Early this week, a California Bankruptcy Court schooled counsel on abiding by local rules, avoiding gamesmanship, and maintaining a level of civility in litigation proceedings. These lessons arose in the context of an adversary proceeding in which counsel filed an emergency motion for a continuance of the deadline to respond to a complaint following retention of new counsel.

Lesson #1: Check for Typos

Funds passing through a correspondent bank account in New York can create personal jurisdiction over the funds’ recipient, ruled the United States District Court for the Southern District of New York.  In Official Committee of Unsecured Creditors of Arcapita Bank B.S.C. v.

Practitioners that exclusively represent clients in large scale restructurings and chapter 11 reorganizations may be used to the debtor remaining in place with senior management continuing to oversee the day to day operations of the company and overseeing the debtor’s reorganization case.  It may seem strange then to such practitioners that, unlike in chapter 11 cases, the debtor in a chapter 7 case often has only a limited role in its own bankruptcy case after the initial debtor interview and the section 341 meeting of creditors.  In a chapter 7 case, a trustee is appointed and i

Now that we’ve recovered from the balmy holidays, survived a record snowstorm in New York, eaten way too many snacks at Super Bowl parties, wished everyone a Happy Year of the Monkey, enjoyed two long weekends, and debated the effects of the passing of Justice Scalia, it’s time to settle back down to business and take the rest of this short week to catch up on what you may have missed in the Weil Bankruptcy Blog so far this year. 

Bankruptcy Code Preempts McCarran-Ferguson Act in Dispute Over Courts’ Jurisdiction

In a chapter 15 decision, In re Daebo International Shipping Co., Judge Michael E.

Chapter 15 of the Bankruptcy Code was introduced more than ten years ago to “to provide effective mechanisms for dealing with cases of cross-border insolvency.”  It incorporates the Model Law on Cross-Border Insolvency (the “Model Law”) promulgated by the 

In a recent decision, Quadrant Structured Products v.

As promised in our first post on the Third Circuit’s recent decision on 

Yesterday, 22 September, Ukraine successfully launched exchange offers in relation to 14 sovereign and sovereign-guaranteed Eurobonds with outstanding principal amounts of c.US$18 billion.  This follows less than a month after Ukraine and its ad hoc creditors’ committee (“AHC”) agreed Indicative Heads of Terms, following months of intense negotiations.

Lien stripping is a topic that has frequently been in the bankruptcy news this summer in light of the Supreme Court’s recent decision in Bank of America v.