Skip to main content
Enter a keyword
  • Login
  • Home

    Main navigation

    Menu
    • US Law
      • Chapter 15 Cases
    • Regions
      • Africa
      • Asia Pacific
      • Europe
      • North Africa/Middle East
      • North America
      • South America
    • Headlines
    • Education Resources
      • ABI Committee Articles
      • ABI Journal Articles
      • Covid 19
      • Conferences and Webinars
      • Newsletters
      • Publications
    • Events
    • Firm Articles
    • About Us
      • ABI International Board Committee
      • ABI International Member Committee Leadership
    • Join
    Beware of debtors bearing gifts: Eleventh Circuit upholds TOUSA bankruptcy decision
    2012-05-21

    Sleep better at night knowing that the loan you made to your borrower is supported by collateral from the borrower’s subsidiaries? You may want to keep one eye open. On May 15, 2012, the U.S. Court of Appeals for the Eleventh Circuit upheld a bankruptcy court opinion that reinforces lender liability for fraudulent transfers in subsidiary-supported loans. The Eleventh Circuit upheld the opinion of the U.S. Bankruptcy Court for the Southern District of Florida in In re TOUSA, Inc., and overruled a contrary opinion by the U.S. District Court.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Miller Canfield PLC, Bankruptcy, Debtor, Collateral (finance), Debt, Joint and several liability, United States bankruptcy court, Eleventh Circuit
    Authors:
    Jonathan S. Green
    Location:
    USA
    Firm:
    Miller Canfield PLC
    Commercial financial services brief: subsidiary liens securing debt of corporate parent avoided as fraudulent transfers
    2012-05-21

    On May 15, 2012, the Court of Appeals for the Eleventh Circuit affirmed two key rulings made by a Florida Bankruptcy Court in the long-running bankruptcy case of TOUSA, Inc., once one of the largest homebuilders in the country. The Bankruptcy Court had avoided—as fraudulent transfers—the liens granted by TOUSA’s subsidiaries (the Subsidiaries) to new lenders (the New Lenders) that provided $500 million in financing for TOUSA to payoff debt that was owed by TOUSA, but not the Subsidiaries, to then existing lenders (the Old Lenders).

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Lathrop GPM, Fraud, Debt, Subsidiary, United States bankruptcy court, Eleventh Circuit
    Authors:
    Phillip W. Bohl , Adam M. Nathe
    Location:
    USA
    Firm:
    Lathrop GPM
    TOUSA III: lenders beware? Eleventh Circuit upholds bankruptcy court's original fraudulent transfer decision
    2012-05-17

    On May 15, 2012, the Eleventh Circuit Court of Appeals (the “Circuit Court”) issued an opinion in In re TOUSA, Inc.,1 in which it affirmed the original decision of the bankruptcy court and reversed the appellate decision of the district court. After a 13-day trial, the bankruptcy court had found that liens granted by certain TOUSA subsidiaries (the “Conveying Subsidiaries”) to secure new loans (the “New Term Loans”) incurred to pay off preexisting indebtedness to certain lenders (the “Transeastern Lenders”) were avoidable fraudulent transfers.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mayer Brown, Bankruptcy, Fraud, United States bankruptcy court, Eleventh Circuit
    Authors:
    Brian Trust , Sean T. Scott
    Location:
    USA
    Firm:
    Mayer Brown
    Eleventh Circuit reverses TOUSA District Court and upholds fraudulent conveyance claims
    2012-05-17

    On May 15, 2012, the United States Court of Appeals for the Eleventh Circuit issued an important opinion1 in the ongoing fraudulent conveyance litigation brought by the unsecured creditors’ committee in the bankruptcy of homebuilder TOUSA, Inc. (“TOUSA”).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Sidley Austin LLP, Eleventh Circuit
    Location:
    USA
    Firm:
    Sidley Austin LLP
    Eleventh Circuit issues new TOUSA decision, upholds finding that upstream guarantees were fraudulent transfers
    2012-05-16

    In a decision with significant implications for borrowers and lenders, on May 15, 2012, the Eleventh Circuit Court of Appeals affirmed a bankruptcy court's findings that upstream guarantees and associated liens delivered by a bankrupt debtor's subsidiaries were avoidable as fraudulent transfers.

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Real Estate, Davis Wright Tremaine LLP, Bankruptcy, Surety, Fraud, Debt, Subsidiary, United States bankruptcy court, Eleventh Circuit
    Authors:
    Hugh McCullough , Bradley R. Duncan
    Location:
    USA
    Firm:
    Davis Wright Tremaine LLP
    The rationale against substantive consolidation of nondebtor entities: Florida on the front line
    2012-04-13

    On January 10, 2012, a Florida bankruptcy court ruled in In re Pearlman, 462 B.R. 849 (Bankr. M.D. Fla. 2012), that substantive consolidation is purely a bankruptcy remedy and that it accordingly did not have the power to consolidate the estate of a debtor in bankruptcy with the assets and affairs of a nondebtor. In so ruling, the court staked out a position on a contentious issue that has created a widening rift among bankruptcy and appellate courts regarding the scope of a bankruptcy court’s jurisdiction over nondebtor entities.

    Filed under:
    USA, Florida, Insolvency & Restructuring, Litigation, Jones Day, Bankruptcy, Debtor, United States bankruptcy court, Eleventh Circuit
    Authors:
    Dara R. Levinson
    Location:
    USA
    Firm:
    Jones Day
    Are you waiving your right to a deficiency claim if you list your claim as fully secured on the proof of claim?
    2011-12-19

    In a very recent decision by the Court of Appeals for the Eleventh Circuit,In re J.H. Investment Services, Inc., the court held that a creditor must take an affirmative step to pursue an unsecured claim, and that section 506(a)(1) of the Bankruptcy Code does not automatically provide for a deficiency claim.  

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Reed Smith LLP, Internal Revenue Service (USA), Eleventh Circuit
    Location:
    USA
    Firm:
    Reed Smith LLP
    Secured creditors beware: file an unsecured proof of claim, or forever hold your peace
    2011-11-29

    On November 22, 2011, the Court of Appeals for the Eleventh Circuit issued a per curiam opinion that piqued the interest of bankruptcy practitioners nationwide and sent secured creditors scrambling to ensure that their rights to a deficiency claim had been properly preserved in pending bankruptcy cases. The Eleventh Circuit held that the IRS had waived its right to an unsecured deficiency by filing a proof of claim that evidenced a secured claim but failed to note that a portion of the claim may be unsecured.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Holland & Knight LLP, Unsecured debt, Due process, Secured creditor, Unsecured creditor, Internal Revenue Service (USA), Eleventh Circuit
    Authors:
    Brian A. McDowell
    Location:
    USA
    Firm:
    Holland & Knight LLP
    In re Delco Oil, Inc.: post-petition transfers of cash collateral
    2011-09-21

    When dealing with a debtor in Chapter 11, vendors typically seek to protect against loss by insisting upon payment in advance or on very short terms. However, the monies paid to a vendor following the filing of bankruptcy often constitute the cash collateral of a secured creditor. It is critical that a vendor determine whether the debtor has authorization to use cash collateral.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Hodgson Russ LLP, Bankruptcy, Debtor, Collateral (finance), Good faith, Secured creditor, Debtor in possession, Trustee, United States bankruptcy court, Eleventh Circuit
    Authors:
    James C. Thoman
    Location:
    USA
    Firm:
    Hodgson Russ LLP
    Help wanted (but debtors need not apply)
    2011-09-09

    Employers are constrained by dozens of rules and regulations limiting their hiring criteria. In today’s economy, one question that often arises is whether employers may refuse to hire bankrupt job applicants. Surprisingly, the answer for private employers may be yes.

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, ArentFox Schiff, Credit history, Bankruptcy, Debtor, Discrimination, Economy, Credit score, Eleventh Circuit
    Authors:
    Harry I. Johnson, III , Mette H. Kurth
    Location:
    USA
    Firm:
    ArentFox Schiff

    Pagination

    • First page « First
    • Previous page ‹‹
    • …
    • Page 15
    • Page 16
    • Page 17
    • Page 18
    • Current page 19
    • Page 20
    • Page 21
    • Page 22
    • Page 23
    • …
    • Next page ››
    • Last page Last »
    Home

    Quick Links

    • US Law
    • Headlines
    • Firm Articles
    • Board Committee
    • Member Committee
    • Join
    • Contact Us

    Resources

    • ABI Committee Articles
    • ABI Journal Articles
    • Conferences & Webinars
    • Covid-19
    • Newsletters
    • Publications

    Regions

    • Africa
    • Asia Pacific
    • Europe
    • North Africa/Middle East
    • North America
    • South America

    © 2025 Global Insolvency, All Rights Reserved

    Joining the American Bankruptcy Institute as an international member will provide you with the following benefits at a discounted price:

    • Full access to the Global Insolvency website, containing the latest worldwide insolvency news, a variety of useful information on US Bankruptcy law including Chapter 15, thousands of articles from leading experts and conference materials.
    • The resources of the diverse community of United States bankruptcy professionals who share common business and educational goals.
    • A central resource for networking, as well as insolvency research and education (articles, newsletters, publications, ABI Journal articles, and access to recorded conference presentation and webinars).

    Join now or Try us out for 30 days