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HTMLCity of Aurora Now Requires Registration of Vacant or Foreclosed Properties
Casey B. Hicks; Weltman, Weinberg & Reis Co., L.P.A.;
Legal Alert/Article
June 16, 2016, previously published on May 19, 2016
Ordinance 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...


HTMLU.S. Supreme Court Holds that "Actual Fraud" Discharge Bar Encompasses Fraudulent Transfers
Shay Dvoretzky, Emily J. Kennedy; Jones Day;
Legal Alert/Article
June 16, 2016, previously published on May 2016
On 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...


HTMLWorried about a Sears Insolvency? Here are 5 Lessons from the Target Canada Insolvency for Landlords to Remember
David Ullman; Blaney McMurtry LLP;
Legal Alert/Article
June 16, 2016, previously published on May 18, 2016
Unfortunately 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...


HTMLSeventh Circuit Rules That Prepetition Nonresidential Lease Termination Is Voidable “Transfer” in Bankruptcy
Mark G. Douglas, Timothy (Tim) Hoffmann; Jones Day;
Legal Alert/Article
June 15, 2016, previously published on May/June 2016
Even 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...


HTMLBlocking Member Provision in LLC Agreement Designed to Prevent Bankruptcy Filing Unenforceable
Mark A. Cody, Mark G. Douglas; Jones Day;
Legal Alert/Article
June 15, 2016, previously published on May/June 2016
A 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...


HTMLFirst 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;
Legal Alert/Article
June 15, 2016, previously published on May/June 2016
In 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...


HTMLSabine Bankruptcy Judge Authorizes Rejection of Gas Gathering Agreements
Thomas A. (Tom) Howley, Omar Samji, Jeffrey A. (Jeff) Schlegel; Jones Day;
Legal Alert/Article
June 9, 2016, previously published on May/June 2016
In 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...


HTMLLiquidating Trusts Remain a Viable Alternative for Unsecured Creditors (and Deficiency Secured Claims)
Alan H. Goodman; Breazeale, Sachse & Wilson, L.L.P.;
Legal Alert/Article
June 8, 2016, previously published on May 2016
As 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).


Adobe PDFWhat Changes are introduced by the New Law on Enforcement and Security?
Rajko Krejovic; TSG Law OfficeTomic Sindjelic Groza;
Legal Alert/Article
June 7, 2016, previously published on May 2016
The 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...


HTMLCreditors: What You Should Know About Ohio's Successor Liability Doctrine
Christopher Brian Best; Weltman, Weinberg & Reis Co., L.P.A.;
Legal Alert/Article
June 6, 2016, previously published on April 26, 2016
A 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...


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