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|Idle Threats of Bankruptcy after Ice House America, LLC|
J. Patrick Warfield; Stites & Harbison, PLLC;
September 19, 2014In almost every out-of-court workout situation, when the negotiations get tough and the debtor does not like the terms proposed by the creditor, it is more than common for the debtor to state: “Well, we will just see you in bankruptcy court.” In some situations involving individuals...
|ASARCO Decisions Offer Lessons for the Environmental Practitioner|
Summer L. Nastich; Morris Polich & Purdy LLP;
September 17, 2014, previously published on September 3, 2014In ASARCO v. Union Pacific Railroad Co. --- F.3d --- (10th Cir 2014) WL 2808249 and ASARCO v. Goodwin (2nd Cir. 2014) ---F.3d --- WL 2870117, two different Circuit Courts addressed the question of when the three-year statute of limitations on CERCLA contribution claims accrued when the plaintiff...
|German Insolvency Law - Overview of Insolvency Challenge Rights|
Katharina Heßel, Malte Richter, Marco Wilhelm; Mayer Brown LLP;
September 12, 2014, previously published on September 10, 2014 The most important principle of the German insolvency law is the equal treatment of the creditors of the insolvency debtor. To satisfy their claims, the creditors are entitled to the debtor’s insolvency estate. The insolvency estate consists of the entire assets of the debtor which belong to...
|Recovery of VAT on Deal Fees: Airtours is Denied a Deduction for VAT Paid on Fees Charged by Advisors on its Restructuring|
Emma Hardwick, Michael T. McGowan, Andrew Thomson; Sullivan & Cromwell LLP;
September 10, 2014, previously published on September 3, 2014Airtours Holidays Transport Limited has been denied recovery of VAT on fees it paid to PricewaterhouseCoopers LLP for a review of Airtours’ financial position in connection with its possible restructuring.
|Know The Law: Know Your Rights When Dealing With Debt Collectors|
Andrew R. Hamilton; McLane, Graf, Raulerson & Middleton Professional Association;
September 10, 2014, previously published on September 2014Q: I received a voicemail yesterday from someone who said he was calling from a debt collection agency. I don’t believe that I am behind on any debt, what should I do?
|Third Circuit Rules Failure to Appeal Leaves Union and Its Retirees Without a Remedy|
Kevin C. Maclay, Todd E. Phillips, James P. Wehner; Caplin & Drysdale, Chartered;
September 10, 2014On August 28, 2014, the Court of Appeals for the Third Circuit delivered a stern admonition about the risk of failing to appeal when it ruled that a union that had not filed a notice of appeal could not benefit from a successful appeal by another union in the same matter. The decision directly...
|Are Student Loans Dischargeable in Bankruptcy?|
Van Den Heuvel Law Office;
September 9, 2014Chapter 7 Bankruptcy is often thought of as discharging all debt, however student loan debt may not qualify. For student loans to be discharged in bankruptcy, “undue hardship” must be shown. This article discusses what qualifies as undue hardship.
|Be Careful What You Plan For in California: Bankruptcy Reorg Is Normal Course of Business|
Todd G. Betor, Timothy A. Gustafson; Sutherland Asbill & Brennan LLP;
September 4, 2014, previously published on August 28, 2014 A California Franchise Tax Board (FTB) Chief Counsel Ruling concluded that a taxpayer's sales of assets pursuant to a plan of reorganization under Chapter 11 of the U.S. Bankruptcy Code were not "occasional sales" within the meaning of 18 Cal. Code Regs. § 25137(c)(1)(A)2. Instead, the...
|Bankruptcy Basics: Filing a Proof of Claim|
Michael D. Zaverton; Walter;
September 2, 2014, previously published on August 2014Your mail arrives and among the bills, checks and circulars you find a bankruptcy court notice informing you that a customer has filed for bankruptcy. The customer, now a debtor, owes you money. What should you do to maximize the chances of receiving payment on this receivable in the debtor's...
|Second Circuit's Significant Decision Could Impact Liquidating Trustees|
Duane Morris LLP;
September 1, 2014, previously published on August 28, 2014In the case of United States of America v. Edward P. Bond, No. 12-4803 (2d. Cir. August 13, 2014), the United States Court of Appeals for the Second Circuit (the "Second Circuit") issued a decision that could have far-reaching effects on how liquidating chapter 11 bankruptcy cases will be...