Typically, when an individual debtor files for bankruptcy, all of his or her belongings become part of the big “property of the estate” pot that the court ladles up pro rata among hungry creditors. But debtors need to eat too. Exemption law allows individual debtors and their families to keep some basic property, such as the clothes on their backs and roofs over their heads.
The Texas Supreme Court is poised to consider a significant fraudulent transfer case stemming from the Allen Stanford Ponzi scheme. The origins of Janvey v. Golf Channel date back to 2009. In the wake of Stanford’s $7 billion Ponzi scheme, the Northern District of Texas appointed a receiver for Stanford and his related entities. The receiver sued the Golf Channel (among others), claiming the nearly $6 million Stanford paid for advertising was a fraudulent transfer under the Texas Uniform Fraudulent Transfer Act (“TUFTA”).
Most loan contracts include provisions allowing the collection of attorneys’ fees in the event the borrower defaults. These attorney fee provisions are routinely enforced in collection suits brought in state courts.
An essential element to any cramdown plan is the presence of at least one impaired accepting class. Even when a plan proponent purports to satisfy this requirement, objecting parties will often challenge the plan’s classification scheme or whether a particular class is truly impaired. A recent decision from the Southern District of New York,
When is a foreign entity eligible to file a chapter 15 petition? This question has been the subject of debate over the last few years, and Judge Martin Glenn’s recent opinion in In re Berau Capital Resources Pte Ltd. will add to this debate. Although the debtor in the case was foreign and did not have a place of business in the United States, Judge Glenn concluded that the debtor had satisfied the eligibility provisions under section 109(a) of the Bankruptcy Code because the New York choice of law and forum selection clause in the underlying bond indenture rendered the
Over the summer, four appellate court decisions addressed the doctrine of equitable mootness: In re Tribune Media Co., 799 F.3d 272 (3d Cir. 2015); In re One2One Commc’ns, LLC, No. 13-3410, 2015 WL 4430302 (3d Cir.
Insider creditors “waived [the] right to charge default interest on” their claims and “failed to prove” their claim for non-default interest, held the U.S. Bankruptcy Appellate Panel for the Tenth Circuit (“BAP”) on Nov. 6, 2015. In re Autterson, 2015 WL 6789168, at *4 (10th Cir. BAP, Nov. 6, 2015).
This is the third post in our series on Judge Sontchi’s postpetition interest decision in Energy Futures Holdings, issued on October 30, 2015. Our first post in this series analyzed Judge Sontchi’s ruling that postpetition interest on an unsecured claim does not constitute a part of the unsecured claim itself.
A recent decision by the United States Bankruptcy Court for the Southern District of New York may make it easier for debtors to obtain some relief from preferential payments to a foreign entity, even if the recipient of the transfer has no address in the United States.