Justice Antonin Scalia's death this past February left a vacancy on the Supreme Court and set off a partisan battle over the confirmation of his successor.
If a debtor has received a fraudulent transfer, he or she may also have incurred a nondischargeable debt. According to a recent ruling by the Supreme Court, the discharge exception for “actual fraud” is now broad enough to include the liability imposed, if any, on the recipient of fraudulent transfer. The Court resolved a circuit split in Husky International Electronics Inc. v.
Chapter 11 has largely become the sale chapter of the Bankruptcy Code. If the case is not a quick sale case, then it probably is a debt-for-equity swap. A traditional chapter 11 reorganization is expensive and, because of its relatively low success rate, is viewed by many lenders as not worth it.
One element of the bankruptcy process that is frequently confusing to new bankruptcy practitioners and nonbankruptcy lawyers is the U.S. Trustee Program. Although it is not infrequently assumed that the U.S. Trustee Program is part of the judicial branch, the U.S. Trustee is a component of the Department of Justice.
Once a debtor files a chapter 11 bankruptcy proceeding, it must confirm a plan of reorganization or liquidate its assets under a liquidating chapter 11 or chapter 7 case. Confirmation requires compliance with all the provisions of chapter 11, including the absolute priority rule. What happens when a chapter 11 debtor is unable to effectuate the substantial consummation of a plan?
This has been another productive year for the ABI Young and New Members Committee. At the Annual Spring Meeting, we were thrilled to pair with the Bankruptcy Taxation and Business Reorganization Committees to present a session entitled, “Tax-Sharing Agreements in Ban
The central goal of a bankruptcy trustee is often to pay claims and creditors, a process that includes liquidating assets to convert valued items and properties to cash. Within this principle there has always been a concern that the assets being sold are
Business school candidates are often required to demonstrate a work history as a part of their admission process. According to some schools, a work history demonstrates potential career success.
By definition, a receiver is appointed by a court to take control of and manage a distressed asset, and is often given full authority to decide how best to operate the property until bankruptcy proceedings are complete. The main goal is to recoup as much of the value owed as possible by
A company’s decision to file for chapter 11 bankruptcy protection will inevitably cause disruption to the debtor’s operations, communications and daily routine, especially at the start of the bankruptcy case.
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