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    Washington Becomes Latest State to Decide Bankruptcy Impact on Debt Collection Statute of Limitations
    2023-07-31

    In April, we discussed how Colorado’s state supreme court issued its highly anticipated decision confirming a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt.

    Filed under:
    USA, Washington, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, Washington Supreme Court
    Authors:
    Erin Edwards , Justin Balser
    Location:
    USA
    Firm:
    Troutman Pepper
    Washington Bankruptcy Court Approves Chapter 11 Plan Exculpation and Release Provisions
    2021-03-24

    There is longstanding controversy concerning the validity of release and exculpation provisions in non-asbestos trust chapter 11 plans that limit the potential exposure of various parties involved in the process of negotiating, implementing and funding the plan. The U.S. Bankruptcy Court for the Eastern District of Washington recently contributed to the extensive body of case law addressing these issues in In re Astria Health, 623 B.R. 793 (Bankr. E.D. Wash. 2021).

    Filed under:
    USA, Washington, Insolvency & Restructuring, Litigation, Jones Day, Ninth Circuit
    Authors:
    Mark G. Douglas , Dan B. Prieto
    Location:
    USA
    Firm:
    Jones Day
    Taking the Fifth in a Civil Context
    2021-03-11

    In civil disputes — including bankruptcy litigation — it is not uncommon for questions to arise about a client’s potential exposure to criminal liability, whether the client is a party or a witness. Civil litigators must therefore understand the role of the Fifth Amendment privilege against self-incrimination in the civil context.

    Filed under:
    USA, California, Oregon, Washington, Capital Markets, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Lane Powell PC, Employee Retirement Income Security Act 1974 (USA), US Securities and Exchange Commission
    Authors:
    Taylor Washburn
    Location:
    USA
    Firm:
    Lane Powell PC
    Washington District Court Overturns Approval of Third-Party Releases in a Settlement Agreement and Related Free-and-Clear Sale
    2019-08-19

    For nearly 25 years, courts in the Ninth Circuit have consistently refused to sanction nonconsensual third-party releases as part of chapter 11 plans. A ruling recently handed down by the U.S. District Court for the District of Washington reaffirms and extends that proposition. In In re Fraser’s Boiler Serv., Inc., 2019 WL 1099713 (D. Wash. Mar.

    Filed under:
    USA, Washington, Insolvency & Restructuring, Insurance, Litigation, Jones Day, Debtor, Title 11 of the US Code, Ninth Circuit, United States bankruptcy court, Fifth Circuit, Tenth Circuit
    Authors:
    Daniel J. Merrett (Dan) , Mark G. Douglas
    Location:
    USA
    Firm:
    Jones Day
    Union Bank assumes all of the deposits of Frontier Bank
    2010-05-01

    Yesterday, the Washington Department of Financial Institutions closed Frontier Bank, headquartered in Everett, Washington, and appointed the FDIC receiver.

    Filed under:
    USA, Washington, Banking, Insolvency & Restructuring, Alston & Bird LLP, Subsidiary, Federal Deposit Insurance Corporation (USA)
    Authors:
    Melinda C. Calisti
    Location:
    USA
    Firm:
    Alston & Bird LLP
    East West Bank, Pasadena, California, assumes all of the deposits of Washington First International Bank
    2010-06-12

    On Friday, the Washington Department of Financial Institutions closed Washington First International Bank, headquartered in Seattle, Washington, and appointed the FDIC as receiver. As receiver, the FDIC entered into a purchase and assumption agreement with East West Bank, Pasadena, California, to assume all of the deposits of the failed bank.

    Filed under:
    USA, Washington, Banking, Insolvency & Restructuring, Alston & Bird LLP, US Federal Government, Federal Deposit Insurance Corporation (USA)
    Authors:
    Tara Castillo
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Washington LLC member knowingly receives unlawful distribution - what's the remedy?
    2010-09-08

    The Washington LLC Act prohibits an insolvent LLC from making a distribution to a member. RCW 25.15.235(1). Either type of insolvency will do – the LLC is unable to pay its debts as they come due in the usual course of business, or the LLC’s liabilities exceed the fair value of its assets.

    Filed under:
    USA, Washington, Insolvency & Restructuring, Litigation, Stoel Rives LLP, Shareholder, Limited liability company, Debt, Liability (financial accounting), Washington Court of Appeals
    Location:
    USA
    Firm:
    Stoel Rives LLP
    Opportunities for creditors under the revised Receivership Act
    2011-04-18

    Washington Governor Christine Gregoire has signed into law a series of changes to the state Receivership Act that will make it easier (and possibly cheaper) for creditors to utilize the Receivership Act as a tool to resolve troubled loan situations with their borrowers. The revisions will become effective 90 days after the Legislature adjourns, making July 24, 2011, the likely effective date. The changes clarify a number of points that previously puzzled both judges and practitioners.

    Creditors' Rights

    Filed under:
    USA, Washington, Banking, Insolvency & Restructuring, Lane Powell PC, Debtor, Collateral (finance), Option (finance), Foreclosure, Liability (financial accounting), Economy, Liquidation, Asset forfeiture
    Location:
    USA
    Firm:
    Lane Powell PC
    Foreclosure sales: when is the “deed” done?
    2015-04-29

    In re Betchan, 524 B.R. 830 (Bankr. E.D. Wash. 2015) –

    A mortgagee was the highest bidder at a foreclosure sale that took place shortly before the debtor filed bankruptcy.  The lender requested relief from the automatic stay in order to evict the debtor on the basis that transfer of the property was completed prepetition so that it was not part of the debtor’s bankruptcy estate.

    Filed under:
    USA, Washington, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Bankruptcy, Foreclosure, Deed, Deed of trust (real estate)
    Location:
    USA
    Firm:
    Troutman Pepper
    Happy Thanksgiving: in case you’re wondering, the automatic stay protects cranberries, too!
    2014-11-26

    Thanksgiving is the quintessential American holiday. Many go to great lengths to ensure that their Thanksgiving dinner table is replete with all of the traditional Thanksgiving fare: turkey, stuffing, yams covered in marshmallow, and cranberry sauce. While some folks are perfectly happy to buy a pre-made Thanksgiving meal, others must make all of their Thanksgiving fare themselves.

    Filed under:
    USA, Washington, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP
    Location:
    USA
    Firm:
    Weil Gotshal & Manges LLP

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