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Pre-Petition Waiver Of Right To File Bankruptcy—Is It Enforceable? (In re Roberson)
2023-04-07

Question: Can a creditor prevent its debtor from filing bankruptcy by pre-petition contract terms?

Answer: No . . . according to In re Roberson Cartridge Co., LLC, Case No. 22-20192 in the Northern Texas Bankruptcy Court (03/07/2023, opinion at Doc. 77).

Facts

Filed under:
USA, Nebraska, Texas, Insolvency & Restructuring, Litigation, Koley Jessen PC, Bankruptcy, Limited liability company
Authors:
Donald L. Swanson
Location:
USA
Firm:
Koley Jessen PC
View Original Article
RAK Court of Cassation Clarifies the Court’s Power to Interpret the Parties’ Intentions
2019-02-28

Introduction

When a limited liability company goes into liquidation, its creditors are faced with considerable uncertainty, not least over their rights to securities on loans made to the defaulter. In such cases, a number of questions arise, including the following:

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Litigation, Al Tamimi & Company, Limited liability company
Location:
United Arab Emirates
Firm:
Al Tamimi & Company
View Original Article
Doing Business in the United Arab Emirates
2017-11-09

I. Key facts

What are the key facts on doing business in the UAE?

When considering doing business in a foreign jurisdiction, an investor must consider a wide range of commercial, political and capital security issues that will impact the final decision of investing in a particular country.

Over the last two decades the United Arab Emirates have proven itself to be a very attractive hub for investors to locate their business for many reasons, below are just a few of them:

Filed under:
United Arab Emirates, Banking, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Tax, Bankruptcy, Value added tax, Limited liability company, Excise
Location:
United Arab Emirates
View Original Article
Liquidation of Limited Liability Companies (LLC) in UAE
2017-04-30

Introduction:

Filed under:
United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Legal personality, Shareholder, Limited liability company, Liability (financial accounting), Liquidation, Articles of association, Liquidator (law)
Location:
United Arab Emirates
View Original Article
Putting the brakes on derivative standing for lenders and other creditors of Delaware limited liability companies
2011-04-06

In 2007, the Delaware Supreme Court issued an important ruling for creditors of insolvent corporations. It held that such creditors had standing to assert derivative claims for breaches of fiduciary duties against directors of an insolvent corporation.1 But, as the Delaware Court of Chancery recently made clear, there is a big difference between Delaware limited liability companies (LLCs) and their corporate cousins.

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Debtor, Fiduciary, Limited liability company, Standing (law), Limited partnership, Derivative suit, Court of Chancery, Delaware Court of Chancery, Delaware Supreme Court, Court of equity
Authors:
Elliot M. Smith
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Third Circuit restricts lenders’ right to credit bid on collateral sold through a plan of reorganization
2010-04-28

The Third Circuit Court of Appeals dealt a blow to secured creditors in its recent decision holding that a debtor may prohibit a lender from credit bidding on its collateral in connection with a sale of assets under a plan of reorganization. In the case of In re Philadelphia Newspapers, LLC, No. 09-4266 (3d Cir. Mar. 22, 2010), the court, in a 2-1 decision, determined that a plan that provides secured lenders with the “indubitable equivalent” of their secured interest in an asset is not required to permit credit bidding when that asset is sold.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Credit (finance), Debtor, Collateral (finance), Interest, Federal Reporter, Limited liability company, Debt, Personal property, Secured creditor, Secured loan, Title 11 of the US Code, United States bankruptcy court, Fifth Circuit, Third Circuit, US District Court for Eastern District of Pennsylvania
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Third Circuit reaffirms 1999 O’Brien decision regarding application of Bankruptcy Code Section 503(b) to break-up fees of stalking horse bidders
2010-04-28

In 1999 the Third Circuit Court of Appeals rendered its decision in Calpine Corp. v. O’Brien Environmental Energy, Inc. (In re O’Brien Environmental Energy, Inc.), 181 F.2d 527, denying Calpine Corporation’s request for the payment of a break-up fee after Calpine lost its effort to acquire the assets of O’Brien Environmental Energy out of bankruptcy.

Filed under:
USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Interest, Marketing, Limited liability company, Due diligence, Non-disclosure agreement, United States bankruptcy court, Third Circuit
Authors:
Nicholas J. Brannick
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Seventh Circuit limits duties of fairness opinion provider to scope of engagement letter
2008-02-29

The Ruling

Filed under:
USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Professional Negligence, Squire Patton Boggs, Bankruptcy, Credit (finance), Security (finance), Marketing, Limited liability company, Investment banking, Gross negligence, Credit Suisse, Seventh Circuit
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Interest in an LLC: property or a contractual right? You decide (but we are warning you the stakes are high)!
2014-11-25

Should a membership agreement governing a debtor’s interest in an LLC be treated as property of the estate or an executory contract? Equally, should a debtor’s economic and non-economic interests in an LLC be treated as property or a contractual right? Can’t make up your mind? Don’t worry—the bankruptcy courts can’t either.

Filed under:
USA, Pennsylvania, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Limited liability company
Location:
USA
Firm:
Weil Gotshal & Manges LLP
View Original Article
Give and take: Delaware bankruptcy court dismisses trustee’s turnover and avoidance claims relating to debtor’s net operating losses
2014-11-04

Are a debtor’s net operating losses considered property of the estate when they are reported on a consolidated tax return by a non-debtor parent? We previously wrote about this issue here.

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, Bankruptcy, Debtor, Limited liability company, United States bankruptcy court
Location:
USA
Firm:
Weil Gotshal & Manges LLP
View Original Article

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