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    Missouri Bankruptcy Court Holds Debtor Must Be Currently Engaged in Commercial or Business Activities to Be Eligible to Make Subchapter V Election
    2020-12-11

    EIGHTH CIRCUIT BANKRUPTCY MONITOR

    Filed under:
    USA, Missouri, Insolvency & Restructuring, Litigation, Spencer Fane LLP
    Authors:
    Ryan C. Hardy
    Location:
    USA
    Firm:
    Spencer Fane LLP
    Missouri Supreme Court reverses class cert due to overbreadth and typicality issues
    2019-05-06

    The Supreme Court of Missouri recently held that a trial court abused its discretion by certifying an overly broad class with a class representative whose claims against the debt collector defendant were not typical of the class.

    Filed under:
    USA, Missouri, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Uniform Commercial Code (USA)
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Managers of insolvent Missouri LLCs have no fiduciary duty to creditors
    2016-12-07

    Two recent federal court decisions establish that managers of financially troubled Missouri limited liability companies do not owe a fiduciary duty to creditors of their troubled enterprises. Imperial Zinc Corp. v. Engineered Products Industries, L.L.C., No. 4:14-CV-1015-AGF, 2016 WL 812695 (E.D. Mo. Mar. 2, 2016); Imperial Zinc Corp. v. Engineered Products Industries, L.L.C., No. 4:16-CV-551-RWS, 2016 W 6611129 (E.D. Mo. Nov. 9, 2016).

    Filed under:
    USA, Delaware, Missouri, Company & Commercial, Insolvency & Restructuring, Litigation, Thompson Coburn LLP, Delaware Supreme Court
    Authors:
    David Warfield
    Location:
    USA
    Firm:
    Thompson Coburn LLP
    Two non-conventional uses for Missouri’s new receivership statute
    2016-11-09

    Missouri’s new receivership statute became effective on August 28, 2016. The new statute, called the Missouri Commercial Receivership Act (or “MCRA”) and codified at Chapter 515 of the Missouri Revised Statutes, provides a much more robust receivership remedy than prior law.

    Filed under:
    USA, Missouri, Agriculture, Insolvency & Restructuring, Thompson Coburn LLP
    Authors:
    David Warfield
    Location:
    USA
    Firm:
    Thompson Coburn LLP
    Chapter 12 family farmer cases in Missouri: A look inside the numbers
    2016-09-27

    Chapter 12 of the Bankruptcy Code, enacted in 1987, provides relief to family farmers facing financial distress. Chapter 12 is available exclusively for family farmers that want to reorganize their financial affairs. While Chapter 12 was very popular in the first few years after its enactment, the number of Chapter 12 cases decreased after the farm economy stabilized. Nevertheless, hundreds of Chapter 12 cases are still filed every year in the United States.

    Filed under:
    USA, Missouri, Agriculture, Insolvency & Restructuring, Thompson Coburn LLP
    Authors:
    David Warfield
    Location:
    USA
    Firm:
    Thompson Coburn LLP
    Missouri Commercial Receivership Act Creates a New Statutory Scheme Which Presents a More Robust Remedy
    2016-08-03

    The Missouri Commercial Receivership Act (MCRA), passed by the Missouri legislature and just signed into law by Governor Nixon, becomes effective Aug. 28, 2016. It expands, clarifies and fleshes out the existing minimal receivership statute. The MCRA (Sections 515.500 through 515.665 of MO Senate Bill No. 578) outlines a new standardized system for receivership administration under the auspices of the Missouri courts.

    Filed under:
    USA, Missouri, Insolvency & Restructuring, Litigation, Real Estate, Stinson LLP, Bankruptcy, Debtor, Interest, Debt, Personal property, Pro rata
    Authors:
    John G. Young, Jr.
    Location:
    USA
    Firm:
    Stinson LLP
    Missouri Commercial Receivership Act
    2016-05-16

    On May 10, 2016, the Missouri Commercial Receivership Act (the “Act”) was passed by the Missouri General Assembly as SB 578. The proposed Act provides a complete statutory structure for the appointment of receivers and the administration of receiverships within the state.

    Currently, Missouri law regarding receiverships is largely based on case law, in addition to very limited statutory authority. As a result, receivership law can be somewhat confusing and inconsistently applied.

    Filed under:
    USA, Missouri, Insolvency & Restructuring, Spencer Fane LLP
    Authors:
    Eric C. Peterson
    Location:
    USA
    Firm:
    Spencer Fane LLP
    7 things you should know about the new Missouri Commercial Receivership Act
    2016-05-16

    On May 10, 2016, the Missouri General Assembly passed the Missouri Commercial Receivership Act (MCRA), providing for significant changes to Missouri’s law on receiverships. Assuming that Governor Nixon signs the bill (which is almost certain), the law will become effective later this year. The significant changes to the Missouri receivership law in the MCRA are as follows:

    Filed under:
    USA, Missouri, Insolvency & Restructuring, Thompson Coburn LLP
    Authors:
    David Warfield , Cheryl Kelly , Brian W. Hockett
    Location:
    USA
    Firm:
    Thompson Coburn LLP
    Community First Bank assumes all of the deposits of BC National Banks
    2010-05-01

    Yesterday, the Office of the Comptroller of the Currency closed BC National Banks, headquartered in Butler, Missouri, and appointed the FDIC receiver.

    Filed under:
    USA, Missouri, Banking, Insolvency & Restructuring, Alston & Bird LLP, Office of the Comptroller of the Currency (USA), Federal Deposit Insurance Corporation (USA)
    Authors:
    Melinda C. Calisti
    Location:
    USA
    Firm:
    Alston & Bird LLP
    BankLiberty assumes all of the deposits of Champion Bank
    2010-05-01

    Yesterday, the Department of Insurance, Financial Institutions & Professional Regulation of the Missouri Division of Finance closed Champion Bank, headquartered in Creve Coeur, Missouri, and appointed the FDIC receiver.

    Filed under:
    USA, Missouri, Banking, Insolvency & Restructuring, Alston & Bird LLP, Federal Deposit Insurance Corporation (USA), Insurance commissioner
    Authors:
    Melinda C. Calisti
    Location:
    USA
    Firm:
    Alston & Bird LLP

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