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|Bankruptcy: Legal Considerations|
Juan Raul Sevillano; Pardini & Asociados;
February 5, 2016, previously published on January 2016Every declaration of bankruptcy, represent certain effects over the person declared bankrupt. Some of them will generally apply to every person as of the moment of declaration, we will call those ¿general effects¿, and some others will depend on other facts like the qualification of the...
|Insider Loans Equitably Subordinated|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
February 3, 2016, previously published on January 22, 2016In SGK Ventures, LLC, the Bankruptcy Court for the Northern District of Illinois ordered that the secured claims of two entities controlled by insiders of the debtor be equitably subordinated to the claims of unsecured creditors.
|Filing a Proof of Claim after Crawford: the Potential for Creditors to Face FDCPA Violations in the Eleventh Circuit|
Regan Loper; Burr & Forman LLP;
February 2, 2016, previously published on January 2016The language of Bankruptcy Code § 501(a) is as broad as it is simple. "A creditor or an indenture trustee may file a proof of claim."1 The Bankruptcy Code's definition of "claim" only broadens § 501(a)'s scope: a "claim" means any "right to...
|Delaware Bankruptcy Court Indicates That Directors and Officers of an Insolvent Company May Be Liable for Breaches of Fiduciary Duty for Failing to Provide Timely WARN Act Notice|
Kenneth H. Brown, Peter J. Keane, Bradford J. Sandler; Pachulski Stang Ziehl & Jones LLP;
January 29, 2016, previously published on January 7, 2016Directors and officers of distressed businesses face a dizzying array of challenges, including personal liability for unpaid wages under federal and state laws. The federal Worker Adjustment Retraining and Notification Act  and similar state laws (the "WARN Act") require at least 60...
|Chapter ’20’ Debtors May Permanently Avoid Liens After New 9th Circuit Decision|
Karel Rocha; Prenovost, Normandin, Bergh & Dawe A Professional Corporation;
January 27, 2016, previously published on December 16, 2015The United States Court of Appeal for the 9th Circuit (which controls all bankruptcy cases filed in California, Alaska, Arizona, Hawaii, Idaho, Montana, Nevada, Oregon and Washington) issued an important decision on October 1, 2015 pertaining to the permanent avoidance of liens in so-called...
|Revisiting the Post-Bankruptcy Toolbox: Don’t Forget to Compare the Financials|
Travis A. Knobbe; Spilman Thomas & Battle, PLLC;
January 25, 2016, previously published on December 30, 2015For better or worse, lenders have become increasingly familiar with the strange dynamic that is the post-bankruptcy minefield created by their borrowers filing a bankruptcy petition. Immediately, lenders begin thinking about how they can minimize the write-off, how they can reduce exposure, how...
|Pre-Bankruptcy Payment to Secured Creditor Escapes Statutory Deemed Trust|
Ian Aversa, Jeremy Nemers, Mark Strychar-Bodnar; Aird & Berlis LLP;
January 20, 2016, previously published on January 8, 2016Secured creditors should take note of Callidus,1 wherein the Federal Court (the “Court”) held that the bankruptcy of a tax debtor rendered a statutory deemed trust under section 222 of the Excise Tax Act (the “ETA”) ineffective as against a secured creditor who, prior to the...
|Creditors Rights Suffers a Major Depression in North Carolina|
Jay DeVaney; Nexsen Pruet, LLC;
January 18, 2016, previously published on January 7, 2016On September 25, 2015, the North Carolina Supreme Court ruled in High Point Bank and Trust Company v. Highmark Properties, LLC. The long-awaited decision affirmed the enlarged the statutory application of §45-21.36 in three significant ways. More on that below.
|Trustee Cannot Disclaim Bankrupt Landlord’s Lease|
Ian Aversa, Jeremy Nemers; Aird & Berlis LLP;
January 14, 2016, previously published on December 3, 2015In Aventura2, a recent decision of the Ontario Superior Court of Justice (Commercial List) (the “Court”), the Honourable Justice Penny confirmed that a bankruptcy trustee does not have the authority, pursuant to section 30(1)(k) of the Bankruptcy and Insolvency Act (the...
|Sixth Circuit Analyzes When a Communication is a “Communication” that Violates the Fair Debt Collection Practices Act|
Patricia J. Scott; Foster, Swift, Collins & Smith, P.C.;
January 7, 2016, previously published on December 16, 2015There’s a fine line between a lawful and an unlawful communication by a debt collector under the Fair Debt Collection Practices Act (“FDCPA”). In a recent opinion, the U.S. Court of Appeals for the Sixth Circuit upheld a lower court ruling that a debt collector, Van Ru Credit...