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    The Pennsylvania Commonwealth Court approves liquidation of First Sealord Surety Insurance, and bonds issued by this surety will terminate within 30 days
    2012-02-09

    On February 8, 2012, the Pennsylvania Insurance Department (the “Department”) announced that the Pennsylvania Commonwealth Court approved its petition to liquidate First Sealord Surety Insurance. 

    According to the Department's Commissioner, Michael Consedine, the Department petitioned the Commonwealth Court for a liquidation order because “First Sealord Surety is no longer able to meet its policyholder obligations or pay its debts as they come due.”

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Insurance, Litigation, Duane Morris LLP, Bond (finance), Surety, Liquidation
    Location:
    USA
    Firm:
    Duane Morris LLP
    Buyer Beware: The Risk of Ignoring Known Defects in Title Cannot be Cured by “Free and Clear” Bankruptcy Sale
    2022-04-25

    The Bankruptcy Protector

    Envision a scenario in which you purchased a right of first refusal for a parcel of real estate. That right, as bargained for, would let you purchase the parcel if it was put up for sale by matching any competing bidder’s offer. As a diligent prospective purchaser, you would naturally record that right of first refusal in the appropriate land records. So far so good.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Oh, and Section 105, as well—Limitations on the Bankruptcy Court’s Equitable Powers
    2021-12-20

    Section 105 of the U.S. Bankruptcy Code, titled “Power of Court,” is often cited and used as a “catch-all” provision when requesting certain relief or when a bankruptcy court enters an order granting (or denying) certain relief not prescribed by a particular provision of the Bankruptcy Code. That section provides that a “court may issue any order, process, or judgment that is necessary or appropriate to carry out the provisions of this title . . .

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy, Mediation
    Authors:
    Woods Drinkwater
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Confusion Involving Constitutionality of U.S. Trustee Fee Increase
    2021-07-27

    The Bankruptcy Protector

    In 2017, Congress enacted an amendment imposing a sharp increase in quarterly fees owed to the United States Trustee program by many chapter 11 debtors. Expectedly, the constitutionality of that decision has been challenged on several grounds, and there is considerable disagreement among the circuits.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, SCOTUS
    Authors:
    C. Craig Eller
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Buyer Beware: Anti-Assignment Clause in Promissory Note Bars Claim Purchaser from Collecting in Bankruptcy
    2019-09-30

    In In re Woodbridge Grp. of Companies, LLC, No. BR 17-12560-BLS, 2019 WL 4305444 (D. Del. Sept. 11, 2019), the United States District Court for the District of Delaware affirmed an opinion by Bankruptcy Judge Kevin Carey, and held that a proof of claim will be expunged if the note and loan agreement underlying the claim prohibit assignment and provide that assignment without consent will be “null and void.”

    Facts

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Debtor, Title 11 of the US Code
    Authors:
    Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Section 546(e) Safe Harbor Beyond Our Borders
    2018-12-19

    The recent Supreme Court decision in Merit Management Group LP v. FTI Consulting, Inc. eliminated any circuit split or confusion over the language of the section 546(e) safe harbor.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Safe harbor (law)
    Authors:
    David M. Barnes, Jr. , Woods Drinkwater
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    The Res Judicata Effect of a Confirmed Chapter 13 Plan on Claim Objections: The Fourth Circuit Provides Guidance to Secured and Unsecured Claimants
    2017-10-23

    In LVNV Funding, LLC v. Harling, 852 F.3d 367 (4th Cir. 2017), as amended (Apr. 6, 2017), the Fourth Circuit addressed whether claim objections filed after a Chapter 13 plan had been confirmed are barred by the res judicata effect of the confirmed plan. Here, LVNV Funding filed unsecured proofs of claim that it conceded were barred by the statute of limitations.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Unsecured debt, Res judicata and issue estoppel, Fourth Circuit
    Authors:
    Keith Poston
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Good Problems to Have: Recovery of Interest by Unsecured Creditors of a Solvent Chapter 11 Debtor
    2022-04-18

    The Bankruptcy Protector

    Imagine this: you sell a product to a company on credit at 8% interest until you are paid, and the company files for bankruptcy before repayment. Or maybe you are a hard money lender that made an unsecured loan at 18% to a company to bridge through hard times, and the company files for bankruptcy. Or maybe you are a secured creditor with a 5% loan on real estate, and after the borrower files for bankruptcy, you discover there is a defect in your mortgage and your lien can be stripped.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Eleventh Circuit Announces Differing Standards for Approval of Third Party Releases
    2021-12-13

    The Bankruptcy Protector

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy, Eleventh Circuit
    Authors:
    Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    It Is, In Fact, Expensive To Be Erika Jayne
    2021-07-20

    The Bankruptcy Protector

    “It’s expensive to be me / Looking this good don’t come for free.” —Erika Jayne, “XXpen$ive”

    Real Housewives of Beverly Hills cast member Erika Girardi, more commonly known as Erika Jayne, is the latest example of just how powerful (and expensive) an involuntary bankruptcy proceeding can be.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Small Business Administration (USA)
    Authors:
    David M. Barnes, Jr.
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP

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