The Small Business, Enterprise and Employment Act (the “Act”) became one of the last acts of the current Parliament when it received Royal Asset on 26 March 2015.
Today, in the latest installment of our series reviewing the Final Report and Recommendations of the American Bankruptcy Institute Commission to Study the Reform of Chapter 11, we explore the Commission’s recommendations on executory contracts and leases – discussed in section V.A. The Commissione
In post-confirmation proceedings, bankruptcy courts maintain the ability to clarify a plan where silent or ambiguous, and interpret a plan to advance equitable considerations. However, bankruptcy courts are not allowed to modify a plan outside the confines of section
On Wednesday, Congress announced the passage of the Bankruptcy Sale Incentive and Senior Support Act (“BSISSA”), which will make effective for those over age 65 a 15% discount on all 363 sales consummated on Tuesdays before 4:00 pm. House Speaker John Boehner made the announcement from a Golden Corral outside Scottsdale, Arizona. “We are pleased that BSISSA was supported by those on both sides of the aisle,” Boehner said.
Anyone investing equity in an enterprise, whether creating a start-up or purchasing an established company, is a natural optimist. The hope is that the business will continue to perform well and yield its owners substantial profits year-after-year (and then maybe a hefty return upon exit). But, as those of us in restructuring know, not every company enjoys positive returns all the time. Businesses go through down cycles for different reasons – whether it be the overall economic climate (think 2008), issues specific to a particular industry (think dropping oil prices), a gr
As Ursula the Sea Witch once said “Life’s full of tough choices, isn’t it?” The Sixth Circuit was recently faced with its own “tough choice” on choice of law in Sutherland v. DCC Litigation Facility, Inc., No. 13-1497 (6th Cir. Feb.
Section 365(c)(1) of the Bankruptcy Code limits a debtor’s ability to assume or assign a contract where “applicable law” excuses a non-debtor counterparty from accepting performance from a third party. Circuits currently are split on whether this section prohibits a debtor from assuming an intellectual property license without the consent of the
Readers, welcome to the latest installment of our ongoing coverage of the Final Report and Recommendations of the ABI Commission to Study the Reform of Chapt
All’s fair in love bankruptcy and war . . . except when one side decides to keep fighting after there’s been a truce. The petitioning creditors in In re BG Petroleum, LLC, a recent decision from the Bankruptcy Court for the Western District of Pennsylvania, apparently forgot this rule.
“I can [resolve] that” – Sam the Onion Man, Holes (as modified)