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    Insurers Beware of “Silent Crypto” Exposure
    2023-01-04

    The recent implosion of crypto firm FTX and its affiliates provides a case study for potential crypto exposure under traditional insurance policies. The FTX debacle is described herein is an introduction to a series of four articles on the potential liability exposure and coverage: Silent Crypto for D&O and Corporate Liability Insurance (Part I), Silent Crypto Exposure for Accountants (Part II), Silent Crypto Exposure for Lawyers (Part III), and Crime and Custody Coverage for Crypto Assets (Part IV).

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Insurance, Litigation, Due diligence, Cryptocurrency, US Securities and Exchange Commission, Federal Deposit Insurance Corporation (USA), FTX, SCOTUS
    Location:
    USA
    DIFC Court Judgment Enforced in Australia
    2016-07-25

    In a landmark legal development, a judgment of the DIFC Courts has been recognised and enforced for the first time in a Western jurisdiction.

    The Supreme Court of New South Wales, Australia, issued an order recognising and enforcing the DIFC Courts judgment issued by Justice Sir Richard Field in Legatum Limited v Arif Salim (CFI 027/2014).

    Filed under:
    United Arab Emirates, Company & Commercial, Insolvency & Restructuring, Litigation, Al Tamimi & Company, Dubai International Financial Centre, SCOTUS, DIFC Courts
    Location:
    United Arab Emirates
    Firm:
    Al Tamimi & Company
    “Fiduciary Capacity” Discharge Exception—At U.S. Supreme Court (Spring Valley v. Forrest)
    2022-12-29

    A bankruptcy discharge “does not discharge an individual debtor from any debt– . . . for fraud or defalcation while acting in a fiduciary capacity.” 11 U.S.C. § 523(a)(4).

    The effect of this “fiduciary capacity” statute is newly before the U.S. Supreme Court on a petition for certiorari in Spring Valley Produce, Inc. v. Forrest, Case No. 22-502.

    The question presented in Spring Valley is this:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, SCOTUS
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    2022 Bankruptcy Year in Review: What We Saw and What’s Ahead in 2023
    2022-12-30

    Over the past year, the ebb and flow of bankruptcy filings has been an interesting one. Through 11 months, the number of bankruptcy filings has decreased from 2021, which was already at its lowest level since the 1980s.

    The total number of bankruptcy filings through November stands at 346,760. Based on a recent monthly uptick in both consumer and commercial filings, we should expect the year to end with approximately 385,000, a 4% decrease from the 401,291 filings in 2021.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Supply chain, Cryptocurrency, FTX, SCOTUS
    Authors:
    Alan C. Hochheiser
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Post Siegel Ruling: Tenth Circuit Orders Refunds for Overpayment of U.S. Trustee Fees
    2022-08-19

    The Bankruptcy Protector

    On June 6, 2022, the Supreme Court issued a unanimous ruling in Siegel v. Fitzgerald, 142 S. Ct. 1770 (U.S. June 6, 2022) that the increase in fees payable to the U.S. Trustee system in 2018 violated the uniformity aspect of the Bankruptcy Clause of the Constitution because it was not immediately applicable in the two states with Bankruptcy Administrators rather than U.S. Trustees.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy, US Congress, SCOTUS, Federal Circuit, Tenth Circuit, US Court of Federal Claims
    Authors:
    Shane G. Ramsey
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    9th Cir. Affirms Bankruptcy Court Ruling Avoiding Judgment Lien on Calif. Homestead Property
    2022-12-26

    The U.S. Court of Appeals for the Ninth Circuit recently affirmed a bankruptcy court’s judgment in favor of a debtor who sought to avoid a judgment lien under California’s homestead exemption law.

    In so ruling, the Ninth Circuit held that, when a judgment lien impairs a debtor’s state-law homestead exemption, the Bankruptcy Code requires courts to determine the exemption to which the debtor would have been entitled in the absence of the lien.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Bankruptcy, SCOTUS, Ninth Circuit, U.S. Court of Appeals
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Unimpaired Unsecured Creditors in Solvent-Debtor Chapter 11 Case Entitled to Postpetition Interest, Presumably at Contract or Default Rate
    2022-12-06

    Perhaps given the relative rarity of solvent-debtor cases during the nearly 45 years since the Bankruptcy Code was enacted, a handful of recent high-profile court rulings have addressed whether a solvent chapter 11 debtor is obligated to pay postpetition, pre-effective date interest ("pendency interest") to unsecured creditors to render their claims "unimpaired" under a chapter 11 plan, and if so, at what rate. This question was recently addressed by two federal circuit courts of appeals. In In re PG&E Corp., 46 F.4th 1047 (9th Cir.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, SCOTUS, Ninth Circuit
    Authors:
    Daniel J. Merrett (Dan) , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Fifth Circuit Embraces Flexible Approach to Countryman Test of Executoriness in Bankruptcies Involving Multiparty Contracts
    2022-12-05

    Whether a contract is "executory" such that it can be assumed, rejected, or assigned in bankruptcy is a question infrequently addressed by the circuit courts of appeals. The U.S. Court of Appeals for the Fifth Circuit provided some rare appellate court-level guidance on the question in Matter of Falcon V, L.L.C., 44 F.4th 348 (5th Cir. 2022). The Fifth Circuit affirmed lower-court rulings determining that a surety contract was not executory because the surety had already posted irrevocable surety bonds and did not owe further performance to the debtors.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Jones Day, NLRB, US Congress, SCOTUS, United States bankruptcy court, Fifth Circuit, Third Circuit
    Authors:
    Dan B. Prieto , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    No Rescue For Chicago From U.S. Supreme Court—This Time (In re Mance)
    2022-12-01

    Poor Chicago. 

    Unlike the result for Chicago’s traffic ticket income in Fulton v. Chicago, the U.S. Supreme Court refuses to rescue Chicago in City of Chicago v. Mance (Case No. 22-268; Cert. denied, 11/21/2022).[Fn. 1]

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, SCOTUS
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Second Circuit Reaffirms that Debtor Can Obtain Refund for Non-Uniform Bankruptcy Fees
    2022-12-01

    We have previously blogged about Siegel v. Fitzgerald, the Supreme Court decision last June that invalidated the 2018 difference in fees between bankruptcy cases filed in Bankruptcy Administrator judicial districts and U.S. Trustee judicial districts.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Bankruptcy, SCOTUS, Second Circuit
    Authors:
    Jonah Wacholder , Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP

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