ABI Blog Exchange

SMALL BUSINESS ADMINISTRATION IMPLEMENTS 60-DAY GOODWILL EXCEPTION FOR PPP, EIDL LOANS

SMALL BUSINESS ADMINISTRATION IMPLEMENTS 60-DAY GOODWILL EXCEPTION FOR PPP, EIDL LOANS Blackenterprise.com has a very informative article on a 60 Day Goodwill Exception for PPL & EIDL loans and how that program operates. The article can be found at

Weekly News – January 26

Featured Event Lumen going pro rata! Exclusive Content Find it here on CreditSights Our take: The TSA made several non-pro rata provisions available to all lenders. A sign of a new trend? Tell us what you think here Gol nose dives Pari passu is back

The Bankruptcy Means Test and How Does It Works

Updated with latest median income (set starting November 1, 2023) If you are struggling with debt, bankruptcy may offer a way for you to eliminate some or all your debt and get a fresh start. Unless most of your debt is business or tax debt, you must

Emerging Issues in Crypto Bankruptcies

A Scam & Avoidance Claims In Bankruptcy—You Can’t Make This Stuff Up (Mann v. LSQ Funding)

By Donald L. Swanson You can’t make this stuff up. The legal issues are pedestrian. But the facts behind those issues are incredible! Litigation History Here’s the boring stuff first. On January 8, 2024, the U.S. Supreme Court denies certiorari in

Will Changes to the German Insolvency Code Spark More Insolvencies?

As we reported in a previous blog the German legislator in November 2022 introduced the Law on the Temporary Adaption of Restructuring and Insolvency Law Provisions to Mitigate the Consequences of the Crisis ( SanInsKG). This addressed the difficulty

How to Get a Handle on Debt in 2024

Next Avenue has a helpful article on How to Get a Handle on Debt in 2024. The article can be found at https://www.nextavenue.org/how-to-get-a-handle-on-debt-in-2024/ Jim Shenwick, Esq 917 363 3391 jshenwick@gmail.com Please click the link to schedule

Restructuring Plans given a Shake-up after the Adler Plan is Overturned (UK)

The Court of Appeal has, today, overturned the High Court’s decision to sanction the Part 26A restructuring plan put forward by the Adler Group (the “ Plan”). Following the Plan’s sanction by Judge Leech in the High Court in April 2023, dissenting

Surprise At Oral Arguments In U.S. Trustee v. Hammons: Viability of Prospective-Relief-Only

By Donald L. Swanson Oral arguments happened on January 9, 2024, at the U.S. Supreme Court in U.S. Trustee v. Hammons. Here is a link to the transcript of those arguments. The Hammons question is this: what’s the proper remedy for unconstitutionality

Everyone gets the $1 M bankruptcy exemption

Bankruptcy exemptions vary from state to state, but everyone gets an exemption of $1.5 M for money in an IRA. It’s part of the Bankruptcy Code ( section 522(n)) that applies to all filers, wherever they live. The exemption covers both classic, before

Weekly News – January 19

Don’t Panic!! then there’s this More airline turbulence Diamond Sports in deal with Amazon Exclusive Content Find all the details here on 9fin Dish creditors organize Exclusive Content Find it here on 9fin Our take: Now let the games begin! Tell us

SBA Announces Hardship Accomodation Plan for COVID EIDL Borrowers

The SBA just announced a new relief program for PPP and COVID EIDL Borrowers. Details and information about the new relief program can be found at https://www.sba.gov/funding-programs/loans/covid-19-relief-options/covi…

Special Feature: Incora decision shocker

Andrew R. Dunlap Selendy Gay Elsberg Samuel J. Kwak Selendy Gay Elsberg On January 14, 2024, in the Chapter 11 case of Wesco (d/b/a Incora), Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas ruled that claims

Dan Kamensky Speaks on Incora decision shocker

Dan Kamensky Creditor Rights Coalition Breaking (or dare I say Shocking) News. The Incora decision is the most favorable opinion to come down in favor of creditor rights (I could not have predicted it). It also likely puts the nail in the coffin of

2023 Bankruptcy Alternative: Uniform Law On Assignments For Benefit Of Creditors?

By: Donald L Swanson 2023 is the year that the need for a uniform state law on assignments for benefit of creditors became obvious. And a Drafting Committee at the Uniform Law Commission began working in 2023 to create such a law. Here are some of

Czech Republic’s New Act on Preventive Restructuring: Game-Changer in Creditor-Debtor Relationships

On 23 September 2023, the new Act on Preventive Restructuring (284/2003 Coll.) entered into effect in the Czech Republic (the “ Czech Preventive Restructuring Act”), incorporating the EU Directive 2019/1023 on preventive restructuring frameworks in

Divorce & Histrionic Personality Disorder In Arizona

Divorce & Histrionic Personality Disorder In Arizona If you’re going through a difficult divorce from your spouse, it probably feels like at least one of the parties involved has a personality disorder. One of the main suspects of spouses in strife

Part 26A Restructuring Plans – Sanction Hearing Timetabling Considerations

The judgment handed down in the matter of CB&I UK Ltd suggests that the English Courts will not expedite or truncate sanction hearing timetables to accommodate requests from companies which have applied for a restructuring plan under Part 26A of the

What Happens if My Income Decreased During Chapter 13 Bankruptcy?

Chapter 13 is a chapter of the bankruptcy code that individuals and spouses file under when they want to keep some of their assets. Filing for bankruptcy is a serious decision, but it can be beneficial to both debtors and creditors when done

2023 Bankruptcy Progress: Developing Subchapter V Law Through Court Opinions

By: Donald L Swanson 2023 has been a good year for developing the law of Subchapter V through court rulings and opinions. Here are some of the highs and lows of that development. Working as Intended If 2023 shows us anything, it’s this: Subchapter V