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

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Chapter 7 Trustee Wants Debtors To Move Out And Turn Over Upside Down House

Some bankruptcy trustees have been trying to force debtors’ to turn over possession of real property even when the property appears to be under water. It seems that these bankruptcy trustees want to see if they can find a buyer...

20 Bankruptcy Court Judges Join to Reject DOMA

We recently posted about the recent developments concerning joint bankruptcy filings by same-sex married couples being denied due to the Defense of Marriage Act (DOMA). On Monday June 13th, 20 federal bankruptcy judges from the Central District of

What Do You Know about Taxpayer Identity Theft?

You’ve probably heard of the crime known as identity theft, in which a criminal uses someone’s sensitive information (like Social Security Number, credit card number, or bank account information) to make fraudulent financial transactions. But have

Keeping Pace With Chapter 11's "New Normal"

I am serving this year on the Editorial Advisory Board for the Journal of Corporate Renewal, published by the Turnaround Management Association and available to all TMA members. My guest editor's column for the June issue, "Keeping Pace With Chapter

“New York Court of Appeals Upholds Purchase Agreement’s Broad Release in Affirming Dismissal of $900 Million Fraud Claim

On June 7, 2011, the New York Court of Appeals affirmed the dismissal of a $900 million lawsuit brought by former shareholders against America Movil SAB (“Movil”), Latin America’s largest mobile phone carrier, on the grounds that a general release

Benefits of Filing Chapter 13 Bankruptcy in Colorado

In Colorado, most people who can choose between Chapter 13 and 7 elect to file Chapter 7 bankruptcy. Chapter 7 takes much less time and immediately liquidates almost all of their debts – without requiring them to pay down any of their debts. So when

Restaurant Chain Perkins & Marie Callender's, Inc., Files for Bankruptcy in Delaware

Introduction On Monday, June 13, 2011, Perkins & Marie Callender's, Inc. ("Debtors"), filed chapter 11 petitions for bankruptcy in the United States Bankruptcy Court for the District of Delaware. According to the Declaration of Debtors' CEO in

Court Rules That Regulatory Actions Can Violate the Stay, Especially When You Say You Are Trying to Collect a Debt

An opinion from San Antonio Bankruptcy Judge Leif Clark examines when a claim against a non-debtor can violate the automatic stay. The short answer is: when the creditor says he is doing it to collect from the debtor. The long answer requires an

CDCB Rules that DOMA Is Not "Cause" for Dismissal of Married Gay Couple's Joint Petition

In a landmark decision, written by Judge Thomas Donovan and signed by 19 other members of the court, the Central District of California Bankruptcy Court has ruled that same-sex partners who are legally married in California may file a joint...

Decision in Washington Mutual, Inc. Holds That Funds Held in a "Rabbi" Trust For a "Top Hat" Plan are Property of the Estate

Summary In a 30 page opinion published June 1, 2011, Judge Walrath ruled that funds held in a “rabbi” trust in order to pay for a “top hat” plan are property of the bankruptcy estate. Read on for the definition of “top hat” plans. Judge Walrath’s