuring, Real Estate, Baker Donelson Bearman Caldwell & Berkowitz PC, Bankruptcy, Debtor, Consumer protection, Unsecured debt, Commercial property, Landlord, Leasehold estate, Beneficiary, Default (finance), US House of Representatives, US Code, Title 11 of the US Code, United States bankruptcy court
    Location:
    USA
    Firm:
    Baker Donelson Bearman Caldwell & Berkowitz PC
    Right of set-off trumps secured interest absent control agreement
    2007-02-19

    An appeals court in Kentucky has issued a reminder to secured lenders of the importance of drawing up control agreements that establish a lender’s interest in a debtor’s assets contained in depository accounts.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Collateral (finance), Accounts receivable, Interest, Limited liability company, Common law, Default (finance), Secured creditor, Uniform Commercial Code (USA)
    Location:
    USA
    Firm:
    Reed Smith LLP
    Debtor’s loan discharged despite false loan application statements
    2007-02-19

    Lender Had Duty To Investigate Claim to Promissory Note

    In a harsh decision for the lender, the U.S. Court of Appeals for the Tenth Circuit has determined that a debtor’s loan may be discharged in chapter 7 bankruptcy— despite the borrower’s admission that his personal financial statement contained materially false representations about his financial condition.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Reed Smith LLP, Commercial bank, Bankruptcy, Surety, Debtor, Debt, Default (finance), Bankruptcy discharge, United States bankruptcy court, Bankruptcy Appellate Panel, Tenth Circuit
    Location:
    USA
    Firm:
    Reed Smith LLP
    In search of the meaning of 'utility' in Bankruptcy Code Section 366
    2007-01-29

    Entities doing business with a customer that files for bankruptcy protection generally have the right to refuse to continue providing goods or services to the chapter 11 debtor, unless such goods or services are covered by a continuing contract, in which case any forfeiture of the debtor’s rights under the agreement is generally prohibited to afford the debtor a reasonable opportunity to decide what to do with the contract.

    Filed under:
    USA, Insolvency & Restructuring, Jones Day, Bankruptcy, Letter of credit, Debtor, Debt, Default (finance), Time Warner, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit
    Location:
    USA
    Firm:
    Jones Day
    Unwinding the deal when bankruptcy looms
    2007-02-22

    Coping with the Insolvent Business Partner

    Filed under:
    USA, Insolvency & Restructuring, Wiley Rein LLP, Punitive damages, Bankruptcy, Debtor, Injunction, Breach of contract, Joint venture, Liquidation, Due diligence, Default (finance), Leverage (finance), Distressed securities, Title 11 of the US Code
    Location:
    USA
    Firm:
    Wiley Rein LLP
    Fourth Circuit Case on Modification of Residential Mortgage
    2016-05-09

    CentsAbility: Creditors' Rights Law Update

    The Fourth Circuit has held that in a case where the rate of interest on a residential mortgage loan had been increased upon default, a Chapter 13 Plan proposing to “cure” default under 11 U.S.C. §1322(b) is an impermissible modification barred by §1322(b)(2).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Nexsen Pruet, Debtor, Interest, Mortgage loan, Default (finance), Fourth Circuit
    Location:
    USA
    Firm:
    Nexsen Pruet
    Tenth Circuit BAP limits insider claims
    2015-12-01

    Insider creditors “waived [the] right to charge default interest on” their claims and “failed to prove” their claim for non-default interest, held the U.S. Bankruptcy Appellate Panel for the Tenth Circuit (“BAP”) on Nov. 6, 2015. In re Autterson, 2015 WL 6789168, at *4 (10th Cir. BAP, Nov. 6, 2015).

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Interest, Default (finance), United States bankruptcy court, Bankruptcy Appellate Panel, Tenth Circuit
    Authors:
    Michael L. Cook
    Location:
    USA
    Firm:
    Schulte Roth & Zabel LLP
    Eleventh Circuit weighs in on section 1123(d): reinstatement of defaulted loan agreement under chapter 11 plan requires payment of default-rate interest
    2015-11-17

    In 1994, Congress amended the Bankruptcy Code to, among other things, add section 1123(d), which provides that, if a chapter 11 plan proposes to “cure” a default under a contract, the cure amount must be determined in accordance with the underlying agreement and applicable nonbankruptcy law. Since then, a majority of courts have held that such a cure amount must include any default-rate interest required under either the contract or applicable nonbankruptcy law. A ruling recently handed down by the U.S. Court of Appeals for the Eleventh Circuit endorses this view.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Jones Day, Interest, Default (finance), Eleventh Circuit
    Authors:
    Monika S. Wiener , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day

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