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    Some Bankruptcy Law History: Debtor Benefits Are Always A Tough Sell (Part III, The Bankruptcy Code)
    2023-02-01

    Bankruptcy benefits for individual debtors are a tough sell—always have been. That’s because no one likes bankruptcy—unless they need it.

    But relieving people from debts in unfortunate circumstances is essential to our collective way of life in these United States. That’s always been true.

    What follows is the third of three installments on some history of bankruptcy laws through the ages, beginning with ancient times—and to the present in these United States.

    Bankruptcy Code

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, Coronavirus, US Congress, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    “Grab What You Can Get, When You Can Get It”: A New Bankruptcy Law Of The Land (Siegel v. U.S. Trustee Program)
    2023-01-26

    Remember the old saying, “Grab what you can get, when you can get it”?

    Well . . . that old saying is now the federal law of the land, applying exclusively to bankruptcy laws in Alabama and North Carolina.

    Here’s how. Congress imposed bankruptcy fee increases on Chapter 11 debtors in every state and territory of these United States, other than Alabama and North Carolina. As to similar fees in Alabama and North Carolina, the U.S. Supreme Court recently observed:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, US Congress, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Some Bankruptcy Law History: Debtor Benefits Are Always A Tough Sell (Part II, Early 1800s to 1978)
    2023-01-19

    Bankruptcy benefits for individual debtors are a tough sell—always have been. That’s because no one likes bankruptcy—unless they need it.

    But relieving people from debts in unfortunate circumstances is essential to our collective way of life in these United States. That’s always been true.

    What follows is the second of three installments on some history of bankruptcy laws through the ages, beginning with ancient times—and to the present in these United States.

    Federal Bankruptcy Act of 1841

    Filed under:
    USA, Banking, Insolvency & Restructuring, Koley Jessen PC, Bankruptcy, US Congress, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Some Bankruptcy Law History: Debtor Benefits Are Always A Tough Sell (Part I, Ancient Days to 1803)
    2023-01-17

    Bankruptcy benefits for individual debtors are a tough sell—always have been.  That’s because no one likes bankruptcy—unless they need it.

    But relieving people from debts in unfortunate circumstances is essential to our collective way of life in these United States.  That’s always been true.

    What follows is the first of three installments on some history of bankruptcy laws through the ages, beginning with ancient times—and to the present in these United States.

    Ancient Days

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, US Congress
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    State Laws For Avoiding Insider Preferences (UVTA, UFTA & In re Lamie)
    2023-01-10

    Preference avoidance provisions are a crucial part of the Bankruptcy Code—contained, primarily, in § 547 & § 550.

    States also have a preference avoidance statute—for insiders. It’s in the Uniform Voidable Transactions Act (“UVTA)” or in its predecessor, the Uniform Fraudulent Transfer Act (“UFTA)).

    The insider preference statute appears to be rarely-used and, apparently, little-known. It reads like this:

    Filed under:
    USA, Insolvency & Restructuring, Koley Jessen PC, Insolvency
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    NFL & Bankruptcy: Carolina Panthers’ Failed Practice Facility Project
    2023-01-05

    2022 has been a bad year for the Carolina Panthers of the National Football League:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Subchapter V Trustee: Initial And Subsequent Zoom Meetings-A Facilitation Tool
    2023-01-03

    “The [Subchapter V] Trustee shall— . . . facilitate the development of a consensual plan of reorganization.” 11 U.S.C. § 1183(b)(7).

    That’s what we Subchapter V trustees are supposed to do.

    Ok, fine. But how are we supposed to do that?

    A facilitation tool that many Subchapter V trustees are using is this: Zoom facilitation meetings.

    What follows is an explanation of how such meetings can work.

    Initial Meeting

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Koley Jessen PC, Mediation
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    “Fiduciary Capacity” Discharge Exception—At U.S. Supreme Court (Spring Valley v. Forrest)
    2022-12-29

    A bankruptcy discharge “does not discharge an individual debtor from any debt– . . . for fraud or defalcation while acting in a fiduciary capacity.” 11 U.S.C. § 523(a)(4).

    The effect of this “fiduciary capacity” statute is newly before the U.S. Supreme Court on a petition for certiorari in Spring Valley Produce, Inc. v. Forrest, Case No. 22-502.

    The question presented in Spring Valley is this:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, Supreme Court of the United States
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    ABC Details In Illinois: Under Common Law Of Trusts
    2022-12-22

    Assignments for benefit of creditors (“ABC”) are rarely used in these United States. That’s for two reasons: (i) some states have no ABC statute and do not recognize the common law of ABCs, and (ii) other states have onerous ABC statutes that no one wants to use.

    The State of Illinois is an exception: ABCs are regularly and frequently used there, under the common law of trusts, because the ABC process is an efficient and effective tool for liquidating a failed or failing business. There is no ABC statute in Illinois.

    Filed under:
    USA, Illinois, Insolvency & Restructuring, Koley Jessen PC, Internal Revenue Service (USA), LinkedIn, Thomson Reuters, Uniform Commercial Code (USA), Illinois Supreme Court
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Debtor Liability After Discharge Under Pre-Bankruptcy Guaranty? (Reinhart v. Schlundt)
    2022-12-08

    Every now and then we get a bankruptcy opinion declaring a rule with broad application that, (i) may make sense is specific situations, but (ii) is a terrible result for others.

    Here’s an Exhibit A opinion for such a proposition: Reinhart Foodservice LLC v. Schlundt, Case No. 21-cv-1027 in the U.S. District Court for Eastern Wisconsin, (Doc. 12, issued October 27, 2022).

    The Facts

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC

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