ABI Blog Exchange

(UK) The Court Considers the Question of Whether Secured Creditor Consent is Required to an Administration Extension Again. “Too Good” to be True?

No, it isn’t. We now have two cases where the Court has confirmed that insolvency practitioners do not need the consent of paid secured creditors when extending an administration under para. 78 of Schedule B1 of the Insolvency Act 1986 (the “Act”)

Weekly News – June 14

Prepa ruling surprise, no more coach seats, SCOTUS nixes fee reimbursement, pluralSight drop-down blues, tax-man cometh for SVB, something fishy in Red Lobster, and much, much more… ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏

LaVie Care Centers (and 281 Related Entities) File Chapter 11 Petitions in the Northern District of Georgia

I don’t typically post about new Chapter 11 filings unless there is something compelling about them, but almost 300 Chapter 11 cases for Lavie Care Centers and related entities filed on the same day qualifies as news here in the Northern District of

A Committee May Survive Dismissal of a Debtor’s Chapter 11 Case (US)

This author—whose practice is heavily weighted toward representation of official committees in large chapter 11 cases—has previously penned articles relating to questions surrounding the permanency of an official committee. First, in an article

MDNC BK: In re Beverly- Reopening of a Case to Avoid Judgment Lien

MDNC BK: In re Beverly- Reopening of a Case to Avoid Judgment Lien Ed Boltz Thu, 06/13/2024 - 16:26 Summary: Michael Vincent Beverley filed for Chapter 7 bankruptcy on May 24, 2019, disclosing In his petition his ownership of real property located at

Sub V Task Force Report In A Nutshell: Part 7—$7,500,000 Debt Cap

By: Donald L Swanson On April 23, 2024, the American Bankruptcy Institute’s Subchapter V Task Force issued its Final Report. This article is the seventh in a series summarizing and condensing the Task Force’s Final Report into “a nutshell.” The

4th Cir.: Todman v. Baltimore- Abandonment of Personal Property Following Eviction

4th Cir.: Todman v. Baltimore- Abandonment of Personal Property Following Eviction Ed Boltz Wed, 06/12/2024 - 22:21 Summary: Marshall and Tiffany Todman, tenants in Baltimore, were evicted and lost their belongings under Baltimore’s Abandonment

Can IRS Be Sued For A Fraudulent Transfer Under § 544(b)? (U.S. V. Miller)

By: Donald L Swanson Before the U.S. Supreme Court on a Petition for writ of certiorari is United States v. Miller, Case No. 23-824 (“Distributed for Conference of 6/13/2024”). In United States v. Miller, a Chapter 7 Trustee obtains a fraudulent

Asset Protection Planning

Many clients have contacted us recently regarding Asset Protection Planning . This post discusses Asset Protection Planning and the strategies used in it. What is Asset Protection Planning? Asset protection planning refers to the legal techniques and

Are There Ways to Prevent a Home Foreclosure in Philadelphia?

Buying a home can be a very exciting moment in someone’s life. Foreclosure can feel like the worst. If you are afraid you might be edging closer toward foreclosure, talk to our legal team about what you can do. Foreclosure is not always an

Do you need the consent of paid secured creditors to an administration extension? 

This question was considered in the recent case of Pindar where the judge concluded that an administration had been validly extended where the consent of one of the secured creditors (who had been paid) was not obtained. Many insolvency practitioners

Weekly News – June 7

Sovereign debt bill KO’d, pro rata deals at work in Sinclair and Sonrava, Spirit “denies” BK rumors, RAD CEO bonus in cross-hairs, FTX mystery suit, and much, much more… ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏

When Bankrupting The Business Doesn’t Protect The Owner

“I want to file bankruptcy for my business, but I don’t need a personal bankruptcy”. I’ve had 2 such calls to my law office in just the last week. And in each case, bankrupting the business corporation will not solve the debt situation. Here’s why

SCOTUS: Truck Insurance Service v. Kaiser Gypsum- Definition of Party in Interest in Bankruptcy

SCOTUS: Truck Insurance Service v. Kaiser Gypsum- Definition of Party in Interest in Bankruptcy Ed Boltz Thu, 06/06/2024 - 18:25 Summary: Truck Insurance Exchange, the primary insurer for companies facing asbestos-related lawsuits, objected to the

Sub V Task Force Report In A Nutshell: Part 6—Subchapter V Trustee As Mediator?

By: Donald L Swanson On April 23, 2024, the American Bankruptcy Institute’s Subchapter V Task Force issued its Final Report. This article is the sixth in a series summarizing and condensing the Task Force’s Final Report into “a nutshell.” The subject

Surviving Rejection: Noncompete and Confidentiality Provisions and Stand-Alone Agreement Survive Rejection of Franchise Agreement

Special Feature: Professor Nancy Rapoport on Recent Disqualification Decisions

Nuance or Necessity for Conflicts in Bankruptcy Cases? Our thinking about conflicts of interest, especially in large chapter 11 cases involving a battle of BigLaw firms, has gone all catawampus. We are now seeing court decisions on section 327(a)

N.C. Ct. of App.: In re White Oak Missionary Baptist Church- No Appointment of Receiver

N.C. Ct. of App.: In re White Oak Missionary Baptist Church- No Appointment of Receiver Ed Boltz Tue, 06/04/2024 - 17:52 Summary: An internal conflict within the White Oak Missionary Baptist Church arose over financial affairs and administrative

Mandatory Mediation Orders Are Within A Court’s Inherent Power (In re Atlantic Pipe)

By Donald L. Swanson “ [O]rdering mandatory mediation is a proper exercise of a district Court’s inherent power.” That’s the “core holding” of the U.S. First Circuit Court of Appeals in its In re Atlantic Pipe Corp. opinion.[Fn.1] What follows is a

It is Time to Enhance Judicial Efficiency by Amending Bankruptcy Rule 9031

Bankruptcy courts handle over one million cases yearly ranging from simple consumer cases to complex multi-billion dollar business cases. Thousands of parties appear before bankruptcy courts in various capacities raising an infinite array of issues