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McDermott Will & Emery

Eleventh Circuit sides with Fourth, Fifth Circuits on bankruptcy discharge exception split

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Addressing a split among bankruptcy courts in their interpretation of whether a corporate debtor, like an individual debtor, is subject to the exceptions to discharge outlined in 11 U.S.C. § 523(a) when confirming a...more

Jones Day

New York Bankruptcy Court Adopts "Realistic Possibility" Standard for Free and Clear Sales Under 11 U.S.C § 363(f)(5)

Jones Day on

Section 363(f)(5) of the Bankruptcy Code allows a bankruptcy trustee to sell estate property free and clear of any competing interest in the property (such as a lien or other security interest) if the interest holder "could...more

Patterson Belknap Webb & Tyler LLP

How Foreign Entities Can Obtain U.S. Bankruptcy Protections

Financial uncertainty has spread across the globe. The U.S. disrupted international commerce by repeatedly threatening to impose sweeping tariffs on dozens of countries, including some of the nation’s closest trading partners...more

Jones Day

New York Bankruptcy Court Recognizes English Scheme of Arrangement Proceeding Under Chapter 15 Despite Concerns of Improper COMI...

Jones Day on

Approaching its 20-year anniversary, chapter 15 of the Bankruptcy Code has proven to be an invaluable tool for facilitating cross-border bankruptcy and insolvency cases. As foreign debtors have increasingly relied on chapter...more

Rivkin Radler LLP

Supreme Court Decision Limits Trustees’ Ability to Pursue Fraudulent Transfer Actions

Rivkin Radler LLP on

The Supreme Court recently issued an opinion, resolving a circuit split, narrowing the sovereign immunity exception by limiting a trustee’s ability to pursue avoidance actions against the government when such action invokes...more

Holland & Knight LLP

Chapter 15 Ruling by New York Bankruptcy Court Recognizes Debtor's "Synthetic" Restructuring

Holland & Knight LLP on

Judge Michael Wiles of the U.S. Bankruptcy Court for the Southern District of New York issued a decision earlier this year that had the effect of recognizing under Chapter 15 of the U.S. Bankruptcy Code an English Scheme of...more

Patterson Belknap Webb & Tyler LLP

Supreme Court Resolves Section 544 Sovereign Immunity Question

We have previously blogged about the Tenth Circuit’s decision in United States v. Miller, a case that concerns the relationship between section 544(b)(1) and section 106(a)(1) of the Bankruptcy Code. As we explained in our...more

Herbert Smith Freehills Kramer

Recent Chapter 15 Cases Show Potential for Non-Consensual Third-Party Releases Based Upon Foreign (Non-U.S.) Proceedings

Last year, the U.S. Supreme Court barred the use of nonconsensual third-party releases in Chapter 11 cases, holding that the Bankruptcy Code did not provide a basis to nonconsensually release claims against third parties...more

Ballard Spahr LLP

Supreme Court: No Strong-Arming the Federal Government With State-Law Fraudulent Transfer Claims

Ballard Spahr LLP on

Recently, in the case United States v. Miller, the U.S. Supreme Court held that the sovereign immunity waiver provision in the Bankruptcy Code is jurisdictional only and does not waive the federal government’s sovereign...more

Jones Day

U.S. Bankruptcy Court Directs Turnover of Chapter 15 Debtor's Assets for Administration in Foreign Bankruptcy Proceeding

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Nearing its 20th anniversary, chapter 15 of the Bankruptcy Code is an invaluable framework for coordinating cross-border bankruptcy cases involving foreign debtors that have assets located in the United States. It includes a...more

Faegre Drinker Biddle & Reath LLP

Supreme Court Decides United States v. Miller

On March 26, 2025, the United States Supreme Court decided United States v. Miller, No. 23-824, resolving a circuit split and holding that in an action brought under § 544(b) of the bankruptcy code, § 106(a)’s sovereign...more

Jones Day

Ninth Circuit: Reversal on Appeal of Order Denying Chapter 15 Recognition Does Not Retroactively Trigger Automatic Stay

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It is generally recognized that an order of a U.S. bankruptcy court recognizing a debtor's foreign bankruptcy proceeding as a "main" proceeding under chapter 15 of the Bankruptcy Code triggers the automatic stay preventing...more

Falcon Rappaport & Berkman LLP

Creditor Alert: A Confession of Judgment Is Not Removable to Federal Court Based on a Related Bankruptcy Filing

A recent decision from the Southern District of New York provides insight for creditors seeking to enforce judgments against debtors who subsequently file for bankruptcy. In Honeedew Investing LLC v. Abadi, No. 24 Civ. 6434...more

Jones Day

Tenth Circuit: Bankruptcy Court Did Not Relinquish Its Jurisdiction by Granting Relief from Automatic Stay

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Ever since Congress amended the Bankruptcy Code in 1984 to remedy the U.S. Supreme Court's 1982 ruling declaring the jurisdictional groundwork of title 11 unconstitutional, there have been lingering questions regarding the...more

Latham & Watkins LLP

Release Me From My Bands Or Else My Project Fails Third Party Releases in Schemes

Latham & Watkins LLP on

Third-Party Releases are common in English law schemes of arrangement and restructuring plans, and US courts have so far indulged that approach in granting recognition. If Prospero’s plea to the audience at the...more

Jenner & Block

Compilation of Recent Developments in Bankruptcy Law - January 2023

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1. AUTOMATIC STAY - 1.1 Covered Activities - 1.1.a Court declines to enjoin third party claims against the debtor’s jointly liable parent corporation. The debtor manufactured earplugs for many years. A major...more

Walkers

Home Thoughts, From Abroad - Restructuring Recognition (and Recognition of Restructuring)

Walkers on

Where a company’s liquidation is necessary, deciding who or where is best placed to administer an orderly wind down for the benefit of creditors can be difficult: the shortfall of assets in an insolvency will highlight...more

Jenner & Block

Recent Developments in Bankruptcy Law Update - July 2022

Jenner & Block on

Covered Activities - 1.1.a Order granting counterclaim declaring validity of mortgage on the debtor’s property does not violate the stay. The debtor acquired property subject to a disputed mortgage. The debtor brought a...more

Miller Canfield

What Do You Do If a Debtor Defaults on Its Confirmed Bankruptcy Plan?

Miller Canfield on

A recent opinion from the Michigan Court of Appeals explained that when a debtor defaults under a confirmed chapter 11 bankruptcy plan, a creditor can enforce its rights in state court, and perhaps also in the bankruptcy...more

Jones Day

Florida Bankruptcy Court Defers to Brazilian Court in Dismissing Chapter 15 Adversary Proceeding

Jones Day on

The foundation of chapter 15 of the Bankruptcy Code and similar legislation enacted by other countries to govern cross-border bankruptcy cases is "comity" and cooperation among U.S. and foreign courts. The importance of these...more

Jones Day

N.Y. District Court Rules that Chapter 15 Recognition Not Required to Enforce Foreign Bankruptcy Injunction

Jones Day on

U.S. courts have a long-standing tradition of recognizing or enforcing the laws and court rulings of other nations as an exercise of international "comity." It has been generally understood that recognition of a foreign...more

Lowndes

Big Changes for Small Business Coming to Chapter 11 Bankruptcy

Lowndes on

In the coming weeks, the Small Business Reorganization Act (the “SBRA”) will go into effect. As part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005—the most significant large-scale change to the...more

Cadwalader, Wickersham & Taft LLP

Third Circuit Affirms Rulings That Distributions to TCEH First Lien Creditors Are Governed by the Bankruptcy Code Rather Than...

On June 19, 2019, the United States Court of Appeals for the Third Circuit (the “Third Circuit”) affirmed a ruling of the United States District Court for the District of Delaware (the “District Court”) dismissing challenges...more

K&L Gates LLP

Distressed Solutions: The Global Reach of the US Bankruptcy Code and Litigation Between Financial Institutions

K&L Gates LLP on

“Only in New York” can cover a lot of ground, but there are certain types of cases that you will likely only see in the Southern District of New York. Listen in as John Bicks (New York) and Robert Honeywell (New York) tell...more

Patterson Belknap Webb & Tyler LLP

Due Process in Chapter 15: Industry-Dependent, Jurisdiction-Dependent, or Both?

In a recent cross-border insolvency case, Judge Glenn of the United States Bankruptcy Court for the Southern District of New York recognized an insurance company rehabilitation proceeding in Curaçao as a “foreign main...more

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