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Uniform Commercial Code (UCC) › Bankruptcy Code › Creditors

White and Williams LLP

Uniform Law Commission Approves Uniform Assignment for Benefit of Creditors Act

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At its recently concluded annual meeting, the Uniform Law Commission (ULC) voted final approval of the Uniform Assignment for Benefit of Creditors Act (“Act”). Set forth below is a short discussion of “ABCs” as they...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

Troutman Pepper Locke

Taking Stock of Liens While There Is Still Time – Do You Really Have the Collateral? - Creditor’s Rights Toolkit

Troutman Pepper Locke on

Trade creditors are usually grouped with “general unsecured creditors” in bankruptcy, but some have liens that can elevate their claim priority. To achieve this, the lien must be properly granted and perfected under...more

Lowenstein Sandler LLP

Is the Spark Gone?

Lowenstein Sandler LLP on

Section 503(b)(9) of the Bankruptcy Code gives a massive boost to creditors that sold goods to a financially distressed customer shortly before the customer’s bankruptcy filing. While claims for goods sold before a bankruptcy...more

Husch Blackwell LLP

Alternatives to Bankruptcy for Cannabis Companies (Part 1)

Husch Blackwell LLP on

The problems facing the cannabis industry arising from its ongoing status as a federally illegal enterprise are numerous and well documented: 280E tax burdens, limited access to banking, exclusion from capital markets, uneven...more

Lowenstein Sandler LLP

Do Not Take Consignments Lightly

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While things worked out for vendors who did not file a UCC-1 in the Sports Authority Chapter 11, you may not be so lucky. Never assume that it is not necessary to properly perfect a consignment arrangement by filing a...more

Jones Day

Delaware Bankruptcy Court Rules that Bankruptcy Blocking Right in Debtor's Corporate Charter Violates Federal Public Policy

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Courts sometimes disagree over whether provisions in a borrower's organizational documents designed to prevent the borrower from filing for bankruptcy are enforceable as a matter of federal public policy or applicable state...more

Miller Canfield

To Reclaim or Not to Reclaim, That Is the Question

Miller Canfield on

With many bankruptcy cases looming on the horizon as a result of the pandemic and the measures taken to contain it, prudent creditors are reacquainting themselves with their rights, including the right of reclamation....more

Bowditch & Dewey

Getting Paid in Bankruptcy – Part I, Lender Claims

Bowditch & Dewey on

In this series, we look at how various payment rights are treated in bankruptcy. A summary like this could not possibly address every right that might arise in any given bankruptcy case. We have omitted several of the...more

Mayer Brown

Bankruptcy trustee appeals Seventh Circuit’s ruling on sufficiency of UCC collateral description to US Supreme Court

Mayer Brown on

Last October we highlighted an important ruling issued in September 2019 by the Seventh Circuit in the bankruptcy proceeding of In re I80 Equipment, LLC. The Circuit Court in that case reversed a decision from the lower...more

Jones Day

Chapter 11 Plan Distributions Are Not Collateral Covered by Intercreditor Agreement's Waterfall Provision

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In In re Energy Future Holdings Corp., 2019 WL 2535700 (3d Cir. June 19, 2019), a panel of the U.S. Court of Appeals for the Third Circuit ruled that adequate protection payments made during a bankruptcy case and...more

Patterson Belknap Webb & Tyler LLP

A Gigantic Filing Error Provides an Opportunity to Expound the Earmarking Doctrine

Patterson Belknap Webb & Tyler LLP on

Can another vain attempt to mitigate a $1.5 billion mistake provide the occasion for a thorough review of the doctrine of earmarking? It did for Southern District Bankruptcy Judge Martin Glenn in the long tail on the General...more

Blank Rome LLP

Anticipating and Managing Bankruptcy Risk

Blank Rome LLP on

Blank Rome Partner Ira Herman authored “Anticipating and Managing Bankruptcy Risk,” a series of articles prepared for the Financial Restructuring & Bankruptcy module of Lexis Practice Advisor, a comprehensive practical...more

Shumaker, Loop & Kendrick, LLP

Bankruptcy Law News: Reclamation or Section 503(b)(9) Claim? - A Potential Trap

Shumaker, Loop & Kendrick, LLP on

With the 2005 amendments to the Bankruptcy Code, Congress may have created a potential trap for a creditor who wants to preserve its reclamation rights but also exercise the administrative expense claim, which was created by...more

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