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|City of Aurora Now Requires Registration of Vacant or Foreclosed Properties|
Casey B. Hicks; Weltman, Weinberg & Reis Co., L.P.A.;
June 16, 2016, previously published on May 19, 2016Ordinance Number 016-004 was recently enacted in Aurora, Illinois and requires all vacant or foreclosed properties to be registered by the owner with the city. The ordinance defines “owner” broadly; it includes a mortgagee that has instituted foreclosure proceedings against the...
|U.S. Supreme Court Holds that "Actual Fraud" Discharge Bar Encompasses Fraudulent Transfers|
Shay Dvoretzky, Emily J. Kennedy; Jones Day;
June 16, 2016, previously published on May 2016On May 16, 2016, the U.S. Supreme Court decided Husky International Electronics, Inc. v. Ritz, No. 15-145, holding that the "actual fraud" bar to discharge under section 523(a)(2)(A) of the Bankruptcy Code encompasses an individual debtor's knowing receipt of fraudulently transferred...
|Worried about a Sears Insolvency? Here are 5 Lessons from the Target Canada Insolvency for Landlords to Remember|
David Ullman; Blaney McMurtry LLP;
June 16, 2016, previously published on May 18, 2016Unfortunately for the Landlord community in Canada’s retail space, the flood of retail insolvencies is likely not over. In addition to open speculation about Sears, 2016 has already seen the insolvency of major Canadian retail locations previously occupied by Danier Leather, Aeropostale, PJ...
|Seventh Circuit Rules That Prepetition Nonresidential Lease Termination Is Voidable “Transfer” in Bankruptcy|
Mark G. Douglas, Timothy (Tim) Hoffmann; Jones Day;
June 15, 2016, previously published on May/June 2016Even before Congress added section 365(c)(3) to the Bankruptcy Code in 1984, it was generally understood that a nonresidential real property lease which has been validly terminated under applicable law prior to a bankruptcy filing by the debtor-former tenant cannot be assumed or assigned in...
|Blocking Member Provision in LLC Agreement Designed to Prevent Bankruptcy Filing Unenforceable|
Mark A. Cody, Mark G. Douglas; Jones Day;
June 15, 2016, previously published on May/June 2016A contractual waiver of an entity’s right to file for bankruptcy is generally invalid as a matter of public policy. Nonetheless, lenders sometimes attempt to prevent a borrower from seeking bankruptcy protection by conditioning financing on a covenant, bylaw, or corporate charter provision...
|First Impressions: Third Circuit Rules That a Terminated Collective Bargaining Agreement May Be Rejected Under Section 1113|
Mark G. Douglas, T. Daniel (Dan) Reynolds; Jones Day;
June 15, 2016, previously published on May/June 2016In In re Trump Entm’t Resorts UNITE HERE Local 54, 810 F.3d 161 (3d Cir. 2016), the U.S. Court of Appeals for the Third Circuit answered a question of apparent first impression among the circuit courts of appeal by ruling that section 1113 of the Bankruptcy Code permits a bankruptcy trustee...
|Sabine Bankruptcy Judge Authorizes Rejection of Gas Gathering Agreements|
Thomas A. (Tom) Howley, Omar Samji, Jeffrey A. (Jeff) Schlegel; Jones Day;
June 9, 2016, previously published on May/June 2016In In re Sabine Oil & Gas Corp., 2016 BL 70494 (Bankr. S.D.N.Y. Mar. 8, 2016), Judge Shelley C. Chapman of the U.S. Bankruptcy Court for the Southern District of New York permitted Sabine Oil & Gas Corporation (“Sabine”) to reject three gas gathering and handling agreements with...
|Liquidating Trusts Remain a Viable Alternative for Unsecured Creditors (and Deficiency Secured Claims)|
Alan H. Goodman; Breazeale, Sachse & Wilson, L.L.P.;
June 8, 2016, previously published on May 2016As the oil industry bankruptcy wave continues, the liquidating trust alternative pursuant to a Chapter 11 plan remains a viable alternative for the unsecured creditors who often are left behind (as well as deficiency claims of secured creditors).
|What Changes are introduced by the New Law on Enforcement and Security?|
Rajko Krejovic; TSG Law OfficeTomic Sindjelic Groza;
June 7, 2016, previously published on May 2016The new Serbian Law on Enforcement and Security will come into force on 1 July 2016, bringing numerous and important changes to the enforcement procedure. The main reasons for adopting the new Law are poor efficiency in enforcement procedures, large number of pending backlog cases in courts, lack...
|Creditors: What You Should Know About Ohio's Successor Liability Doctrine|
Christopher Brian Best; Weltman, Weinberg & Reis Co., L.P.A.;
June 6, 2016, previously published on April 26, 2016A business that dissolves without paying its bills may think it has escaped its obligation to repay creditors. However, under Ohio’s successor liability doctrine, a creditor may seek recovery from a new business that purchased assets from an old business if the new business did not follow...