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    Bankruptcy and Creditors’ Rights Law Update - February 2016
    2016-02-24

    The Absolute Priority Rule: Zachary v. California Bank & Trust

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Lane Powell PC, Debtor, Unsecured debt, Unsecured creditor, US Code, Ninth Circuit, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    Lane Powell PC
    Official Bankruptcy Forms Get Extensive Facelift, But Is It Purely Cosmetic?
    2016-02-24

    As you may know by now, many of the Official Forms for use in Bankruptcy Courts were replaced with revised, reformatted and renumbered forms that went into effect on December 1, 2015. The changes were made as part of a forms modernization effort that began in 2008 to improve the official bankruptcy forms and the interface between the forms and the courts’ case opening and electronic case management technology.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Burr & Forman LLP, Bankruptcy, Debtor, Personal property
    Authors:
    Kelly E. Waits
    Location:
    USA
    Firm:
    Burr & Forman LLP
    Affirmed: New York’s Application of the In Pari Delicto Doctrine Bars Faithless Servant Claim and Bankruptcy Insider Exception
    2016-02-24

    A recent decision of the United States District Court for the Southern District of New York (the “District Court”), affirming a decision of the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”), further enforces the application of the in pari delicto doctrine in cases decided under New York law and confirms that exceptions to its application remain extremely limited.

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Cole Schotz PC, Bankruptcy, Title 11 of the US Code, US District Court for the Southern District of New York
    Authors:
    John H. Drucker
    Location:
    USA
    Firm:
    Cole Schotz PC
    Debtors Trump Union in 1113 Appeal (Trump the verb, not the Donald)
    2016-02-24

    Determining how to increase or preserve a debtor’s liquidity is crucial to analyzing its deleveraging options. Companies with significant labor liabilities need to explore whether attaining cost savings through rejection of their collective bargaining agreements (CBAs) is a viable alternative.  The decision from the United States Court of Appeals for the Third Circuit in 

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, Debtor, Third Circuit
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Running Out of Cash? Your Duties and Options for Winding Down
    2016-02-24

    This post originally appeared on In The (Red): The Business Bankruptcy Blog, which I created for CEOs, CFOs, boards of directors, credit professionals, in-house counsel and others to stay informed about important business bankruptcy issues and developments.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Cooley LLP, Fiduciary
    Authors:
    Robert Eisenbach
    Location:
    USA
    Firm:
    Cooley LLP
    The Absolute Priority Rule: Zachary v. California Bank & Trust
    2016-02-24

    The Ninth Circuit Court of Appeals has now joined the Courts of Appeals from the Fourth, Fifth, Sixth and Tenth Circuits, and the Eighth Circuit Bankruptcy Appellate Panel (BAP) in holding that the absolute priority rule found in 11 U.S.C. § 1129(b)(2) (“the Absolute Priority Rule”) applies to limit individual debtors’ rights to retain prepetition property of their estate where their Chapter 11 plans propose to pay unsecured creditors less than the full amount of their allowed unsecured claims.  Zachary v.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Lane Powell PC, Debtor, Unsecured creditor, Eighth Circuit, Ninth Circuit, Sixth Circuit, Bankruptcy Appellate Panel
    Location:
    USA
    Firm:
    Lane Powell PC
    Institution’s Failure to Provide College Transcript Violates Automatic Stay in Student’s Bankruptcy Case
    2016-02-25

    A higher education institution which refuses to provide a debtor alumna with a graduation transcript violates the automatic stay provisions of the Bankruptcy Code, 11 U.S.C. § 362(a). So says the United States Bankruptcy Court for the Middle District of Pennsylvania in California Coast University v. Jamie Sue Aleckna, Chapter 13, Case No. 5-12-BK-03367. The Bankruptcy Court, citing a Massachusetts bankruptcy court case, In re Parker, 334 B.R. 529 (Bank. D. MA.

    Filed under:
    USA, Pennsylvania, Insolvency & Restructuring, Litigation, Public, Bowditch & Dewey LLP, Debtor
    Authors:
    Richard A. Sheils, Jr.
    Location:
    USA
    Firm:
    Bowditch & Dewey LLP
    In re Creative Finance Ltd: Chapter 15 Case Dismissed
    2016-02-22

    A bankruptcy judge in New York court recently dismissed a case filed under chapter 15 of the U.S. Bankruptcy Code because the debtors did not have their center of main interests or business operations in the jurisdiction where the initial, foreign case was filed, the British Virgin Islands (BVI). In re Creative Finance Ltd. (In Liquidation), No. 14-10358, 2016 WL 156299 (Bankr. S.D.N.Y. Jan. 13, 2016).

    Filed under:
    USA, New York, Company & Commercial, Insolvency & Restructuring, Litigation, Patterson Belknap Webb & Tyler LLP, Debtor
    Authors:
    Daniel A. Lowenthal
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    U.S. District Court Reverses Bankruptcy Court in Important Victory for Condominium Associations
    2016-02-23

    On February 16, 2016, the U.S. District Court for the District of New Jersey handed down an important victory for condominium associations in the matter of Whispering Woods Condo. Ass'n v. Rones (In re Rones), reversing a published U.S. Bankruptcy Court for the District of New Jersey decision which would have enabled delinquent condominium owners to "strip or cram down" their entire association debt in a Chapter 13 bankruptcy with the exception of six months of maintenance fees.

    Filed under:
    USA, New Jersey, Insolvency & Restructuring, Litigation, Real Estate, Greenbaum, Rowe, Smith & Davis LLP, Condominium, United States bankruptcy court
    Authors:
    Steven G. Mlenak
    Location:
    USA
    Firm:
    Greenbaum, Rowe, Smith & Davis LLP
    2016 Lookback Period - Six Weeks (Part 2)
    2016-02-18

    Forgot to Get a Court Order Approving a Postpetition Loan?  It May Not Matter

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, White Collar Crime, Weil Gotshal & Manges LLP
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP

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