There are situations where the bankruptcy court extends protections to nondebtor parties, either in the form of a release of claims or a stay of litigation, to facilitate the restructuring of a debtor.
ABI’s Legislation Committee had an active year in 2021. We tracked legislation and provided guidance for ABI members, published two newsletters, and hosted engaging panels at the Annual Spring Meeting and Winter Leadership Conference. We also have planned a webinar on the SBRA, and held a virtual happy hour at WLC for membership engagement.
As many practitioners already know, it can be enormously difficult for student loan borrowers to discharge their loans in bankruptcy. But through a combination of new case law, potential upcoming administrative action and a series of bankruptcy reform bills, it might be getting just a little bit easier for some student loan borrowers.
One of the most popular support programs developed through the enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act was the Paycheck Protection Program (PPP). This program was administered by the U.S. Small Business Administration (SBA) through participating lenders throughout the U.S.
Chapter 12 was added to the Bankruptcy Code in 1986 in response to the farm crisis of the 1980s. Chapter 12 became a permanent part of the Code in 2005. For many reasons, farmers have continued to struggle in the intervening years, causing this chapter to be more relevant than ever. In 2016, farm real estate debt surpassed the 1981 peak.
On Jan. 12, 2021, President Donald J. Trump signed the “Bankruptcy Administration Improvement Act of 2020” into law. The bipartisan legislation was introduced in the Senate by Sen. Lindsey Graham (R-S.C.) and cosponsored by Sens. Christopher A. Coons (D-Del.), Marco Rubio (R-Fla.), Benjamin L. Cardin (D-Md.), Marsha Blackburn (R-Tenn.) and Thomas R. Carper (D-Del.).
H.R. 133, the Consolidated Appropriations Act of 2021, is a proposed $2.3 trillion spending bill that combines $900 billion in stimulus relief for the COVID-19 pandemic in the United States with a $1.4 trillion omnibus spending bill for the 2021 federal fiscal year. On Dec.
ABI’s Legislation Committee had a very active year in 2020. We tracked legislation and provided guidance for ABI members, presented a very well-attended webinar about chapter 12, published numerous newsletters, and hosted a well-regarded panel at the Winter Leadership Conference and a virtual happy hour for membership engagement. Information about our 2020 activities is outlined below.
The Senate GOP’s proposed coronavirus relief legislation package, commonly known as the HEALS Act, contains numerous provisions that will be of especial import to insolvency professionals. The HEALS Act is comprised of eight smaller bills targeting specific areas of concern.
"Hosted by the International and Legislation Committees. In recent years, multiple jurisdictions have reformed or modernized their insolvency laws, either through incremental amendments or by entirely replacing the legislation. In this session, attendees will hear from practitioners from various jurisdictions about what motivated the decisions to amend their insolvency laws — and how the process unfolded in practice."
Public Securities and the Bankruptcy Plan Process: What Not to Do
Secured Credit Under the Code and Commission Report
The Asset Sales Committee hosted their most recent committee call on Wednesday, November 12. This call was titled "Bankruptcy Reform Commission’s Consideration of a Proposal to Surcharge Secured Lenders for 363 Asset Sales," and worked to more broadly inform and engage bankruptcy and restructuring professionals about the proposal being considered by the Bankruptcy Reform Commission to assess a charge on secured lenders for 363 asset sales in Chapter 11.
The Business Reorganization Committee held a free committee wide call on Tuesday, September 23rd, at 4 pm ET. The topic was titled "Looking at International Insolvency/Restructurings Through the Bankruptcy Code and Beyond," and featured key speakers, including: Patrick Mohan (Moderator) of Reorg Research (Columbia, S.C.), Rachel Ehrlich Albanese of Akin Gump Strauss Hauer & Feld LLP (New York), G.
Weltman, Weinberg & Reis Co., LPA
Thompson Coburn LLP
The Brownstein Corp.
Reno & Cavanaugh
(615) 457 8516
Membership Relations Director
Squire Patton Boggs
Morris, Nichols, Arsht & Tunnell LLP
Special Projects Leader
ATTORNEY DONALD WYATT PC