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

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Mammoth Lakes, California Files Chapter 9 Bankruptcy

Mammoth Lakes, California, a popular skiing town files bankruptcy protection ahead of a multi-million dollar judgment brought against them by a developer. Town officials were trying to negotiate payment plan details ahead of a court-mandated deadline

Happy Independence Day!

The Weil Bankruptcy Blog team wishes all of our readers a happy Independence Day! We hope that you are all enjoying barbecues, fireworks and parades, and otherwise celebrating 236 years of American tradition, government, and achievement. Have a great

Spending Attitudes

On Credit Slips this week, Professor Bob Lawless of the University of Illinois College of Law shares an interesting article from the New York Times about consumer credit and overspending in [...]

Some Advice from the IMF: Cramdown Mortgages in Bankruptcy

The International Monetary Fund has focused its critical gaze on us. Just in time for the holiday marking the end of our colonial period, the IMF has completed its "Mission to the United States of America." See here. The IMF has held up its

INFOGRAPHIC: A Snapshot Of American Bankruptcy

While most consumers might be familiar with Chapter 7 bankruptcy, it's not the end-all, be-all of bankruptcy in the U.S. While Chap. 7 bankruptcy allows debtors to pay back as much of their debts as possible and then forgives whatever qualified debt

Today in Bankruptcy – 7-2-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for July 3, 2012. PA lawmakers again deny bankruptcy option for state’s capital Kodak can sell its digital patents: bankruptcy judge Tide of

Kodak Gallery Is Officially No More

Getty Images A sign is lit at the Kodak booth at the 2012 International Consumer Electronics Show at the Las Vegas Convention Center in January. What started as Ofoto is now no photo. Kodak Gallery officially went offline Monday, about 12 years after

Court Explains Decision to Seal Courtroom to Determine Whether to Order Disclosure of Personal Files

In re Catholic Diocese of Wilmington, Inc., Case No. 09-13560 (CSS) (June 20, 2012) (J. Sontchi) On October 12, 2009, the Catholic Diocese of Wilmington, Inc. (the “Diocese”) filed bankruptcy under Chapter 11 of the Bankruptcy Code. The Conformed

More on Sanko Steamship's recent bankruptcy filings . . .

We welcome related inquiries. Per www.globalinsolvency.com: Japan's Sanko Steamship Files For Bankruptcy Tue., July 3, 2012 One of Japan's oldest shipping firms, Sanko Steamship, filed for bankruptcy on Monday after months of battling with ship

Sanko Steamship Files Chapter 15 Bankruptcy in U.S.

We welcome related inquiries. Per www.bloomberg.com: Sanko Steamship Files Chapter 15 Bankruptcy in U.S. By Steven Church - Jul 3, 2012 12:01 AM ET Sanko Steamship Co., the Japanese operator of 185 ships, asked a court to protect its U.S. assets

Systemic Risk Council Has Arrived Just in Time

Neither the FSOC nor the OFR is up and running well enough to address systemic risk. The Systemic Risk Council, a new private-sector nonprofit group, will likely change that.

Creditor Who Waited to File Late Proof of Claim Learns It Can’t Rush Through the Appeals Process: Delaware District Court Denies Leave for an Interlocutory Appeal

The recent decision by the United States District Court for the District of Delaware in Imperial Tobacco Canada Ltd. v. The Flintkote Co. (In re Flintkote.) shines a light on the sometimes murky area of bankruptcy appeals by clarifying the standard a

Dealing with Income Changes in Chapter 13 Bankruptcy

The purpose of Chapter 13 bankruptcy is to help debtors restructure outstanding debt by following a payment plan approved by the court. The payment plan is determined based on what disposable income is available after paying necessary living expenses

In Libor Scandal, Prosecutors Need to Think Criminal

For some bankers, doing well by doing bad has become a way of life. If ever there was a time to raise the cost of wrongdoing, Liborgate is it.

GameTech International, Inc. and Affiliates File for Chapter 11 Protection

On July 2, 2012, GameTech International, Inc. (“ GameTech”) and four affiliates (the “ Affiliated Debtors,” and, together with GameTech, collectively referred to as the “ Debtors”) filed for Chapter 11 protection in the U.S. Bankruptcy Court for the

Stockton, CA Files For The Largest Municipal Bankruptcy In US History

Stockton, California appears to be in some deep financial trouble. According to The Los Angeles Times, Stockton has filed for bankruptcy. The northern California city, with a population of just under 300,000, is the largest U.S. city to file

The Secret to Success is No Big Secret

A basketball coach's praise for his opponent serves as a reminder that the best results come from hustle and hard work.

Utah Supreme Court Clarifies Contractual and Statutory Right to Recover Attorneys Fees in Two New Opinions

Utah’s reciprocal attorney fees statute, 78B-5-826 provides in relevant part that “a court may award . . . attorney fees to either party that prevails in a civil action based upon any . . . written contract. . . when the provisions of the . .

U.K. Government Publishes Consultation Paper Regarding Draft Regulations Governing Remuneration Reports

Following closely on the heels of its announcement of a package of proposals intended to curb executive remuneration, the U.K. Government recently published a consultation paper focusing on the content of remuneration reports of UK-incorporated

U.K. Government Publishes Consultation Paper Regarding Draft Regulations Governing Remuneration Reports

Following closely on the heels of its announcement of a package of proposals intended to curb executive remuneration, the U.K. Government recently published a consultation paper focusing on the content of remuneration reports of UK-incorporated