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

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Can a Board of Directors of a Foreign Entity Appoint the Foreign Representative in a U.S. Chapter 15 Filing Without First Obtaining Authority from the Foreign Bankruptcy Court?

Contributed by Victoria Vron This was the question before the Court in Compania Mexicana de Aviacion, S.A. de C.V., Case No. 10-14182 (MG) (Aug. 16, 2010). In the Mexicana case, the United States Bankruptcy Court for the Southern District of New York

What Will Be the Consequences of the Third Circuit’s Decision to Impose 1114 Process on all Chapter 11 Debtors?

Contributed by Sunny Singh On July 13, 2010, in one of the most significant and controversial decisions regarding retiree medical benefits in chapter 11, the Third Circuit held – contrary to the majority of lower courts that have considered the issue

Thornburg Mortgage Case Highlights Risks Presented by Potential Conflicts

Contributed by Michael F. Walsh The chapter 11 case of Thornburg Mortgage, Inc. has generated substantial litigation against former officers and directors of the debtors, as well as the debtors’ corporate counsel. The case is a useful reminder of

Fall 2010 Edition Of Bankruptcy Resource Now Available

The Fall 2010 edition of the Absolute Priority newsletter, published by the Cooley LLP Bankruptcy & Restructuring group, of which I am a member, has just been released. The newsletter gives updates on current developments and trends in the bankruptcy

Fall 2010 Edition Of Bankruptcy Resource Now Available

The Fall 2010 edition of the Absolute Priority newsletter, published by the Cooley LLP Bankruptcy & Restructuring group, of which I am a member, has just been released. The newsletter gives updates on current developments and trends in the bankruptcy

The Coming Baby Boomer Retirement Crisis? Avoid Early Withdrawal Traps.

Between 1946 and 1964, more than 76 million American children were born. The first of these “Baby Boomers” begin to reach the historic retirement age of 65 in 2011. By 2030 all boomers will be over 65 and will represent an estimated 20 percent of the

Recent Guidance in the Southern District of New York on Professional Fee Applications

Contributed by Conray C. Tseng In a recent decision in the chapter 11 case of In re CCT Communications, Inc., Judge Bernstein of the U.S. Bankruptcy Court for the Southern District of New York ruled on the allowance of certain fees and expenses

Recent Guidance in the Southern District of New York on Professional Fee Applications

Contributed by Conray C. Tseng In a recent decision in the chapter 11 case of In re CCT Communications, Inc., Judge Bernstein of the U.S. Bankruptcy Court for the Southern District of New York ruled on the allowance of certain fees and expenses

Reverse Mortgages - The What's and Why's

Reverse Mortgage - a mortgage that goes backwards? In a real sense YES! Instead of building equity by paying back what you owe, a lender determines how much equity you have in your home and gives you cash for a part of that equity. BUT each month

Can Bankruptcy Save Octomom?

Nadya Suleman, the the California woman who had eight babies via fertility treatments, is reportedly in danger of losing her home to foreclosure and filing for bankruptcy. This, in spite of her statement (which she made after giving birth in January


Supreme Court To Decide Whether To Review Seventh Circuit Decision Holding That Bankruptcy Does Not Discharge Environmental Clean-Up Liability Under The Resource Conservation And Recovery Act

In a decision that may create a significant roadblock for companies saddled with environmental clean-up liability to continue as a going concern, the Seventh Circuit in U.S. v. Apex Oil Company, Inc., 579 F.3d 734 (7th Cir. 2009) affirmed a district

Abstention Decision Raises Troubling Issues on Letters of Credit

Contributed by Debra A. Dandeneau. A decision involving a malpractice action against counsel for a debtor could create troubling law relating to the treatment of letters of credit in bankruptcy. Although the bankruptcy court decision in Rafool v

Abstention Decision Raises Troubling Issues on Letters of Credit

Contributed by Debra A. Dandeneau. A decision involving a malpractice action against counsel for a debtor could create troubling law relating to the treatment of letters of credit in bankruptcy. Although the bankruptcy court decision in Rafool v

Do I Lose My Small Business If I File Bankruptcy?

Some people come to see me to file a bankruptcy, and are operating or have operated a small business. If they are going out of business or have gone out of business, usually it is best to file a Chapter 7 bankruptcy, and seek a discharge of all the

5 Lessons from Real Housewife NJ Teresa’s Bankruptcy Case

On October 29, 2009, Teresa Giudice and her husband, Giuseppe (“Joe”), filed a bankruptcy case under chapter 7 of the Bankruptcy Code. They claim to have nearly $11 million in debts with approximately $2.25 million in assets. Few people will have to

Bogus Filing Gets Virginia Foreclosure Attorney A $10,000 Court Fine

One of the problems with practitioners who lower the bar is that they put pressure on other attorneys who want to run an honest practice. For the past three years I have heard from potential clients in initial interviews about this Alexandria

Settle for Pennies on the Dollar? Here is one VERY P.O.'d J.K. Harris customer!

Except for the occasional expletive, this poor man's tale of woe sounds just like the ones I hear all the time from unlucky tax debtors who'd been burned by the mill at J.K. Harris. Below is his text. "If you're thinking about using J.K. Harris, my

Business risk from public spending cuts

Connaught PLC's administration illustrated the risk to private sector business of public spending cuts (Connaught collapse blamed on government spending cuts). That risk is further highlighted in research, statistics and commentary from such diverse

Connaught collapse blamed on government spending cuts

The impending administration of the FTSE 250 social housing company, Connaught PLC, is widely reported today. This tangible illustration of the effect government spending cuts can have on industry poses questions about the future of the UK economy


The Chapter 7 Bankruptcy Filing Of American Shingle & SIding, Inc.

The local and national news has picked up on the Chapter 7 Bankruptcy filing of American Shingle & Siding, Inc. The case was filed on September 2, 2010, as Chapter 7 Case No. 10-85541-MGD ( click here for the petition). The schedules were not filed