Starting January 1, 2015, all new and existing limited liability companies formed in Florida must comply with the Revised Limited Liability Company Act, Fl. Stat. § 605 (the “Act”). While the Act is based on the Revised Uniform Limited Liability Company Act of 2006, as amended in 2011, promulgated by the Uniform Law Commission, the Act is different in many respects.
As we end one of the slowest years for corporate bankruptcy filings, all indicators point to the fact that filings should heat up in 2016. Bankruptcy can be extremely disruptive to clients; however, the following tips may help your clients that could find themselves creditors, or debtors, in the new year.
The Buzz of Burgeoning Bankruptcy Filings
In its decision in Lazzo v. Bank (In re Schupach Investments, L.L.C.), 2015 WL 6685416 (10th Cir. 2015), the Tenth Circuit sent a clear message to attorneys representing debtors-in-possession: make sure you have authority to represent the debtor if you want to be compensated from the estate.
On November 23, 2015, Southern District of Florida District Court Judge Kenneth A. Marra issued an opinion affirming an order granting a creditor's motion to compel surrender of real property pursuant to a statement of intention entered by Southern District of Florida Bankruptcy Judge Paul G. Hyman in the bankruptcy proceedings of David and Donna Failla. Failla v. Citibank, N.A. (In re Failla), Civ. No.: 15-80328-CIV-KAM, (S.D. Fla. Nov. 23, 2015), aff'd, 529 B.R. 786 (Bankr. S.D. Fla. 2014).
The U.S. Bankruptcy Court for the Northern District of Illinois ordered the “equitable subordination” of insider secured claims against a Chapter 11 debtor on Nov.
Prepackaged Bankruptcy Offers Investors a Quick Return to Liquidity Chapter 11 bankruptcy cases are typically lengthy and expensive, potentially lasting years and costing millions of dollars in fees and expenses. One valuable technique to minimize a debtor’s time in Chapter 11, reduce cost and disruption, and still secure the benefits of a Chapter 11 plan is a prepackaged bankruptcy (also called a “prepack”). In a prepack, a debtor negotiates the terms of a chapter 11 plan and solicits votes prior to the bankruptcy filing.
The Bankruptcy Forms Modernization Project is an initiative that will require filers to use new bankruptcy forms effective December 1, 2015. The new forms are part of a forms modernization project that was started by the Advisory Committee on Bankruptcy Rules in 2008. The petitions, schedules and other official forms will all be revised, reformatted and renumbered. The goal of the initiative is to improve the interface between technology and the forms to increase efficiency and reduce the need to produce the same information in multiple formats.
A growing number of health insurance co-ops or “consumer operated and oriented plans” created under the Affordable Care Act (“ACA”) are shutting down on their own initiative or on orders of state regulators because of their precarious financial condition. The failed co-ops include, among others, those in Colorado, Kentucky, Louisiana, Nevada, New York, and South Carolina, as well as one serving Iowa and Nebraska.