Practitioners generally identify “excusable neglect” as the standard that bankruptcy courts apply in determining whether to allow a creditor’s untimely proof of claim. A creditor who lets the bar date pass finds itself in the undesirable position of having to persuade the bankruptcy court that its neglect to file a timely proof of claim was excusable.
“I’m inconsistent, even to myself.”
-Bob Dylan
The Bankruptcy Blog previously published an extensive guide to evaluating and purchasing director and officer (”D&O”) liability insurance for individuals at the helm of troubled companies. But what happens when a policy is in place and the directors and officers seek to obtain the proceeds of that policy to cover defense costs or related expenses?
At the most basic level, bankruptcy is all about property. Going out on a limb here, we’d say that it’s a good idea to have a sense of what is and what is not your property before filing for bankruptcy. Of course, this is easier said than done in some cases and can be subject to dispute, as demonstrated by
In American Federated Title Corp. v. GFI Management Services, Inc., the United States District Court for the Southern District of New York
“Render unto Caesar the things that are Caesar’s, and unto [CEC] the things that are [CEC’s] [?]” – Matthew 22:21 (as revised)
Recharacterization: an overview
Scheme Hot Topics Bulletin: Part III Schemes vs Chapter 11 June 2015 Using the key features of our case study below, we compare schemes and Chapter 11 proceedings on the following grounds: ■ jurisdiction (filing requirements and crossborder recognition); ■ moratorium; ■ scope, i.e. which creditors can be included in (or excluded from) the relevant proceedings; ■ control; ■ new money; ■ cramdown; ■ valuation; ■ third party releases; ■ disclosure; ■ market impact; ■ timing and costs; and ■ special Chapter 11 rules on oil & gas interests.