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    Potential bankruptcy strategies for stakeholders in real estate transactions; relevant provisions of the U.S. Bankruptcy Code
    2020-04-09

    In light of the ongoing economic impacts of the COVID-19 pandemic, and although Chapter 11 of the U.S. Bankruptcy Code pertains to many industries, there are certain real estate related provisions of which owners and tenants should remain particularly aware in planning strategies to cope with the fallout from the current health crisis.

    To raise awareness in that regard, the following is a general summary of some of the more critical provisions of the Code.

    Single Asset Real Estate Entity

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Greenbaum, Rowe, Smith & Davis LLP, Coronavirus, Title 11 of the US Code
    Authors:
    David L. Bruck
    Location:
    USA
    Firm:
    Greenbaum, Rowe, Smith & Davis LLP
    The CARES Act: Expansion of Bankruptcy Protections for Small Businesses
    2020-03-31

    The newly enacted Coronavirus Aid, Relief and Economic Security Act (CARES Act) contains some significant bankruptcy-related provisions, including those which amend the Small Business Reorganization Act of 2019 (SBRA) to make bankruptcy relief available to an increased number of small businesses.

    For those who are contemplating the need to develop a bankruptcy strategy – and for creditors evaluating a debtor’s bankruptcy plan – it is important to understand these changes in the law.

    Filed under:
    USA, Insolvency & Restructuring, Greenbaum, Rowe, Smith & Davis LLP, Coronavirus, Title 11 of the US Code, CARES Act 2020 (USA)
    Authors:
    David L. Bruck
    Location:
    USA
    Firm:
    Greenbaum, Rowe, Smith & Davis LLP
    Small Business Reorganization Act of 2019 Goes into Effect
    2020-02-19

    Today, February 19, 2020, the Small Business Reorganization Act of 2019 (SBRA) becomes effective. Signed into law on August 23, 2019, this new subchapter to Chapter 11 reorganization is available to address problems encountered by small business debtors in reorganization under the provisions of the United States Bankruptcy Code.

    SBRA is intended to facilitate the reorganization of a small business, with the goal of making small business bankruptcy proceedings more efficient and economical. The key components of SBRA are as follows:

    Filed under:
    USA, Insolvency & Restructuring, Greenbaum, Rowe, Smith & Davis LLP
    Authors:
    Nancy Isaacson
    Location:
    USA
    Firm:
    Greenbaum, Rowe, Smith & Davis LLP
    New Jersey Announces Streamlined Business Reinstatement and Dissolution Program
    2020-01-21

    Mark your calendars! The New Jersey Department of the Treasury recently announced a new one-time program authorized by recent legislation aimed at improving government-to-business interactions.

    The Streamlined Business Reinstatement and Dissolution Program offers businesses that are currently in “revoked status” – due to not having complied with the state’s administrative reporting requirements – an expedited path to reinstatement or dissolution, both notoriously time-consuming and expensive processes.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Public, Greenbaum, Rowe, Smith & Davis LLP
    Location:
    USA
    Firm:
    Greenbaum, Rowe, Smith & Davis LLP
    Condominium late fees entitled to a presumption of reasonableness and attorney’s fees need not be proportionate to the underlying claim
    2011-04-14

    In re Passarella, 2011 Bankr. LEXIS 53 (2011)

    Filed under:
    USA, Insolvency & Restructuring, Legal Practice, Litigation, Real Estate, Greenbaum, Rowe, Smith & Davis LLP
    Location:
    USA
    Firm:
    Greenbaum, Rowe, Smith & Davis LLP
    U.S. District Court Reverses Bankruptcy Court in Important Victory for Condominium Associations
    2016-02-23

    On February 16, 2016, the U.S. District Court for the District of New Jersey handed down an important victory for condominium associations in the matter of Whispering Woods Condo. Ass'n v. Rones (In re Rones), reversing a published U.S. Bankruptcy Court for the District of New Jersey decision which would have enabled delinquent condominium owners to "strip or cram down" their entire association debt in a Chapter 13 bankruptcy with the exception of six months of maintenance fees.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Real Estate, Greenbaum, Rowe, Smith & Davis LLP, Condominium, United States bankruptcy court
    Authors:
    Steven G. Mlenak
    Location:
    USA
    Firm:
    Greenbaum, Rowe, Smith & Davis LLP
    New Jersey bankruptcy court issues ruling regarding condominium association liens in Chapter 13 proceedings
    2015-06-22

    On June 11, 2015, the United States Bankruptcy Court for the District of New Jersey recognized that a condominium association’s lien is entitled to a limited six-month priority over a first mortgage.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Real Estate, Greenbaum, Rowe, Smith & Davis LLP, Debtor, Condominium, United States bankruptcy court
    Location:
    USA
    Firm:
    Greenbaum, Rowe, Smith & Davis LLP
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