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    New York Amends Its Fraudulent Conveyance Law by Enacting the Uniform Voidable Transactions Act
    2020-01-17

    Last month, New York enacted the Uniform Voidable Transactions Act (“UVTA”)[1], which seeks to modernize the state’s fraudulent conveyance law.

    Since its introduction by the Uniform Law Commission in 2014, the UVTA has now been adopted by 21 states.[2] The UVTA was originally drafted by the Uniform Law Commission as an amendment to the 1984 Uniform Fraudulent Transfer Act (“UFTA”); New York was one of only seven states that did not adopt the original UFTA.[3]

    Filed under:
    USA, New York, Insolvency & Restructuring, Patterson Belknap Webb & Tyler LLP
    Authors:
    Muhammad U. Faridi
    Location:
    USA
    Firm:
    Patterson Belknap Webb & Tyler LLP
    Supreme Court Rules "Now or Never" to Appeal Stay Relief Denials
    2020-01-20

    Under the Bankruptcy Code, filing a bankruptcy petition automatically halts efforts to collect pre-petition debts from the debtor outside of bankruptcy. 

    This is the "automatic stay," and it is a command, not a suggestion.  If a creditor wants to continue a lawsuit against a debtor outside of bankruptcy, repossess collateral, terminate a lease, set off debts, or pursue other collection efforts, it first must obtain stay relief from the bankruptcy court. 

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Ward and Smith, PA, Debtor, Title 11 of the US Code, Supreme Court of the United States
    Authors:
    Lance P. Martin
    Location:
    USA
    Firm:
    Ward and Smith, PA
    Does A Creative Bankruptcy Scheme Imperil Commercial Real Estate Lending?
    2020-01-20

    A real estate developer faced foreclosure and the loss of a large and very visible condominium project in Manhattan. A prominent New York City real estate investor, Philip Pilevsky, with help from his family members tried to rescue the developer by implementing a fairly obvious and perfectly legal technique to delay the foreclosure by almost a year.  

    Filed under:
    USA, New York, Insolvency & Restructuring, Litigation, Real Estate, Joshua Stein PLLC, Debtor, Legal Tech
    Authors:
    Joshua Stein
    Location:
    USA
    Firm:
    Joshua Stein PLLC
    When is a “Mere Conduit” More Than A “Mere Conduit”? The Second Circuit Has a Clue
    2020-01-21

    Section 546(e) of the Bankruptcy Code is a safe harbor provision that establishes that a trustee or debtor-in-possession may not avoid a transfer “by or to... a financial institution.. in connection with a securities contract” other than under an intentional fraudulent conveyance theory. On December 19, 2019, the Second Circuit in Note Holders v.

    Filed under:
    USA, Capital Markets, Insolvency & Restructuring, Litigation, White Collar Crime, Nelson Mullins Riley & Scarborough LLP, Title 11 of the US Code
    Authors:
    Shane G. Ramsey , John T. Baxter
    Location:
    USA
    Firm:
    Nelson Mullins Riley & Scarborough LLP
    Establishing Judicial Estoppel Defense Against Bankruptcy Plaintiff Just Became Harder
    2020-01-21

    Establishing the judicial estoppel defense against a bankrupt plaintiff will be harder in the Eleventh Circuit following Smith v. Haynes & Haynes P.C., 940 F.3d 635 (11th Cir. 2019).

    Filed under:
    USA, Employment & Labor, Insolvency & Restructuring, Litigation, Jackson Lewis PC, Fair Labor Standards Act 1938 (USA), Eleventh Circuit
    Authors:
    Madonna M. Snowden
    Location:
    USA
    Firm:
    Jackson Lewis PC
    U.S. Supreme Court sets New Precedent in Federal Rules of Bankruptcy Procedure
    2020-01-16

    The U.S. Supreme Court set new precedent on January 14, 2020 when it decided that a ruling from a bankruptcy court enforcing a Chapter 11 automatic stay is a final order that must be appealed within 14 days as set forth in the Federal Rules of Bankruptcy Procedure.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Michael Best & Friedrich LLP, Bankruptcy
    Authors:
    John D. Finerty, Jr. , Amanda L. Lewandowski , Justin M. Mertz
    Location:
    USA
    Firm:
    Michael Best & Friedrich LLP
    Bankruptcy. Discovery. Sanctions. Bankruptcy court sanctions attorney for failing to make reasonable efforts to obtain discovery materials held outside the U.S. by incarcerated debtor's agents and attorneys.
    2020-01-16

    In re Markus, 607 B.R. 379 (Bankr. S.D.N.Y. 2019) [click for opinion]  

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Baker McKenzie, Bankruptcy, Debtor, Title 11 of the US Code, United States bankruptcy court
    Authors:
    David Zaslowsky , Grant Hanessian , Michael Lehrman
    Location:
    USA
    Firm:
    Baker McKenzie
    U.S. Supreme Court Rules that Order Granting or Denying Request for Relief from Automatic Stay is Final Order that is Immediately Appealable
    2020-01-16

    A party who believes that a bankruptcy court erred in either granting or denying relief from the automatic stay needs to act fast to appeal such a decision. In the recently decided case of Ritzen Group, Inc. v. Jackson Masonry, LLC, the U.S. Supreme Court held that: “[A]djudication of a motion for relief from the automatic stay forms a discrete procedural unit within the embracive bankruptcy case” which “yields a final, appealable order when the bankruptcy court unreservedly grants or denies relief.”

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Foster Swift Collins & Smith PC, Bankruptcy, Title 11 of the US Code
    Authors:
    Patricia J. Scott
    Location:
    USA
    Firm:
    Foster Swift Collins & Smith PC
    Despite Sabine, Texas Bankruptcy Court finds that certain midstream gathering agreements cannot be rejected
    2020-01-16

    On December 20, 2019, Judge Marvin Isgur in the U.S. Bankruptcy Court for the Southern District of Texas (Houston Division) entered a memorandum opinion which held that debtors' midstream gathering agreements formed real property covenants "running with the land" under Oklahoma law - and such agreements could not be subject to rejection under section 365 of the Bankruptcy Code. See 11 U.S.C. section 365(a) (allowing a debtor-in-possession, "subject to the court's approval," to "assume or reject any executory contract.").

    Filed under:
    USA, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Reed Smith LLP, Debtor, Title 11 of the US Code
    Authors:
    Rachel Thompson , Gary C. Johnson , Jorge I. Gutierrez , Peggy A. Heeg , Lloyd A. Lim , Matthew E. Tashman
    Location:
    USA
    Firm:
    Reed Smith LLP
    Recent and Upcoming Changes to Bankruptcy Law That Affect Your Rights as a Creditor
    2020-01-16

    The Small Business Reorganization Act of 2019 ("SBRA"), the Honoring American Veterans in Extreme Need ("HAVEN") Act, and the Family Farmer Relief Act were enacted into law on August 23, 2019. This alert summarizes these changes to the law and when they take effect. For a fuller discussion of the SBRA, please see Joe Ammar's recent article in the Michigan Bankruptcy Journal.

    Filed under:
    USA, Insolvency & Restructuring, Miller Canfield PLC, Debtor
    Authors:
    Joseph M. Ammar , Ronald Spinner , Marc N. Swanson
    Location:
    USA
    Firm:
    Miller Canfield PLC

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