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|Bankruptcy Court Makes Chapter 7 Debtor Turnover Policies Used to Pay for Father’s Burial |
Van Den Heuvel Law Office;
September 30, 2014When planning for your estate, Chapter 7 Bankruptcy, and judgment lien creditors are often overlooked. While you may not have any of these concerns, you cannot guarantee that your heirs will not. The way you structure your estate is key to whether your family will be able to take care of your...
|Edgeworth: Commercial Reasonableness in Receivership Proceedings|
Seema Aggarwal, Jane Dietrich, Shayne Kukulowicz; Cassels Brock & Blackwell LLP;
September 24, 2014, previously published on September 17, 2014Recently, the Ontario Superior Court of Justice released a decision regarding amending a receivership order and re-allocating the proceeds of sale in a receivership proceeding (Romspen v Edgeworth, 2014 ONSC 4340). The effect of the decision is to confirm that, notwithstanding any final orders made...
|German Federal Court of Justice Clarifies "Opt-in" Rules Under the German Bonds Act|
Olaf Benning, Volker Kammel, Ulf Kreppel, Claudia Leyendecker, Karsten Müller-Eising; Jones Day;
September 24, 2014, previously published on September 2014On September 15, 2014, the German Federal Court of Justice (Bundesgerichtshof) published a landmark decision clarifying that holders of bonds issued prior to August 5, 2009, under the old German Bonds Act of 1899 may opt in to, and take advantage of the benefits of, the provisions of the new German...
|Associated Wholesalers, Inc. Lands in Bankruptcy Court|
Morris James LLP;
September 23, 2014, previously published on September 9, 2014Robesonia, Pennsylvania-based Associated Wholesalers, Inc. (“AWI”) and ten associated debtors (collectively, the “Debtors”) filed Chapter 11 petition in the Bankruptcy Court for the District of Delaware. A copy of the AWI petition is linked here: Voluntary Petition...
|Banners Broker Cross-Border Insolvency|
Larry Ellis, David Ward; Cassels Brock & Blackwell LLP;
September 23, 2014, previously published on September 17, 2014In the context of cross-border insolvencies, Canadian courts have consistently encouraged comity and co-operation with courts in other countries.
|Another Court Rules That Availability of Make-Whole Premiums in Bankruptcy Depends on Governing Documents|
Eric R. Blythe, Kevin J. Walsh; Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.;
September 23, 2014, previously published on September 15, 2014In a recent bench decision in In re MPM Silicones, LLC et al., Case No. 14-22503-RDD (Bankr. S.D.N.Y. August 26, 2014), the Bankruptcy Court considered bondholders’ right to recover make-whole premiums (premiums paid for early repayment of debt) upon the payment of accelerated debt following...
|Genco Shipping: Valuation Lessons Learned From "Underwater” Equity|
Michael S. Fox, Adam H. Friedman, Jordanna L. Nadritch; Olshan Frome Wolosky LLP;
September 23, 2014, previously published on September 11, 2014Valuation is a balance of art and science. In the bankruptcy context, valuation determines which constituents are entitled to a recovery and which are not, making it a centerpiece of the restructuring process. In In re Genco Shipping & Trading, Ltd. the federal bankruptcy court in New York...
|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...