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Insolvency Service “reframes” view of creditor – IPs can apply their discretion (UK)

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Mediating Commercial Cases With Direct Discussions Between Parties — An Effective Approach

By: Donald L. Swanson Allowing direct discussions between parties, when mediating a commercial case, can be an intimidating—and tricky—proposition. But it is effective when allowed . . . despite obvious concerns. Here are four concerns, about direct

(UK) The importance of a date: When is a winding up petition presented?

The date that a winding up petition is presented has consequences – consequences for the company subject to the petition, its directors, the petitioning creditor and it is also important in the context of a subsequent liquidation where the date is

Weekly News – December 6

Where’s the Beef? Ooops…. What’s the Onion? Delaware on top, Roll-ups topic du jour, Jones Day dopplegangers, 5-8-8-2-3 hundred… Empire, Purdue on verge of settlement while Spirit looks like a crash landing, and much, much more… Creditor Corner Your

Applying The Automatic Stay’s Police Power Exception (In re Ruiz)

By: Donald L Swanson (b) The filing of a [bankruptcy] petition . . . does not operate as a stay— . . . (4) . . . of the commencement or continuation of an action or proceeding by a governmental unit . . . to enforce such governmental unit’s or

In re Randolph- No Common Law Exemption for Firearms

In re Randolph- No Common Law Exemption for Firearms Ed Boltz Tue, 12/03/2024 - 16:33 Summary: The bankruptcy Court for the Eastern District of North Carolina sustained the Chapter 13 trustee’s objection to the debtors' attempt to exempt two firearms

Waiting For 11 Years After Chapter 7 Discharge to Notify Debtors Of Payment Obligations On Homestead?! (Campos v. Dyck)

By: Donald L Swanson What happens when a Debtor goes through bankruptcy, gets a Chapter 7 discharge, believes a second mortgage on the homestead is gone, makes no payments thereon, and hears nothing for eleven years—then the hammer drops, with a lien

Recently Reported Court Cases Affecting Secured Lenders

In furtherance of Krieg DeVault’s continuing commitment to provide timely information and developments affecting secured lenders, set forth below are brief summaries of recently reported court cases providing guidance to secured lenders:

November 2024 Ponzi Scheme Roundup

By Kathy Bazoian Phelps Below is a summary of Ponzi scheme activity reported for November 2024. There were at least 8 new Ponzi schemes revealed this month, 3 guilty pleas, and 1 conviction. Ponzi schemers received more than 39 years of prison

What Should A Business Do When Facing Financial Stress?

By: Donald L Swanson There are lots of well-run businesses. But even the best of them face risks, from time to time, that threaten their existence. Such risks often arise from events that can’t be foreseen, let alone controlled. When such risks

I have the power – UK court confirms the ability of sole directors to make decisions

Following the decisions in Fore Fitness and Active Wear – where the court examined the validity of decisions made by a sole director of a company that operated wholly or partly under the Model Articles [1]– the position was not entirely settled. In

Homestead Exemption: Double Exemption Available Where Debtor Does Not Have Sole Ownership Of Residence

In In re Antman, 2024 WL 4786241, Ch. 13 Case No. 23-60317-ejc (Bankr. S.D. Ga. Nov. 14, 2024), the debtor’s father died in 1996 and in his will left his house to debtor and her three siblings in equal shares. Debtor and her husband had lived in the

SBA EIDL Fraud & How It Is Discovered

SBA EIDL Fraud & How It Is Discovered Every day, and often multiple times a day, we read stories about people or businesses being indicted for PPP or SBA EIDL loan fraud. I have always wondered how these cases are discovered. First, the SBA Inspector

Bankruptcy Overrides Arbitration In A Claim Objection Proceeding (In re Bridger)

By: Donald L Swanson This new bankruptcy opinion denies a creditor’s Motion to compel arbitration: Samson v. The LCF Group, Inc. (In re Bridger Steele, Inc.), Adv. No. 2:24-ap-2003 in Montana Bankruptcy Court (decided September 30, 2024; Doc. 10)

Bankr. E.D.N.C.: Raynor v. ECMC- Student Loans Adversary Proceeding failed to satisfy 3rd Prong of Brunner

Bankr. E.D.N.C.: Raynor v. ECMC- Student Loans Adversary Proceeding failed to satisfy 3rd Prong of Brunner Ed Boltz Mon, 11/25/2024 - 22:23 Summary: Leigh Raynor filed for Chapter 13 bankruptcy on April 11, 2019, and, after receiving a general

Weekly News – November 22

Law firms go venue shopping, S&P on LMEs, DIP Roll-Up challenge in ATD, Directv calls off Echostar deal, Spirit nails its landing, CareMax files for BK, and much, much more… Creditor Corner for the week ended November 22, 2024 Your weekly curated

Bankr. M.D.N.C.- Cournoyer v. Adrian Bruckner- Sanctions against Bankruptcy Petition Preparer

Bankr. M.D.N.C.- Cournoyer v. Adrian Bruckner- Sanctions against Bankruptcy Petition Preparer Ed Boltz Sat, 11/23/2024 - 22:14 Summary: The bankruptcy court granted a default judgment in favor of the Bankruptcy Administrator (BA) against Adrian

Law Review: Boyack, Andrea J., Just Consumer Financial Protection: Prevention or Cure (August 09, 2024). University of Missouri School of Law Legal Studies Research Paper No. 2024-27

Law Review: Boyack, Andrea J., Just Consumer Financial Protection: Prevention or Cure (August 09, 2024). University of Missouri School of Law Legal Studies Research Paper No. 2024-27 Ed Boltz Fri, 11/22/2024 - 17:06 Available at: https://ssrn.com

No Touchdown for Antonio Brown as Bankruptcy Court Denies Discharge of $1.2 Million Judgment (US)

Subchapter V bankruptcy cases have exploded in popularity, primarily due to its high rate of obtaining confirmed plans, significantly lower costs, faster pace, and ability for debtors to retain the equity in their businesses. But some bankruptcy

Merchant Cash Advance Lender: A Defendant In Bankruptcy (In re Bridger)

By: Donald L Swanson The opinion is Samson v. The LCF Group, Inc. (In re Bridger Steele, Inc.), Adv. No. 2:24-ap-2003 in the Montana Bankruptcy Court (decided September 30, 2024; Doc. 10). Background Debtor is a fabricator and seller of metal roofing

Bankr. E.D.N.C.: In re Island Breeze Grill- Binding Effect of Confirmation & Limitations on Standing for Plan Modification

Bankr. E.D.N.C.: In re Island Breeze Grill- Binding Effect of Confirmation & Limitations on Standing for Plan Modification Ed Boltz Wed, 11/20/2024 - 15:35 Summary: The bankruptcy court for the Eastern District of North Carolina denied Signature