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Chapter 7 Bankruptcy
90-Second Lesson: Personal Chapter 7 Bankruptcy Petition, Are Single-Member LLC Assets Safe from the Trustee?
LLCs protect individuals from company liabilities, but a Chapter 7 Bankruptcy Trustee can reach assets to satisfy individual obligations.
Ponzi Scheme Lender May Be Off The Hook, After All: A Case Study
The Sixth Circuit would quote Ohio case law to explain that “A contract of novation is created where a previous valid obligation is extinguished by a new valid contract, with the consent of all the parties, and based on valid consideration.” In a sense, a novation establishes that the prior contract is fully performed by the novated contract.
90 Second Lessons: Working for a Struggling Business: Can this Car Be Turned Around?
Is the company that you work for struggling? Find out what this means for an employee who is working for a struggling business that may file for bankruptcy.
90 Second Lessons: Nothing in Life is Certain but Death and Taxes: Cancellation of Debt Income
Editor’s Note: this is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to [email protected] and we will try to answer it. Question Robin T. wrote in asking, I own a small retail chain that has been struggling. I hired a lawyer to negotiate with my creditors, and […]
90 Second Lessons: The Mindset of a Real Estate Workout Lender
Editor’s Note: this is part of our irregular series in which we answer readers’ questions. If you have a question, submit it to [email protected] and we will try to answer it. Question Russell S. wrote in asking, “I have a real estate portfolio that consists of several commercial buildings, and my loans are badly in default. My […]
What is Venue, and When Is Venue Transfer Permissible in Bankruptcy Litigation?
A Panel Discussion on the Choice and Challenges of Bankruptcy Venue and Venue Transfers In bankruptcy litigation, the venue can have a major influence on an outcome. We selected expert panel members—each a partner or managing director in the restructuring industry—to discuss why venue fights occur and how business owners (and their advisors) should approach […]
Law Firm Bankruptcies: The “Unfinished Business” Doctrine and the Jewel Waiver
The Finishing of the “Unfinished Business” Doctrine and the Jewel Waiver One of the interesting aspects of business bankruptcy cases is that both the businesses and the issues their bankruptcy proceedings present can differ so much. In recent years, for example, we have seen department stores (Macy’s, Federated), toy retailers (Toys R Us), bookstore chains […]
What Distressed Businesses and Their Counsel Should Know About the Consolidated Appropriations Act 2021 and Its Effect on the Bankruptcy Code
What is the Consolidated Appropriations Act? Congress passed the Consolidated Appropriations Act, 2021 on December 21, 2020, and President Trump signed the massive act into law six days later, when it became effective. The act includes several changes to title 11 of the United States Code, which is usually called the “Bankruptcy Code,” and most […]
Lender Liability Claims are Alive and Well: A Case Study
Lender Liability Law Protects Distressed Borrowers from Unfair Practices The relationship between a lender and borrower can be complex. The borrower wants capital to run and grow its business, and the lenders want to earn a return and eventually get their principal back. If the borrower complies with the terms of the loan, all is […]
“Bankruptcy filings are mounting. And that’s just the tip of the iceberg” – – – A Dissection & Analysis
[Editor’s Note: This article was originally published on LinkedIn on September 20, 2020.] There has been a significant uptick in the number of articles appearing in mainstream media (e.g. newspapers) about the wave of bankruptcies that has already started to appear. One article (linked here), authored by Matt Egan for CNN Business and published about […]