In Clark’s Crystal Springs Ranch, LLC v. Gugino (In re Clark), 692 Fed. Appx. 946, 2017 BL 240043 (9th Cir. July 12, 2017), the U.S. Court of Appeals for the Ninth Circuit ruled that: (i) the remedy of "substantive...more
Germany—Major German insolvency law reforms designed to facilitate corporate group insolvencies will become effective on April 21, 2018. When the reforms come into force, they will supplement and complement the Recast...more
10/4/2017
/ Affiliates ,
Controlling Person ,
Creditor's Committee ,
Debtors ,
EU ,
Germany ,
Insolvency ,
Intra-Group Transactions ,
Jurisdiction ,
Liquidation ,
New Legislation ,
Parent Corporation ,
Russia ,
Subsidiaries ,
Vicarious Liability
The next few years are expected to see a significant increase in the volume of bankruptcy cases filed by health care providers. Thus far in 2017, the number of bankruptcies in health care-related sectors, including hospitals,...more
10/3/2017
/ Absolute Priority Rule ,
Affordable Care Act ,
Automatic Stay ,
Bundled Services ,
Chapter 11 ,
Chapter 7 ,
Chapter 9 ,
Commercial Bankruptcy ,
Debtors ,
Fee-for-Service ,
Fiduciary Duty ,
Health Care Providers ,
Healthcare Costs ,
Lenders ,
Medicaid ,
Medical Records ,
Medicare ,
Medicare Provider Agreements ,
Shareholders ,
Trustees
The ability to avoid fraudulent or preferential transfers is a fundamental part of U.S. bankruptcy law. However, when a transfer by a U.S. entity takes place outside the U.S. to a non-U.S. transferee—as is increasingly common...more
10/2/2017
/ Avoidance ,
Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Commercial Bankruptcy ,
Cross-Border Transactions ,
Debtors ,
Extraterritoriality Rules ,
Fraudulent Transfers ,
Fraudulent Wire Transfers ,
Jurisdiction ,
Preferential Transfers ,
Trustees ,
Wire Transfers
In Feltman v. Noor Staffing Grp., LLC (In re Corp. Res. Servs. Inc.), 564 B.R. 196 (Bankr. S.D.N.Y. 2017), the bankruptcy court considered whether section 553 of the Bankruptcy Code creates a right of setoff when no such...more
In the March/April 2013 edition of the Business Restructuring Review, we reported on an opinion by the U.S. Bankruptcy Court for the Southern District of New York concluding that a chapter 15 debtor’s sale of claims against...more
8/16/2017
/ 363 Sales ,
Abandonment ,
Appeals ,
Bankruptcy Court ,
Bernie Madoff ,
British Virgin Islands ,
Chapter 15 ,
Comity ,
Commercial Bankruptcy ,
Court Nullification ,
Debtors ,
Determination on Remand ,
Foreign Debt ,
Jurisdiction ,
Liquidation ,
Ponzi Scheme ,
Reaffirmation ,
Sale of Assets ,
SIPA
The ability of a trustee or chapter 11 debtor in possession ("DIP") to sell bankruptcy estate assets "free and clear" of liens on the property under section 363(f) of the Bankruptcy Code has long been recognized as one of the...more
8/15/2017
/ Appeals ,
Bankruptcy Code ,
Chapter 11 ,
Commercial Bankruptcy ,
Debt Restructuring ,
Debtors ,
Debtors-in-Possession ,
Free and Clear Transactions ,
Liens ,
Liquidation ,
Mortgages ,
Sale of Assets ,
Section 363 ,
Section 506 ,
Trustees
If a foreign debtor is eligible to file for bankruptcy protection in the U.S., the debtor's foreign representative (e.g., a liquidator or administrator) may, under certain circumstances, have the power to avoid and recover...more
Among the required elements of a claim to avoid a preferential transfer under section 547(b) of the Bankruptcy Code is that, if the creditor-transferee were permitted to retain a pre-bankruptcy payment, it would end up being...more
5/31/2017
/ Bankruptcy Code ,
Chapter 11 ,
Chapter 7 ,
Creditors ,
Debtors ,
Executory Contracts ,
Managed Custody Accounts (MCAs) ,
Preferences ,
Preferential Transfers ,
Section 365 ,
Trustees