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|Single Asset Real Estate Debtor Could Not Show That Plan with Substantial Balloon Payment had a Realistic Chance of Confirmation Within a Reasonable Time|
Pullman Comley LLC;
April 17, 2015, previously published on March 23, 2015At issue in GRG Acquisitions, LLC v. MDM Golf of Gillette Ridge, LLC (In re MDM Golf of Gillette Ridge, LLC), Case No. 14-21565 (ASD) (December 23, 2014), was whether relief from the automatic stay should be granted to a secured creditor in a single asset real estate case. A “single asset...
|The Automatic Stay Does Not Preclude A Foreclosure Committee From Seeking Fees From A Non-Debtor Party In A Foreclosure Action Pending Against a Debtor|
Pullman Comley LLC;
April 17, 2015, previously published on March 23, 2015On January 5, 2015, the Honorable Albert S. Dabrowski issued a decision concerning the applicability of the automatic stay of Bankruptcy Code Section 362(a) (the “Automatic Stay”), which decision highlights and clarifies divergent views between the Connecticut Appellate Court and the...
|Financing of North Sea oil and gas - a restructuring and insolvency perspective|
Humphrey Douglas, Byron Nurse; Dentons Canada LLP;
April 15, 2015, previously published on March 31, 2015Until recently, there was little call for restructuring and turnaround specialists in the UK to focus on the oil and gas industry. That has now undoubtedly changed. In the second half of 2014, Brent crude prices fell from over US$100 a barrel to around US$50, and although prices have since...
|Distressed Debt: Loan to Own Investment Strategies after Fisker|
Oscar N. Pinkas; Dentons Canada LLP;
April 14, 2015, previously published on April 7, 2015In a “loan-to-own” investment, an investor acquires secured debt at a discount to leverage the face amount of the debt in an asset purchase or debt-to-equity swap. For example, if an investor can buy US$50 million worth of debt for US$25 million, it can, in a bankruptcy proceeding, bid...
|Mandatory Mediation Procedure in NJ|
Karina Velter; Weltman, Weinberg & Reis Co., L.P.A.;
April 14, 2015, previously published on March 12, 2015In May 2014, the Board of Judges of the United States Bankruptcy Court for the District of New Jersey adopted a comprehensive, Court-supervised mediation program for all contested matters and adversary proceedings. Local Ruel D.N.J. LBR 9019-2 sets forth the procedure for this program.
|Receivables Finance - Overriding Blocks to Assignment|
James Harvey, Alexander Hewitt; Dentons Canada LLP;
April 14, 2015, previously published on March 31, 2015The Small Business Enterprise and Employment Act received Royal Assent on 26 March and, when implemented, is expected to produce a huge boost in SME receivables finance.
|Royal Assent of The Small Business, Enterprise and Employment ActImplementing the Consumer Rights Bill|
Sarah Lawson; Dentons Canada LLP;
April 13, 2015, previously published on March 26, 2015Following the G8 Summit in June 2013, today's announcement formalises the UK Government's recent discussions on corporate transparency, simplicity and owner responsibility. The changes will be coming into force over a period of time.
|Law Firm Bankruptcies: Partners May Run, but They Can't Hide|
Jeffrey C. Toole; Buckley King A Legal Professional Association;
April 13, 2015, previously published by American Bankrutpcy InstituteA law firm’s demise is often years in the making. But once circumstances become dire, a law firm’s collapse can happen swiftly. Sensing the end, equity partners, contract partners and laterals may leave individually or in groups, taking the most profitable business with them and...
|SBA Partners with NCUA and Credit Unions to Expand Access to Loans|
Scott A. Chernich, Steven L. Owen; Foster, Swift, Collins & Smith, P.C.;
April 9, 2015, previously published on March 25, 2015Credit union members will soon have greater access to capital to start or expand a small business thanks to a joint initiative of the U.S. Small Business Administration ("SBA") and the National Credit Union Administration ("NCUA").
|Notice of Payment Changes and Rule 3002.1|
Stephen Franks; Weltman, Weinberg & Reis Co., L.P.A.;
April 9, 2015, previously published on March 05, 2015Bankruptcy Rule 3002.1 became effective December 1, 2013. As part of that rule, holders of claims were now required to file and serve a Notice of Payment Change 21 days before the new payment became effective.The rule only applies to claims on the debtor's principal residence and claims that are...