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Documents on Bankruptcy, Banking & Financial Services
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|First 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;
June 15, 2016, previously published on May/June 2016In 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...
|Seventh Circuit Rules That Prepetition Nonresidential Lease Termination Is Voidable “Transfer” in Bankruptcy|
Mark G. Douglas, Timothy (Tim) Hoffmann; Jones Day;
June 15, 2016, previously published on May/June 2016Even 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...
|Blocking Member Provision in LLC Agreement Designed to Prevent Bankruptcy Filing Unenforceable|
Mark A. Cody, Mark G. Douglas; Jones Day;
June 15, 2016, previously published on May/June 2016A 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...
|Liquidating Trusts Remain a Viable Alternative for Unsecured Creditors (and Deficiency Secured Claims)|
Alan H. Goodman; Breazeale, Sachse & Wilson, L.L.P.;
June 8, 2016, previously published on May 2016As 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).
|Termination of a Commercial Lease May be an "Avoidable Transfer” in Bankruptcy, holds Seventh Circuit|
Christopher R. Thompson; Burr & Forman LLP;
May 25, 2016, previously published on April 2016In March 2016, the U.S. Court of Appeals for the Seventh Circuit ruled that a landlord may be liable to a debtor’s bankruptcy estate for the value of a lease the debtor terminated early, holding the termination may be an “avoidable transfer” under the Bankruptcy Code.1 The opinion...
|Proposed Indian Bankruptcy Reforms|
Mark G. Douglas; Jones Day;
April 15, 2016, previously published on March/April 2016In December 2015, the Indian government introduced a long-awaited bill—the Insolvency and Bankruptcy Bill 2015—to overhaul India’s outdated and burdensome bankruptcy process. According to recent World Bank data, India ranks 136th out of the 189 countries surveyed in terms of fast...
|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.