The U.S. bankruptcy system is generally an efficient mechanism for companies and individuals seeking to restructure their debts and obtain a fresh start. However, the effectiveness of the bankruptcy system relies on integrity...more
Section 548 of the bankruptcy code authorizes a trustee, debtor, or other appropriate party to avoid actual and constructive fraudulent transfers that occurred prepetition. In order to prove that a transfer was an actual...more
Under federal law, a debtor may be criminally prosecuted for various kinds of misconduct in connection with a bankruptcy case, including concealing assets, falsifying information, embezzlement, or bribery. See 18 U.S.C. §§...more
8/27/2024
/ Bankruptcy Code ,
Bankruptcy Court ,
Bribery ,
Commercial Bankruptcy ,
Corporate Misconduct ,
Criminal Prosecution ,
Debtors ,
Embezzlement ,
Falsified Documents ,
Fraudulent Concealment ,
Indictments
At a hearing in mid-March, the Delaware bankruptcy court held Camshaft Capital Fund, LP, Camshaft Capital Advisors, LLC, Camshaft Capital Management (collectively, “Camshaft”) and William Cameron Morton, principal of...more
In 2019, Congress enacted the Small Business Reorganization Act, which created subchapter V within chapter 11 of the Bankruptcy Code. Congress’ intent was to create a more cost-efficient and streamlined restructuring process...more
In 2023, the economies of some nations stagnated, but developing economies particularly struggled. As a new year commences, some of these countries will continue their efforts at restructuring their debts—a process that has...more
The United States Trustee Program is responsible for the efficient administration of bankruptcy cases throughout most of the country. Since 1986, the Trustee Program has covered all states except North Carolina and Alabama,...more
On June 30, the Supreme Court ruled that the Biden administration did not have authority to forgive student loans under the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act). Despite this defeat,...more
7/25/2023
/ Bankruptcy Code ,
Bankruptcy Court ,
Biden Administration ,
Brunner/Gerhardt Test ,
Class Action ,
Debt ,
Higher Education Act ,
Loan Forgiveness ,
Relief Measures ,
SCOTUS ,
Student Loans ,
Students ,
Unsecured Debt
On May 8, cryptocurrency platform Bittrex filed for chapter 11 in Delaware. Bittrex’s first day filings emphasize that, unlike many other crypto filings over the past year, this case is not a “free fall” bankruptcy. In...more
Although in the Ninth Circuit the decision to revisit an order under FRCP 60 is “highly discretionary,” judges still must explicitly grapple with the relevant factors. That was the clear message sent by Judge Haywood Gilliam...more
5/2/2023
/ Appeals ,
Bankruptcy Court ,
California ,
Chapter 11 ,
Class Action ,
Commercial Bankruptcy ,
Commercial Litigation ,
Investors ,
PG&E ,
Remand ,
Securities Litigation
Last Friday, state regulators closed the Silicon Valley Bank (SVB), a federally insured institution with 17 branches throughout California and Massachusetts. It’s the first bank insured by the Federal Deposit Insurance...more
3/14/2023
/ Banking Sector ,
Banks ,
Business Closures ,
Deposit Accounts ,
Deposit Insurance ,
Depository Institutions ,
FDIC ,
Federal Reserve ,
Financial Crisis ,
Financial Institutions ,
Insolvency ,
Receivership ,
Silicon Valley
In 2022, there were several high-profile crypto bankruptcy filings. A big question in these cases is whether there will be any money to satisfy unsecured creditor claims. If there are funds to distribute, then the...more
Another domino has fallen. Earlier this year, we wrote about the challenges facing the crypto industry that resulted in the bankruptcy filings of Three Arrows Capital, Celsius Network, and Voyager Digital. We noted that...more
On September 15, President Biden announced a tentative deal with unions representing tens of thousands of railroad workers that helped narrowly avoid a strike that threatened to devastate the country’s delicate supply chains...more
It’s been a hard year for cryptocurrency. The values of most cryptocurrencies, including major coins such as Bitcoin and Ethereum, have continued to tumble. In fact, the price of one stablecoin, which is a form of...more
In the world of cryptocurrency, exchange platforms act as intermediaries allowing investors to buy and sell assets while making money through commissions and transaction fees. Any assets purchased may be held in either...more
5/23/2022
/ Beneficial Owner ,
Broker-Dealer ,
Buyers ,
Consumer Bankruptcy ,
Crypto Exchanges ,
Cryptocurrency ,
Digital Currency ,
Financial Markets ,
Investment ,
Sellers ,
SIPC
As a result of Purdue Pharma’s proposed plan of reorganization, and the ongoing opioid epidemic that continues to grip the nation, the debate over non-consensual third-party releases has gone mainstream despite being a...more