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Documents on Bankruptcy, Banking & Financial Services
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|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...
|Australia Announces Bankruptcy Changes-Moves Toward US Position|
Philip Hoser; Jones Day;
December 30, 2015, previously published on December 2015Although most western legal systems have recognised for some decades the public benefit in rehabilitating failed enterprises, some countries do it better than others. To some extent, this is because of differences in local legislation (sometimes small, but with far-reaching effects), which either...
|It's Time for Executives to Check Their Corporate Indemnities and D&O Insurance|
William C. Wagner; Taft Stettinius & Hollister LLP;
October 23, 2015, previously published on October 14, 2015Many corporate executives, including directors, believe they would be fully indemnified from the cost of defending against a government investigation or prosecution. They find solace in articles of incorporation or bylaws that require their corporation to fully indemnify them from criminal, civil,...
|Proposed US Tax Legislation Aims to Curb Hedge Fund Reinsurance|
Paul J. Ahn, Michael Greenberg, David D. Luce, Gerald Rokoff; DLA Piper (Canada) LLP;
September 10, 2015, previously published on July 1, 2015Senator Ron Wyden (D-OR) has released legislation, the Offshore Reinsurance Tax Fairness Act (ORTFA), which aims to close what he perceives to be a loophole used to exploit an exception to the passive foreign investment company or PFIC tax rules.
|Overview of the Landscape for Evaluating Creditors' Breach of Fiduciary Duty Claims in Delaware|
Mintz Levin Cohn Ferris Glovsky Popeo P.C.;
September 2, 2015, previously published on August 31, 2015In our prior post, we discussed the standard a creditor must meet to sue an insolvent corporation for breach of fiduciary duties, as laid out in the Quadrant Structured Products Co., Ltd. v. Vertin decision. Another notable takeaway from the Quadrant decision was the Court’s overview of the...
|Italian Bankruptcy Law Reform Emphasizes Flexibility for Borrowers, Active Role for Creditors|
Francesco Squerzoni; Jones Day;
August 26, 2015, previously published on August 2015During the last few years, the section of Royal Decree No. 267 of March 16, 1942 (the "Italian Bankruptcy Law") dedicated to pre-insolvency proceedings has been reformed extensively by the Italian legislature. The purpose of the reform is to provide distressed Italian entities with a more...
|Good News for Secured Creditors and Commercial Lessors in Chapter 13 Cases|
Jason W. Johnson; Lowndes, Drosdick, Doster, Kantor & Reed Professional Association;
August 26, 2015, previously published on August 25, 2015A new administrative order was entered by Chief Judge Jennemann in the Middle District of Florida on August 10. The Middle District of Florida stretches from Jacksonville on the east coast, through Central Florida and down the west coast through Fort Myers. The new procedures affect all Chapter 13...
|The SemCrude Bankruptcy: Commodity Traders Prevail Against Related Fraud and U.C.C. Claims|
Cheryl I. Aaron, Travis Cole McCullough, Mark D. Sherrill; Sutherland Asbill & Brennan LLP;
August 25, 2015, previously published on August 24, 2015In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute arose between dozens of oil producers (the Producers) that sold oil to...
|CMBS Loans: Borrower (and Bondholder) Beware|
Adam H. Friedman; Olshan Frome Wolosky LLP;
August 18, 2015, previously published on August 2015As discussed in our prior Client Alert, the CMBS loan structure is rife with complexity and potential for abuse. Generally speaking, upon default or imminent default, the Controlling Class of bondholders (or the Directing Certificate Holder), can appoint a Special Servicer to administer the...
|Texas District Court Affirms Bankruptcy Court’s Use of Claim Estimation Process|
Bryan Mann Kotliar; Jones Day;
August 6, 2015, previously published on July/August 2015Many companies that file for bankruptcy protection have liabilities that cannot be definitively quantified as of the bankruptcy petition date. Such “unmatured,” “contingent,” “unliquidated,” or “disputed” debts could arise from, among other things:...