Practice Areas & Industries: Duane Morris LLP

 




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Practice/Industry Group Overview

Due primarily to the firm's long history of representing banks, other commercial lenders and insurance companies, lawyers in the Business Reorganization and Financial Restructuring group have extensive experience in the protection and advancement of creditors' rights in insolvency situations.

Often, the protection of a creditor's rights requires the filing of a claim or the taking of some other action in a debtor's bankruptcy case. Just as often, however, creditor's rights are protected in non-bankruptcy courts by recourse to various state and federal laws such as fraudulent transfer and conveyance laws (based on either the Uniform Fraudulent Transfer Act or the Uniform Fraudulent Conveyance Act), the Uniform Commercial Code, title and lien recording statutes, laws regarding receiverships and assignments for the benefit of creditors, as well as various provisions of state corporation and business association laws.

Knowledge of the vast body of debtor-creditor law also translates into the ability to advise clients regarding business strategies and transactions, and to structure and prepare documentation for transactions or business programs in order to help identify and, where possible, limit the client's exposure to counterparty credit risk. Our lawyers are often called upon by clients to structure agreements in anticipation of the counterparty's bankruptcy, insolvency or failure to perform. These agreements range from litigation settlement agreements to warehousing agreements, and from collateral trust, insurance indemnity and surety bond agreements to securities lending, swap and other derivatives transaction agreements.


 

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Articles Authored by Lawyers at this office:

Bitcoin Exchange Mt. Gox Files for Bankruptcy Protection; May Have Broader Implications for Digital Currency Industry
, March 07, 2014
On February 28, 2014, international Bitcoin exchange Mt. Gox filed for bankruptcy protection in Tokyo, capping what is likely the most tumultuous month yet in the history of the controversial virtual currency. Mt. Gox—the largest and most prominent Bitcoin exchange in the world until last...

Proceed with Caution When Foreclosing in Washington State: Split Decisions Regarding Deficiency Claims
, March 06, 2014
Last week, the Washington Court of Appeals, Division One, ruled that, notwithstanding the anti-deficiency provision in the state's Deeds of Trust Act, a lender can pursue a deficiency judgment against a guarantor following a non-judicial foreclosure of the property securing the underlying...

Second Circuit Ruling Appears to Limit Ability of U.S. Bankruptcy Courts to Assist Foreign Debtors
, December 19, 2013
In Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), Case No. 13-612, 2013 WL 6482499 (2d Cir. Dec. 11, 2013), the United States Court of Appeals for the Second Circuit held that in order for a foreign representative to achieve "recognition" of a foreign debtor's...

FACT Act Promises Transparency in Bankruptcy Trust Claims and Payments for Asbestos Exposure
, November 22, 2013
Asbestos defendants are one step closer to greater transparency regarding the often illusive bankruptcy trust claims and payments. On Wednesday, November 13, 2013, the U.S. House of Representatives passed H.R. 982, the Furthering Asbestos Claim Transparency (FACT) Act by a 221-199 vote. FACT would...

U.S. Supreme Court Resolves Circuit Split in Bullock v. BankChampaign, N.A.
, June 25, 2013
One of the primary purposes of bankruptcy is to provide for the discharge of certain debts in order to enable a debtor to obtain a "fresh start" post-bankruptcy. Notwithstanding this specific purpose, section 523 of Title 11 of the United States Code, 11 U.S.C. § 101 et seq. (the...

District Court Clarifies Distinction Between Burdens of Proof on Stay Relief and Adequate Protection in American Airlines Bankruptcy
, May 06, 2013
In AMR Corporation, et al., Debtors, Case No. 12-3967, 2013 WL 1339123 (S.D.N.Y. April 3, 2013), the United States District Court for the Southern District of New York acknowledged that to be granted relief from the automatic stay under 11 U.S.C. § 362(d), a secured creditor has the initial...

Second Circuit Establishes Relevant Time Period for "Center of Main Interests" Determination Under Chapter 15 of the Bankruptcy Code
, May 02, 2013
In Morning Mist Holdings Limited v. Krys (In re Fairfield Sentry Limited), Case No. 11-4376, 2013 WL 1593348 (2d Cir. April 16, 2013), the United States Court of Appeals for the Second Circuit (the "Second Circuit") held that the relevant point in time for determining where the...