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Cayman hedge funds liquidators' request for Chapter 15 protection denied by Bankruptcy Court
2007-09-19

Funds' assets in the U.S. has been denied by the United States Bankruptcy Court for the Southern District of New York. See 2007 Bankr. LEXIS 2949, *26 (Bankr. S.D.N.Y. Aug. 30 , 2007). The Funds were being liquidated in the Cayman Islands, but the bankruptcy court held that they were not eligible for Chapter 15 relief under the U.S. Bankruptcy Code (the "Code") because the liquidations were not pending in a country where the Funds had their "center of main interests" or an "establishment" for the conduct of business.

Filed under:
Cayman Islands, USA, Insolvency & Restructuring, Litigation, Schulte Roth & Zabel LLP, Debtor, Injunction, Market liquidity, Swap (finance), Hedge funds, Liquidation, Broker-dealer, Liquidator (law), US Code, Westlaw, United States bankruptcy court, US District Court for SDNY
Location:
Cayman Islands, USA
Firm:
Schulte Roth & Zabel LLP
View Original Article
Only a matter of time: a look at the December 1, 2009 changes to the time periods governing bankruptcy cases
2009-12-17

On December 1, 2009, numerous changes to the time periods applicable in bankruptcy cases took effect. These changes, which will impact creditors and debtors alike, are relatively straightforward but must be carefully reviewed and thoroughly understood. Time plays a critical role in the administration of bankruptcy cases, affecting the degree of notice a party is required to give before certain actions can be taken or approved by the bankruptcy court as well as deadlines for filing various documents, asserting various rights and satisfying certain statutory obligations.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Commodity broker, Liquidation, Consumer privacy, US Code, Title 11 of the US Code, SCOTUS, United States bankruptcy court
Authors:
Elliot M. Smith
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
The triangular setoff after SemCrude
2009-08-26

An opinion issued earlier this year by the Delaware Bankruptcy Court in In re SemCrude, L.P., et al. (Bankr. Del., No. 08-11525; January 9, 2009) may end much of the practice of so-called “triangular setoffs” by creditors in bankruptcy cases. The Court in SemCrude found that creditors violate section 553 of the Bankruptcy Code by setting off amounts among multiple debtors, even when exercising contractual assignment rights. This ruling is likely to have far-reaching impact given the dearth of case law on this fairly common contractual provision.

Filed under:
USA, Delaware, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Bankruptcy, Debtor, Unsecured debt, Security (finance), Safe harbor (law), Federal Reporter, Debt, Liability (financial accounting), US Code, Title 11 of the US Code, DuPont, Chevron Corporation, Second Circuit, Delaware Supreme Court, United States bankruptcy court
Authors:
Andrew M. Simon
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Sabine: The Next Episode
2017-04-13

Editor’s Note: On June 16, 2016, The Bankruptcy Cave gave you our previous summary of the controversial Sabine decision.

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), US Code, United States bankruptcy court
Authors:
Craig K. Schuenemann
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Non-Final Finality: Does One Interlocutory Issue Resolved in a Bankruptcy Court Order Render All Issues Addressed in the Order Non-Appealable?
2016-08-22

As the Supreme Court recently reminded us in Bullard v. Blue Hills Bank, not all orders in bankruptcy cases are immediately appealable as a matter of right. Only those orders deemed sufficiently “final” may be appealed without leave under 28 U.S.C. § 158(a).

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Debtor, US Code, SCOTUS, United States bankruptcy court, Bankruptcy Appellate Panel, Tenth Circuit, Trustee
Authors:
Bryce A. Suzuki
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Over Four Hundred Years of Law on Fraudulent Transfers, Flushed Down the Drain
2016-08-15

In 1571, Parliament enacted a law, sometimes known as the Statute of 13 Elizabeth, creating one of the greatest means of creditor protection – the proscription of fraudulent transfers.

Filed under:
USA, Insolvency & Restructuring, Litigation, White Collar Crime, Bryan Cave Leighton Paisner (Bryan Cave), Bankruptcy, Debtor, Security (finance), Fraud, US Code, Title 11 of the US Code, US Congress, The Wall Street Journal, Trustee
Authors:
Mark I. Duedall
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Improper Use of Contract Attorneys, Failure to Disclose Terms - This Case Has It All
2016-07-18

Estate professionals are under continued scrutiny. Unlike other professionals, getting paid is not simply a matter of sending a bill. The bankruptcy court, appropriately so, closely oversees the amount and timing of payment of estate professional fees. And proper disclosure under the Bankruptcy Code and the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) is critical for all estate professionals.

Filed under:
USA, Insolvency & Restructuring, Legal Practice, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), Regulatory compliance, Bankruptcy, Debtor, Independent contractor, Discovery, Legal burden of proof, Constitutional amendment, US Code, United States bankruptcy court
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
10th Circuit holds that first time transactions fall within 11 U.S.C. 547(c)(2), ordinary course of business defense
2015-10-16

In a decision that surprised many, the United Stated Circuit Court of Appeals for the Tenth Circuit (the “10th Circuit Court of Appeals”) affirmed decisions finding that a payment made on account of a first time transaction between a debtor and creditor can qualify for the ordinary course of business defense under 11 U.S.C. § 547(c)(2).

Filed under:
USA, Banking, Insolvency & Restructuring, Litigation, Bryan Cave Leighton Paisner (Bryan Cave), US Code
Authors:
Purvi Shah , Michelle McMahon
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Transferee(s) may be protected despite unknown bankruptcy of transferor
2008-09-09

Buyers of, and lenders upon, distressed California real property can sleep a little better following a recent U.S. Ninth Circuit Court of Appeals decision: In the Matter of Craig L. Tippett, 2008 U.S. App. LEXIS 18914 (September 4, 2008). In Tippett, the Court upheld the California bona fide purchaser statute against a federal preemption claim and declined to find a violation of the Bankruptcy Code’s automatic stay provision in order to affirm an unauthorized real property sale by the Chapter 7 debtor.

Filed under:
USA, California, Banking, Insolvency & Restructuring, Litigation, Real Estate, Bryan Cave Leighton Paisner (Bryan Cave), Federal preemption, Bankruptcy, Debtor, Good faith, Constructive notice, US Code, Title 11 of the US Code, California Civil Code, Ninth Circuit, United States bankruptcy court, Bankruptcy Appellate Panel, Trustee
Location:
USA
Firm:
Bryan Cave Leighton Paisner (Bryan Cave)
View Original Article
Bankruptcy trustees not entitled to injunctive relief that would give them priority to D&O policy proceeds
2007-05-15

The United States Bankruptcy Court for the District of Massachusetts has denied injunctive relief requested by two bankruptcy trustees seeking to stay the prosecution and settlement of shareholder actions proceeding against various former officers and directors of a bankrupt corporation. In re Enivid, 2007 WL 806627 (Bankr. D. Mass. Mar. 16, 2007).

Filed under:
USA, Insolvency & Restructuring, Insurance, Litigation, Wiley Rein LLP, Bankruptcy, Shareholder, Debtor, Injunction, Security (finance), Breach of contract, Class action, Fiduciary, Board of directors, Preliminary injunction, Liquidation, US Code, United States bankruptcy court, US District Court for District of Massachusetts, Trustee
Location:
USA
Firm:
Wiley Rein LLP
View Original Article

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