The U.S. Bankruptcy Court for the Middle District of Florida recently held that:
In analyzing the parameters surrounding a state law assignment for benefit of creditors, as well as the extent and limits of the powers of the assignee, the Eleventh Circuit inUllrich v. Welt (In re NICA Holdings, Inc.), 2015 WL 9241140 (11th Cir. 2015) held that an assignee for the benefit of creditors lacks the authority to file a bankruptcy petition on behalf of the assignee.
A decision by the Bankruptcy Court for the District of New Hampshire is the latest of a handful of cases in the past few years to weigh in on a circuit split as to whether a licensor of trademark rights can fully terminate a licensing agreement as a debtor in bankruptcy.
The U.S. Bankruptcy Court for the Middle District of Florida recently held that:
The Bankruptcy Code contains a safe harbor for transactions that a debtor enters into after an involuntary petition is filed against it, but before an order for relief on the petition is entered. See 11 U.S.C.
We know that our readers are busy during this time of year with vacation travel, holiday parties, and deals closing before year end. And we know that it’s easy to fall behind on your essential bankruptcy reading. Our gift to you this holiday season is this look back at our last six weeks of Weil Bankruptcy Blog posts, wrapped up into three neat little packages (or posts, that is). So grab your glass of eggnog, and put your feet up, as we recap what you may have missed.
Insiders: A Perennial Favorite
What better time than the holiday season to discuss “gifting” in the context of chapter 11 cases. “Gifting” commonly refers to the situation where a senior creditor pays (or allocates a portion of its collateral for the benefit of) one or more junior claimholders. Gifting is often employed as a tool to resolve the opposition of a junior class of creditors, who are typically out-of-the-money, to the manner in which the bankruptcy case is being administered. For instance, creditors’ committees may seek gifts from senior creditors to guarantee a recovery for general unsecured
In this second installment of the Lookback Period – Six Weeks, we take brief holiday trips internationally, with two posts on eligibility for chapter 15 recognition and service of claim objections by U.S. mail to foreign claimants, and domestically to Delaware, with a series on Judge Sontchi’s decision on postpetition interest, as well as a post about a decision from the Court of Chancery of Delaware on the interpretation of indentures.
Chapter 15 Eligibility
More than three dozen US energy industry companies (E&Ps) filed for chapter 11 this year, with three more – New Gulf Resources LLC, Magnum Hunter Resources Corp., and Cubic Energy Inc. – filing just this third week of December. According to BloombergBriefs.com, even before these most recent filings. energy sector filings accounted for 26% of all chapter 11 filings in 2015, which is the largest share of filings for any sector. Just when the industry thought oil prices could not go any lower, they have.
In a case addressing what it means to "surrender" property under the Bankruptcy Code, the U.S. District Court for the Southern District of Florida recently held that a Chapter 7 trustee's abandonment of real property only restores legal title to the debtors as if no bankruptcy petition had been filed, and does not also give the debtors the right to contest the mortgagee's foreclosure if the debtors elected to surrender the property.