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

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Today in Bankruptcy – 5-24-2012

Bringing you the most up-to-date news, tips and blogs throughout the web. Here’s your Bankruptcy Update for May 5, 2012. Philadelphia Orchestra Association’s Chapter 11 Bankruptcy coming to an end. LightSquared seeks additional tax savings in

This Bankruptcy Is Radioactive

EPA A radioactive waste-treatment center with as much as one million pounds of the stuff sitting around filed for bankruptcy liquidation Thursday. Impact Services Inc. of Oak Ridge, Tenn., owes between $10 million and $50 million to creditors

Committee Alleges That the Auditor in the Stanford Financial Ponzi Scheme Did More Than Issue False Financial Statements

Posted by Kathy Bazoian Phelps We have certainly seen many auditor liability cases recently where the auditor, either in reliance on data from the Ponzi insiders or in cahoots with the insiders, issued false financial statements on which the

The Three Important “Must-Dos” For Retirement

Experts have said that in order to secure a wealthy lifestyle in retirement you must invest in stocks, bonds, and other increasingly unconventional investments. However, a new study has shed light on the subject and discovered holes in that logic

Show Aspiration, Not Arrogance, to Rebuild Bank Reputations

Most of us in the banking community are seeking - after the crash - to rebuild trust, shareholder and client loyalty, businesses and lives. As time goes on and memories fade, we should remember the job is not finished

Video: Los Angeles Lawyer: “What New Client’s Ask Me.”

About 39% of all Chapter 7 cases filed without a lawyer end in failure, (even for those who use self-help services from a bankruptcy petition preparer). Leon Bayer and Jeffrey Wishman of the Los Angeles bankruptcy firm Bayer, Wishman & Leotta, are

Most Common Questions about Chapter 7 Bankruptcy

Chapter 7 bankruptcy may be the most common chapter filed but it is common to have questions about the process if it is being considered as a solution to help handle overwhelming debt. Discussing questions and concerns with a qualified bankruptcy

Some Homeowners Need Just Temporary Aid

Certain loans were well underwritten and structured, and are underperforming now solely because of job losses. Drastic approaches like modifications and refis are unnecessary to help these ordinarily creditworthy homeowners.

Forced Into Bankruptcy: The Involuntary Bankruptcy Process

When a company is facing financial distress, the question often comes up whether creditors can "force" the company into bankruptcy. Although the answer is more complicated than it may seem, this post aims to sort out what being "forced into

Forced Into Bankruptcy: The Involuntary Bankruptcy Process

When a company is facing financial distress, the question often comes up whether creditors can "force" the company into bankruptcy. Although the answer is more complicated than it may seem, this post aims to sort out what being "forced into

Let’s Get Ready to Rumble – FSOC Designates Systemically Important Financial Market Utilities and Adopts Procedures to Contest Designations; Non-Bank SIFI Designations to Follow

On May 22, 2012, the Financial Stability Oversight Council (“ FSOC”) promulgated hearing procedures (“ Procedures”) for, among others, non-bank financial companies and financial market utilities (“ FMUs”) to contest the FSOC’s designation of such

Common Questions about Unfiled Income Tax Returns

Back income taxes result from not filing a return. While it’s best to file on time each year, you’re better off filing a return late than not at all. Dealing with income taxes is something many taxpayers try to avoid but ignoring your liability can

LightSquared Lenders Doubt Future Success

LightSquared’s biggest lenders are questioning the company’s ability to clear regulatory hurdles and build out its high-speed wireless network, steps on which its viability depends. Read the Daily Bankruptcy Review article here. (Daily Bankruptcy

Dodd-Frank Fulfills a Century-Old Vision for Regulation

Senator Nelson W. Aldrich introduced a plan to create a central regulatory authority over commercial banking, investment banking and the stock market in 1912. Sound familiar?

Lessons Learned: Take These Steps BEFORE You Update Your Loan Documents

With more life companies and banks either returning to loan originations, or considering it, now is the time to revisit your basic loan document forms, and to revise them based upon the “lessons learned” during this market downturn. But STOP. Simply

Non-Dischargeable Debts

Many people turn to bankruptcy for help when they are in over their heads financially. Bankruptcy can take care of a number of debts, including unsecured creditors. However, there are some types of debts that are not dischargeable through either a

Second Circuit Upholds Dismissal of Claims Against Auditor in Madoff Ponzi Scheme

The Second Circuit has upheld the district court's decision in Stephenson v. PricewaterhouseCoopers LLC, 768 F. Supp. 2d 562 (S.D.N.Y. 2011), dismissing an investor's claims for professional malpractice and fraud against the auditor of a Madoff

Don’t Charge Your Vacation Within 90 Days of Filing Bankruptcy

An American tradition is to take the family to the beach for Memorial Day weekend, but if you or your spouse is about to file bankruptcy, do NOT charge this vacation on your credit card. Your credit card company will heavily scrutinize any charge

Non-Dischargeable Debts

Many people turn to bankruptcy for help when they are in over their heads financially.  Bankruptcy can take care of a number of debts, including unsecured creditors.  However, there are some types of debts that are not dischargeable through either

Bankruptcy Errors to Avoid - Part 2- First Meeting of Creditors

Everyone who files a bankruptcy, Chapter 7, Chapter 11, Chapter 13 - consumer or business must attend a First Meeting of Creditors (341 Meeting). Although it is called a First Meeting of Creditors in most consumer filings rarely does a creditor make