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    Supreme Court holds oral argument in Piccadilly Cafeterias: ability of state and local governments to tax transfers on sales approved outside of a chapter 11 plan before the court
    2008-03-28

    On March 26, 2008, the United States Supreme Court heard oral argument in the case of State of Florida Department of Revenue v. Piccadilly Cafeterias, Inc. to consider the United States Court of Appeals for the Eleventh Circuit's ruling that a bankruptcy court may exempt certain state and local taxes in a sale approved prior to confirmation of a chapter 11 plan under § 1146(c) of the Bankruptcy Code.

    Introduction

    Section 1146(a) (formerly, and for the purposes of this case § 1146(c)) of the Bankruptcy Code provides:

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Wiley Rein LLP, Tax exemption, Bankruptcy, Debtor, Consideration, Amicus curiae, Liquidation, Bright-line rule, Stamp duty, Title 11 of the US Code, SCOTUS, United States bankruptcy court, Eleventh Circuit, Fourth Circuit
    Location:
    USA
    Firm:
    Wiley Rein LLP
    UK pensions update: Supreme Court rules in Nortel and Lehman appeals
    2013-08-14

    The Supreme Court has ruled that Financial Support Directions issued by the Pensions Regulator against insolvent companies can be claimed as provable debts in the insolvency process. The previous decisions of the High Court and Court of Appeal that they were to be paid as insolvency expenses have been overruled.

    The decision was handed down in the Court’s judgment on the latest appeal in the long-running Nortel and Lehman saga, which arose out of a grey area in the elaborate statutory system for the funding of defined benefit pension schemes.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Clyde & Co LLP, Debt, Liability (financial accounting), The Pensions Regulator, SCOTUS
    Authors:
    Mark Howard
    Location:
    United Kingdom
    Firm:
    Clyde & Co LLP
    Third Circuit Ruling on Constitutional Authority of Bankruptcy Courts Can Provide Guidance for the Looming Wave of COVID-19 Cases
    2020-04-07

    The economic fallout from the COVID-19 pandemic will leave in its wake a significant increase in commercial chapter 11 filings. Many of these cases will feature extensive litigation involving breach of contract claims, business interruption insurance disputes, and common law causes of action based on novel interpretations of long-standing legal doctrines such as force majeure.

    Filed under:
    USA, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Medicare, Medicaid, Bankruptcy, Fraud, Force majeure, Coronavirus, SCOTUS
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    U.S. Supreme Court Rules Against Use of Bob Richards Rule to Determine Ownership of Tax Refund Within Consolidated Group: Consolidated Return Filers Should Check Their Tax Sharing Agreements Now
    2020-03-02

    On February 25, 2020, in Rodriguez v. Federal Deposit Insurance Corporation, No. 18-1269 (U.S. 2020), the U.S. Supreme Court effectively ruled that the so-called “Bob Richards rule” should not be used to determine which member of a group of corporations filing a consolidated federal income tax return is entitled to a federal income tax refund.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Kelley Drye & Warren LLP, Income tax, Internal Revenue Service (USA), Federal Deposit Insurance Corporation (USA), SCOTUS
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Fees for Defending Fees - Recent Rulings Permit Contractual Circumvention of Supreme Court’s Baker Botts v. Asarco Decision
    2017-10-05

    The Supreme Court two years ago ruled in Baker Botts v. Asarco that bankruptcy professionals entitled to compensation from a debtor’s bankruptcy estate had no statutory right to be compensated for time spent defending against objections to their fee applications.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, SCOTUS, United States bankruptcy court
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Could Supreme Court Case on Debt Recharacterization Provide a Pathway Out of the Stern v. Marshall Maze?
    2017-07-20

    The Supreme Court recently granted certiorari in PEM Entities LLC v. Levin, in which it will decide whether federal or a state law should apply when a debt claim held by a debtor’s insider is sought to be recharacterized in bankruptcy as a capital contribution and treated as equity. The case raises important questions about the extent to which the commencement of a proceeding under the U.S.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, SCOTUS, United States bankruptcy court
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Millenium Lab Holdings - Ruling on Third Party Releases Highlights Continuing Constitutional Questions Regarding Power of Bankruptcy Courts
    2017-05-16

    In Millenium Lab Holdings, Delaware District Court Judge Leonard Stark, on an appeal from a bankruptcy court order confirming a plan of reorganization, recently upheld a challenge to the bankruptcy court’s constitutional authority to release claims against non-debtor third parties under the plan.

    Filed under:
    USA, Healthcare & Life Sciences, Insolvency & Restructuring, Litigation, Kelley Drye & Warren LLP, Bankruptcy, Debtor, Constitutionality, US Code, US Constitution, Article III US Constitution, Article I US Constitution, US Congress, SCOTUS, United States bankruptcy court
    Authors:
    Benjamin D. Feder
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Supreme Court declines to hear appeal on Madoff trustee’s net equity formula
    2012-06-28

    The Supreme Court has cleared the way for Irving Picard, the Trustee overseeing the Madoff liquidation proceeding, to distribute billions of dollars to victims of Madoff’s Ponzi scheme.  On Monday, the Court declined to hear appeals in two cases from the Second Circuit challenging Picard’s formula for repaying victims.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Kelley Drye & Warren LLP, Liquidation, SCOTUS
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Bankruptcy court's interpretation of reorganization plan it confirmed receives deferential treatment
    2010-08-17

    IN RE: AIRADIGM COMMUNICATIONS, INC. (August 4, 2010)

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Telecoms, Kelley Drye & Warren LLP, Bankruptcy, Collateral (finance), Standard of review, Estoppel, Federal Communications Commission (USA), SCOTUS, United States bankruptcy court
    Location:
    USA
    Firm:
    Kelley Drye & Warren LLP
    Retention of title as a defence to an unfair preference claim
    2011-05-20

    In the recent case of Dwyer & Ors and Davies & Ors v Chicago Boot Co Pty Ltd [2011] SASC 27, Chicago Boot claimed that certain payments made to it by two insolvent companies were not unfair preference payments, because of, amongst other defences, the purported application of a retention of title clause in relation to the supply of goods by Chicago Boot.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Clayton Utz, Debtor, Unsecured debt, Interest, Debt, Liquidation, Liquidator (law), Title retention clause, Corporations Act 2001 (Australia), SCOTUS
    Authors:
    Paul James
    Location:
    Australia
    Firm:
    Clayton Utz

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