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    Illinois Bankruptcy Court: Whether Dispute Is Core or Non-Core Not "Bright Line" in Determining Enforceability of Arbitration Clause
    2023-07-26

    Whether a dispute that is subject to arbitration can or must be referred to arbitration after one of the parties to a prepetition arbitration agreement files for bankruptcy has long been a source of disagreement among bankruptcy and appellate courts due to a perceived conflict between the Federal Arbitration Act and the Bankruptcy Code. The U.S. Bankruptcy Court for the Northern District of Illinois recently provided some useful guidance regarding this issue.

    Filed under:
    USA, Illinois, Arbitration & ADR, Insolvency & Restructuring, Litigation, Jones Day, US Congress, Federal Arbitration Act 1926 (USA), Supreme Court of the United States
    Authors:
    Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Eleventh Circuit Confirms Refunds as the Remedy for Overpayment of U.S. Trustee Fees
    2023-07-13

    We have previously discussed the growing list of judicial decisions addressing the appropriate remedy for overpayment of U.S. Trustee (“UST”) quarterly fees. In U.S. Tr. Region 21 v. Bast Amron LLP (In re Mosaic Mgmt. Grp., Inc.), No. 20-12547, 2023 WL 4144557 (11th Cir.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Nelson Mullins Riley & Scarborough LLP, Bankruptcy, US Congress, Supreme Court of the United States
    Authors:
    Adam Herring
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    New York’s Sovereign Debt Restructuring Proposals
    2023-07-12

    The confluence of the COVID-19 pandemic, high inflation, and increased borrowing costs culminated in countries incurring record levels of debt.[1] Despite this global debt crisis, there is currently no comprehensive set of rules or body of law to govern the restructuring of sovereign debt.

    Filed under:
    USA, New York, Banking, Insolvency & Restructuring, Squire Patton Boggs, US Congress
    Authors:
    Tara Peramatukorn
    Location:
    USA
    Firm:
    Squire Patton Boggs
    SCOTUS Bankruptcy Decision Roundup
    2023-07-07

    On average, the Supreme Court hears a single bankruptcy case each term. But during the October 2022 term, the Supreme Court issued a remarkable four decisions in bankruptcy cases. These decisions, which are summarized below, address appellate issues relating to sale orders, the discharge of claims obtained by fraud, and sovereign immunity issues in two different contexts.

    I. Section 363(m) of the Bankruptcy Code is not a jurisdictional provision that precludes appellate review of asset sale orders.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Mintz, Bankruptcy, Fraud, US Congress, Chapter 11, US Bankruptcy Code, Supreme Court of the United States, United States bankruptcy court
    Authors:
    Kaitlin R. Walsh
    Location:
    USA
    Firm:
    Mintz
    What’s Insolvency Got to Do With it Anyway? Assessing “Bad Faith” Bankruptcy Filings Following In Re Aearo
    2023-06-29

    Bankruptcy courts possess broad discretion to dismiss chapter 11 bankruptcy cases for “cause” under Section 1112(b) of the Bankruptcy Code. While the Bankruptcy Code enumerates a long (though non-exhaustive) list of instances when a case may clearly be dismissed for cause, courts generally agree that cases may also be dismissed under Section 1112(b) for the classic catch-all reason—if they are filed in “bad faith.”

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Greenberg Glusker Fields Claman & Machtinger LLP, Insolvency, US Congress
    Authors:
    Hannah G. Waldman
    Location:
    USA
    Firm:
    Greenberg Glusker Fields Claman & Machtinger LLP
    3M Bankruptcy Dismissed As “Fatally Premature” (In re Aearo, et al)
    2023-06-27

    “Were Congress to . . . intervene and expand § 524(g) beyond asbestos cases, bankruptcy would become a more suitable alternative for resolving mass tort cases. Until then, such cases will likely remain problematic under the Code in the face of creditor opposition.”

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Koley Jessen PC, US Congress
    Authors:
    Donald L. Swanson
    Location:
    USA
    Firm:
    Koley Jessen PC
    Supreme Court Determines Section 106(a) of the Bankruptcy Code Waives Sovereign Immunity of Native American Tribes
    2023-06-22

    On June 15, 2023, the United States Supreme Court held that “the Bankruptcy Code unambiguously abrogates the sovereign immunity of all governments, including federally recognized Indian tribes.”1 In other words, Native American Tribes' sovereign immunity does not shield them from suits brought by debtors who declare bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Public, Snell & Wilmer LLP, Sovereign immunity, US Congress, Supreme Court of the United States
    Authors:
    Heidi McNeil Staudenmaier , Jacklyn M. Branby
    Location:
    USA
    Firm:
    Snell & Wilmer LLP
    Supreme Court Holds Bankruptcy Code Abrogates Tribal Immunity
    2023-06-21

    In January, the U.S. Supreme Court agreed to hear Lac du Flambeau Band of Lake Superior Chippewa Indiansv. Coughlin after the First Circuit barred the Lac du Flambeau Band from seeking to collect on a $1,600 debt obligation to the tribe’s lending arm, Lendgreen, after the debtor filed for Chapter 13 bankruptcy.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, US Congress, Supreme Court of the United States
    Authors:
    Andrew B. Buxbaum , Jared D. Bissell , Deborah Kovsky-Apap , Christina Lesko
    Location:
    USA
    Firm:
    Troutman Pepper
    U.S. Supreme Court Holds Tribal Sovereign Immunity Expressly Abrogated by U.S. Bankruptcy Code
    2023-06-21

    Highlights

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Holland & Knight LLP, US Congress, Supreme Court of the United States, First Circuit
    Authors:
    Lynne B. Xerras , Barbra R. Parlin , James T. Meggesto , Randolph A. "Randy" DelFranco
    Location:
    USA
    Firm:
    Holland & Knight LLP
    Supreme Court Addresses Interplay of Sovereign Immunity And Insolvency Statutes
    2023-06-18

    In two cases in as many months, the Supreme Court tackled the application of sovereign immunity in two separate insolvency statutes. Two separate government-like entities suffered conflicting fates while the Court (arguably) employed the same analysis. How so?

    Clear Statement Rule

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Reed Smith LLP, Insolvency, US Congress, Supreme Court of the United States
    Authors:
    Derek J. Baker
    Location:
    USA
    Firm:
    Reed Smith LLP

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