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Bankruptcy Law - Whether the Bankruptcy Court had the Statutory Authority Under 28 U.S.C. § 157(b) to Issue a Final Judgment on a Tortious Interference Counterclaim, and Whether Such Authority is Constitutional
In June 2011, The United States Supreme Court held that although the Bankruptcy Court had the statutory authority to enter a final judgment on Vicky Lynn Marshall’s tortious interference counterclaim, the court lacked constitutional authority.
Pick Your Partner Versus the United States Bankruptcy Code
Partnership law from the beginning contained provisions implementing what has come to be known as the “pick your partner” principle, reflecting the early development of the partnership law provision that admission of a partner to a partnership requires unanimous consent of the partners. As limited partnership and limited liability company statutes developed, the pick your partner principle was embodied in those statutes. The Colorado, Delaware, and Texas limited liability company statutes provide that the interest a member has in a limited liability company is personal property and, subject to agreement, may be assigned. These same provisions, however, also state that, absent agreement otherwise, the assignee only receives the assignor’s rights to profits and losses and distributions and does not receive any rights to participate in management.
Bankruptcy Appeals
An appeal of a bankruptcy court order or judgment involves unique procedural andjurisdictional considerations. Bankruptcy appeals are different from an ordinary federal courtappeal because of the unusually quick time frame for perfecting and briefing the appeal and thelikelihood that such an appeal may be subject to substantive1 review by two appellate courts(the district court or Bankruptcy Appellate Panel and the court of appeals). In approaching abankruptcy appeal, practitioners must consider a bankruptcy-specific jurisdictional statute, aliberalized view of finality, and a different set of rules depending on whether the appeal is tothe district court or the court of appeals. This paper sets forth a nuts-and-bolts approach forhandling a bankruptcy appeal and considers some of the more complex jurisdictional issues.
Bankruptcy Law – May a Creditor Internally Allocate Collateral to Become Oversecured After the Bankruptcy Petition Has Been Filed?
In re Geijsel, 480 B.R. 238 (Bankr. N.D. Tex. 2012)
Bankruptcy Discussions
No one goes into business planning to file bankruptcy. But even thriving businesses may be drawn into bankruptcy if one of their customers or suppliers files for bankruptcy protection. And when faced with economic headwinds, businesses that thoughtfully plan for a potential bankruptcy filing early on tend to fare better than those businesses that hold out until the bitter end and file only as a last resort. While an actual bankruptcy case calls for a specialist, all business lawyers should have a working understanding of bankruptcy basics to identify opportunities and threats.
Chapter 11 Bankruptcy 101 Subchapter v – Small Business Debtor Reorganization
This is an introduction to the most often used provisions of the United States Bankruptcy Code (“Code”). I touch on simple concepts that a business lawyer should be generally familiar with in order to prepare his/her client for a Chapter 11 bankruptcy reorganization. Additionally, I discuss reporting requirements for small business debtors, general administration of a case, augmenting the bankruptcy estate through avoidance actions and confirming a plan of reorganization. This paper focuses on Chapter 11 from the viewpoint of the small business debtor who has elected to be treated under Subchapter V, Small Business Debtor Reorganization of 2019 (“SBRA”), the most recently enacted amendment to the Code.
Key Bankruptcy Principles for Business Lawyers
Principles Common to All Bankruptcy Cases, Regardless of Chapter
Bankruptcy 101: Landmines to Avoid During the Pandemic and Beyond
Bankruptcy filings will inevitably be on the rise given the uncertain economic environment. If your client’s company is a creditor involved in a bankruptcy, there is no substitute for being prepared for and seeking outside bankruptcy counsel to advise on proper strategy. You may want to advise your client to proactively hiring counsel to strategically structure vendor contracts; analyze sale opportunities, particularly of distressed assets; restructure your own client’s corporate debt; if involved in a large Chapter 11, hire counsel to advise upon the benefits of having representation upon the creditors’ committee; and, advise your client’s company, if applicable, on the bankruptcy impacts of oil and gas and intellectual property issues.
10 Things You Need to Know Regarding Bankruptcy for your Corporate Practice
This article is intended to provide a very high level summary introduction to several bankruptcy concepts that you may encounter in your general corporate or business legal practice. You may already be familiar with some or all of these concepts. This article is not intended to go in-depth on any of the various topics. Indeed, there are countless detailed and lengthy scholarly articles and seminar papers that cover each of the various topics. Providing any comparable level of analysis is simply beyond the scope of this article. Rather, the author hopes that you gain a general introductory-level understanding of these topics from this article and the conference discussion.
Reorganization of Entities
The circumstances and sequence of events in a Chapter 11 case are varied. Assuming the most favorable of circumstances, a Chapter 11 case commenced solely for the purpose of binding creditors to a plan already accepted pre-petition by creditors, sometimes called a pre-packaged plan, may achieve confirmation within thirty to sixty days after the filing of the petition. Such cases normally require substantial time and effort for negotiation and documentation before the Chapter 11 case is commenced. In contrast, some Chapter 11 cases may be pending for several years awaiting the formulation of a business plan and the other requirements for proposal of a plan and confirmation. Most Chapter 11 cases require six months to a year or longer to achieve confirmation of a plan and to consummate it.
The Life Cycle of a Business Bankruptcy
This paper provides a general overview of important substantive and procedural aspects of bankruptcy cases filed under chapter 7 and chapter 11 of the Bankruptcy Code.
Bankruptcy 101
The United States Constitution grants Congress the power to establish “uniform laws on the subject of bankruptcies throughout the United States.” U.S. Const., Art. 1, § 8, cl. 4. Federal bankruptcy laws are codified under title 11 of the United States Code, which is commonly referred to as the “Bankruptcy Code.” Congress’s stated goal of enacting the Bankruptcy Code was (i) equality of distribution among creditors and (ii) orderly rehabilitation or liquidation. H.R. Rep. No. 95-595, 95th Cong., 1st. Sess. 16, 177-78, 220 (1977).
Organizing to Reorganize: The Essentials of Planning for a Successful Restructuring
If your client is considering a financial restructuring, communication is paramount. Counsel first should discuss with the client the goals of restructuring, the options available to achieve those goals and what the client should expect. The client, in turn, must work quickly and efficiently to gather and produce the large amount and various pieces of information necessary to appropriately prepare for the restructuring process. Both counsel and client must work together throughout the process to keep interested third parties, including trade creditors, lenders, employees and (if applicable) the court and U.S. Trustee, informed and engaged. The benefits of time and transparency, perhaps more than anything else, will help to ensure as smooth, efficient and cost-effective a restructuring as possible.
Key Considerations with Distressed Transactions
Distressed transactions bring a host of troubling issues and require strategic navigation in order to avoid taking on the liabilities and exposure that burdened the target. This article covers those issues and discusses the benefits and pitfalls of purchasing distressed assets, both outside of the bankruptcy process and through the protection of the courts.
Business and Bankruptcy
These are the presentation slides.
Receivership or Bankruptcy - Pick Your Poison
What process should be employed when commercial problems exist? Those problems take a variety of forms and professionals often overlook solutions through receivership and bankruptcy that might provide forms of relief that can be adapted to the issues to generate the greatest benefit to creditors, shareholders and management. These materials provide a survey of state and federal court receivership statutory and common law as well as a brief overview of some bankruptcy provisions and concepts that might be useful for evaluating whether receivership or bankruptcy should be the preferred process for attempting to solve the problem.
Troubled Entities
These are the presentation slides.
Selected Bankruptcy Issues Concerning Small Businesses
Volatile market conditions have adversely affected many industries, resulting in the current recession that has lasted for well over a year. The current economic slowdown is expected to continue, and perhaps worsen, throughout 2009. Bankruptcy may become a viable option for many businesses to restructure their debt. Others may be unable to weather the current economic crisis and may be forced out of business. A bankruptcy filing may be advisable even to wind down business operations in an orderly fashion. This paper will examine some of the major issues that may arise in various types of business bankruptcy cases under the provisions of the current Bankruptcy Code entitled “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005” (“BAPCPA or the “Bankruptcy Code”). The majority of the new provisions under BAPCPA became effective in October 2005.
LTL Management LLC v., 22-2003 (3rd Cir. 2023)
Opinion from the U.S. Court of Appeals for the Third Circuit