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

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GDP down as UK economy faces a double dip

The latest GDP figures released this morning by the Office of National Statistics show a contraction of the UK's economy for the last quarter of 2010 by 0.5%.This is despite forecasters expecting growth of between 0.2%-0.6%. More than three years...

Surprise! Your Mayor Isn’t Immune To Financial Troubles, Either.

You think bankruptcy is for the poor and middle-class, and that the officials you elect are somehow above the problems that plague the rest of us “normal” people. They walk on air, have special privileges, and would never be in your shoes. After all

The Greatest Depression? Ask Rep. Neugebauer (R-TX)

Rep Randy Neugebauer, Chairman, House Financial Services Oversight Subcommittee, said it is time for the government to admit its foreclosure prevention efforts are a failure and should be shut down. The Texas Republican said such programs are

Fifth Circuit Adopts Literal Reading of Exemption Statute

One of the reforms adopted by BAPCPA was to increase the amount of time a person had to spend in a state before he could take advantage of that state's exemptions. Under 11 U.S.C. Sec. 522(b)(3)(A), a person must live in a state for 730 days to claim

State Bankruptcies Should Cause Concern for All Americans

Aside from the issues of a potential violation of the Constitution, the costs, the effect on the state’s municipal bonds, and the question of who in a state could declare bankruptcy for the state, a state filing for bankruptcy should raise concerns

Establishing Recognition of a Foreign Bankruptcy Proceeding Under Chapter 15

By: Jessica L. Macrina St. John's Law Student American Bankruptcy Institute Law Review Staff In a case of first impression, Lavie v. Ran ( In re Ran), [1] the Fifth Circuit denied a petition for recognition of an Israeli bankruptcy proceeding under

A Proposed Settlement of Estate Claims is Functionally Equivalent to a Sale of the Claims and May be Subject to Section 363

By: Gregory A. Melnick St. John's Law Student American Bankruptcy Institute Law Review Staff Recently in Cadle Co. v. Mims (In re Moore), [1] the Fifth Circuit addressed the issue of whether a proposed settlement of estate claims is functionally

Bankruptcy, BAPCPA and the Social Contract

Once upon a time, I had a client tell me that he loathed bankruptcy because bankruptcy was socialism and he only believed in market solutions. While his use of terminology was imprecise, it is beyond dispute that bankruptcy represents government

Attorney-Client Privilege Transfers to the Post-Bankruptcy Company

By: Melissa Schneer St. John's Law Student American Bankruptcy Institute Law Review Staff Recently, in Schleicher v. Wendt, [1] a magistrate judge in Indiana held that a post-bankruptcy corporation that acquired substantially all of the pre

Section 1129(d)’s Firm Stance: The Effect of Reorganization as a Vehicle for Tax Avoidance

By: Jon H. Ruiss, Jr., CPA St. John's Law Student American Bankruptcy Institute Law Review Staff Recently, in In re South Beach Securities, Inc., the Seventh Circuit affirmed the old adage that a bankruptcy court could not confirm a chapter 11 plan