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    5th Cir. Holds Wage Garnishment Served More Than 90 Days Before Bankruptcy Is Avoidable Transfer
    2017-04-04

    The U.S. Court of Appeals for the Fifth Circuit recently held that the collection of garnished wages earned during the 90 days prior to the filing of a bankruptcy petition is an avoidable transfer, even if the garnishment was served before the 90-day preference period.

    The ruling creates a potential split with the Second, Seventh, and Eleventh Circuits, with the Fifth Circuit joining with the Sixth Circuit on the issue.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, United States bankruptcy court, Fifth Circuit
    Authors:
    Hector E. Lora
    Location:
    USA
    Firm:
    Maurice Wutscher LLP
    Delaware Bankruptcy Court Sheds Light on the Payment of Indenture Trustee's Professional Fees
    2017-04-04

    The Bankruptcy Court for the District of Delaware recently held in the bankruptcy proceedings of Nortel Networks Inc., et al. (“Nortel”), Case No. 09-10138 (KG), that it would not second guess the work of an indenture trustee and its counsel on matters related to the trustee (i) in its capacity as indenture trustee on behalf of noteholders; (ii) in its capacity as a member of a creditors’ committee; and (iii) in defending its fees.

    Filed under:
    USA, Delaware, Insolvency & Restructuring, Litigation, ArentFox Schiff
    Authors:
    Andrew I. Silfen , Leah M. Eisenberg , Sam Lawand
    Location:
    USA
    Firm:
    ArentFox Schiff
    The Shoe Dropped…Payless Files for Chapter 11 Bankruptcy
    2017-04-05

    Kansas-based Payless, Inc. filed for Chapter 11 bankruptcy protection in the Eastern District of Missouri (St. Louis) on Tuesday afternoon, under docket # 17-42257.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Real Estate, Stark & Stark, Bankruptcy
    Authors:
    Thomas S. Onder
    Location:
    USA
    Firm:
    Stark & Stark
    Insolvency and Director Liability Law Reforms - National Innovation and Science Agenda
    2017-04-05

    The insolvent trading "safe harbour" and "ipso facto" clause reform

    The key points

    Last week, the federal government circulated an exposure draft of the Treasury Laws Amendment (2017 Enterprise Incentives No. 2) Bill (the Bill). The Bill is intended to promote entrepreneurship and innovation among directors of companies facing insolvency - this is to be achieved through two fundamental changes to existing insolvency laws.

    Filed under:
    USA, Company & Commercial, Insolvency & Restructuring, Litigation, Baker McKenzie, Corporations Act 2001 (Australia)
    Authors:
    David Walter
    Location:
    USA
    Firm:
    Baker McKenzie
    House Bill Would Amend the Bankruptcy Code to Provide for the Resolution of Large Insolvent Financial Institutions
    2017-04-06

    A U.S. House of Representatives Bill would amend the Bankruptcy Code to establish new provisions to address the special issues raised by troubled nonbank financial institutions.

    Please click here to view table

    Filed under:
    USA, Insolvency & Restructuring, Dechert LLP, Title 11 of the US Code
    Authors:
    Thomas P. Vartanian , Robert H. Ledig , David L. Ansell , Shmuel Vasser , Brendan C. Fox , K. Susan Grafton
    Location:
    USA
    Firm:
    Dechert LLP
    Section 1521(a)(7)’s Restrictions Found Inapplicable to State Law Fraudulent Conveyance Actions
    2017-04-06

    On March 23, 2017, the U.S. Bankruptcy Court for the Southern District of Florida (the “Court”) issued an opinion in the chapter 15 case of Banco Cruzeiro do Sul, S.A., a Brazilian bank (“BCSUL” or the “Debtor”), holding, among other things, that section 1521(a)(7) of the Bankruptcy Code does not prevent foreign representatives from commencing state law fraudulent conveyance actions. See Laspro Consultores LTDA v. Alinia Corp. (In re Massa Falida Do Banco Cruzeiro Do Sul S.A.), No. 14-22974-BKC-LMI, Adv. Pro. No. 16-01315-LMI, 2017 WL 1102814 (Bankr. S.D. Fla.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Cole Schotz PC, Bankruptcy, Debtor, Liquidation, Constructive trust, Crown Prosecution Service, US Code, Title 11 of the US Code, United States bankruptcy court
    Authors:
    Jacob S. Frumkin
    Location:
    USA
    Firm:
    Cole Schotz PC
    Supreme Court Limits Use of Structured Dismissals of Chapter 11 Cases
    2017-04-07

    HIGHLIGHTS:

    Filed under:
    USA, Banking, Insolvency & Restructuring, Litigation, Holland & Knight LLP, Bankruptcy, Leveraged buyout, Supreme Court of the United States, United States bankruptcy court, Third Circuit
    Authors:
    Richard E. Lear , John J. Monaghan , Amy L. Fuentes
    Location:
    USA
    Firm:
    Holland & Knight LLP
    No Contradiction in Contribution: Tenth Circuit Finds that Bankruptcy Court Approval of Settlement of CERCLA Environmental Claims Does Not Estop Subsequent CERCLA Contribution Claim
    2017-04-07

    Overview

    In Asarco, LLC v. Noranda Mining, Inc., the Tenth Circuit Court of Appeals held that representations made to the bankruptcy court that the Debtor’s settlement of environmental claims reflected only the Debtor’s share of the cleanup costs did not judicially estop the Debtor from brining a contribution claim against another potentially responsible party for those same costs.

    Filed under:
    USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, US Environmental Protection Agency, Title 11 of the US Code, United States bankruptcy court, Tenth Circuit
    Authors:
    Paloma Van Groll
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP
    Taking the Stress Out of Distress for Retailers by Looking for Expansion Opportunities
    2017-03-31

    Despite the downturn in many retail sectors, retailers should not automatically adopt a “glass half empty approach” but instead view the impending cycle as creating opportunities for companies in both the U.S. and globally.

    Filed under:
    USA, Insolvency & Restructuring, Bryan Cave Leighton Paisner (Bryan Cave), Retail, Liability (financial accounting)
    Authors:
    Andrew J. Schoulder
    Location:
    USA
    Firm:
    Bryan Cave Leighton Paisner (Bryan Cave)
    Jevic - The Supreme Court Puts the “Dis” in Structured Dismissals
    2017-03-31

    In a much anticipated decision issued on March 22, 2017, the United States Supreme Court determined in Czyzewski v. Jevic Holding Corp. (Jevic) that a “structured dismissal” of a bankruptcy case cannot include a distribution scheme to creditors that does not comply with the priorities provided for under the Bankruptcy Code. The decision looks at the policy underlying “basic priority rules” in bankruptcy cases and, in doing so, throws into question the future use of negotiated settlements in bankruptcy cases where some, but not all, creditors receive a benefit.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Kramer Levin Naftalis & Frankel LLP, Supreme Court of the United States, Third Circuit
    Authors:
    Adam C. Rogoff , Alana Katz , Joseph A. Shifer
    Location:
    USA
    Firm:
    Kramer Levin Naftalis & Frankel LLP

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