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

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New Release of Lexis Advance Significantly Expands Content Breadth and Functionality

Robust content, capabilities and deep integration offer users more control, flexibility and greater insights - driving better, faster research results July 19, 2012 - NEW YORK - LexisNexis® Legal & Professional, a leading provider of content and

Chapter 9 Bankruptcy Imminent as San Bernardino Declares Fiscal Emergency

SAN BERNARDINO, Calif. - (Mealey's) The San Bernardino City Council on July 18 voted 5-2 to declare a fiscal emergency, which allows it to file Chapter 9 bankruptcy without first negotiating with its creditors. City officials said they expect to file

Does Your Stuff Define Your Bankruptcy Choices?

Through my Twitter feed came a link to the pro’s and con’s of filing bankruptcy from the business section of the Chicago Tribune. Good chance to see how non lawyers see my world, I thought. Bankruptcy was all about protecting “stuff”, said the writer

Unpaid Taxes: Understanding the IRS Collection Process

Failing to file an income tax return or filing but failing to pay what is due may prompt the Internal Revenue Service (IRS) to begin the collection process. A tax bill, CP-14, is sent to a taxpayer which begins the process. The IRS has been known to

The Daily Docket: US Airway CEO Warns Against AMR Merger Delay

Getty Images U.S. Airways Chief Executive Doug Parker speaks about a merger with AMR Corp. on July 18. In the middle of a blitz to drum up support for a merger with American Airlines parent AMR Corp., US Airways Group Inc.’s top executive warned his

Libor Scandal Undermines Bankers' Claims of Overregulation

You can't claim to be a victim of watchdogs and at the same time blame watchdogs for being dumb, inept and disorganized.

Confirm Now And Transfer Later: One Court’s Clever Solution to a Venue Problem

Recently, you may have read that Houghton Mifflin Harcourt Publishing Company and twenty-four of its affiliates confirmed their prepackaged plan of reorganization. What you might not know, however, is that the United States Bankruptcy Court for the

U.S., Wall Street Must Work with G20 on Financial-Firm 'Bar Codes'

U.S. regulators led the world in developing Legal Entity Identifiers. Now that the G20 has embraced the idea, though, we need to get on the same page with other nations.

Today in Bankruptcy – 7-18-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 18, 2012 AMR has 2Q loss of $241M on bankruptcy costs City of Compton may declare bankruptcy by September What Bankruptcy? Michael Vick

Islands Hit With Bill for Failed Pension Fund Bankruptcy

It’s no secret that the corporate bankruptcy process is expensive. But government leaders of the Northern Mariana Islands found out that even the expense of getting thrown out of bankruptcy court has an eye-widening price tag. Administrators who run

Federal-Mogul Court Confirms That Bankruptcy Law Trumps Anti-Assignment Provisions in Insurance Policies

On May 1, 2012, the United States Court of Appeals for the Third Circuit in In re Federal–Mogul Global, Inc. confirmed that anti-assignment provisions in a debtor’s insurance liability policies are preempted by the Bankruptcy Code to the extent they

What Happens to My House if I File Chapter 7 Bankruptcy?

Many debtors are under the impression that they will automatically lose their home if they file bankruptcy. The idea has even kept many from filing to begin with but in most cases, you’ll be able to keep personal property including your home. The

We Need a Speedy Catharsis for This Barclays Libor Affair

Mete out fitting punishments and get it over with. There are much more urgent issues in front of us.

Howrey Officially Begins Process of Clawing Back Money from Former Partners

Yikes!Per the American Bankruptcy Institute Newsroom: July 18, 2012 Sixteen months after Howrey dissolved, the firm's bankrupt estate has finally turned its attention to former partners and the firms that now employ them in hopes of raising revenue

Blocking the Blockers – Ninth Circuit Bankruptcy Appellate Panel Rules that Blocking Confirmation Is Not a Good Cause to Change a Vote … Or Perhaps It Is

In a recent decision in In re Windmill Durango Office, LLC, the Bankruptcy Appellate Panel for the Ninth Circuit Court of Appeals concluded that the bankruptcy court had not abused its discretion in denying a creditor’s motion to change its vote on

Stockton to ask judge to lift gag order on pre-bankruptcy talks

Per the Los Angeles Times: July 17, 2012 | 7:09 am 6 0 Hints of what happened during three months of tense negotiations between the city of Stockton and its creditors as the city struggled to avoid bankruptcy are beginning to trickle out -- and the

LeBoeuf Retirees: Not Fans of Proposed Dewey Settlement

Reuters So it’s been nearly a week since the team winding down the defunct law firm Dewey & LeBoeuf LLP briefed former partners on a proposed “clawback” settlement that would shield the ex-partners from future liability—as long as they pay up $25,000

California’s Madoff Investor Suit Gets N.Y. Court Review

Federal clawback power versus state policing power . . . who is the smart money on in this fight?: Per www.bloomberg.com: By Linda Sandler - Jul 18, 2012 California Attorney General Kamala Harris’s $270 million lawsuit against an alleged beneficiary

Labeling Nonbanks 'Systemically Risky' Is Itself a Risky Process

Firms may abandon prudent risk management practices such as hedging with derivatives to avoid the SIFI designation. Agencies should have to prepare the equivalent of an Environmental Impact Statement before slapping the SIFI stamp on a firm.

The Daily Docket: Deutsche Bank Settles Lehman Derivatives Suit

Nicholas Roberts/AFP/Getty Images Deutsche Bank AG has agreed to settle a long-running lawsuit with Lehman Brothers Holdings Inc. involving complex-derivatives deals, one of a number of suits involving billions of dollars in credit derivatives that