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

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Loan Trading 101: How to Ensure You Get It Right with Transfer Restrictions

If you know anything about syndicated loan trading, you probably know the basics of transfer restrictions. New term lenders typically need the consents of the administrative agent and the borrower in order to be admitted to the syndicate. New

Asset Armor: Protecting Your Wealth with Bernstein-Burkley’s Asset Protection Insights Blog #1

By Harry W. Greenfield May 19, 2023 A series of blogs on Asset Protection…. Blog #1. >>> During my 53 years of practicing law along with Bob’s 53 years preparing and … The post Asset Armor: Protecting Your Wealth with Bernstein-Burkley’s Asset

Real world values for assets critical in bankruptcy world

Valuing your assets when filing out your bankruptcy schedules can be challenging. After all, what is a closetful of clothes or a garage full of tools worth? You are tempted to ask: why does it matter? Asset value matters in several different contexts

(UK) What are the Key Takeaways for future Restructuring Plans following the GAS sanction hearing?

What can we say about the outcome of the GAS (Great Annual Savings Company Limited) sanction hearing that hasn’t already been reported? It’s impossible not to comment on the fact that the plan was not sanctioned, and as a consequence of fierce

How the “Engaged In” Standard For Subchapter V Eligibility Is Easily Satsified (In re Robinson)

By: Donald L Swanson Is a debtor “engaged in commercial or business activities” for Subchapter V eligibility? Such question has been addressed on many occasions and by many courts. The trend seems to be toward a conclusion that the nature and

Repeat Bankruptcies Are Piling Up at Fastest Rate Since 2009

Yahoo Finance is reporting that "Repeat Bankruptcies Are Piling Up at Fastest Rate Since 2009". The article can be found at https://finance.yahoo.com/news/repeat-bankruptcies-piling-fastest-rate-… Jim Shenwick, Esq jshenwick

Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary!

Offers In Compromise ("OIC") for Defaulted SBA EIDL loans and Section 108 of the Internal Revenue Code ("IRC"), Relief of Indebted Income, a Trap for the Unwary! Many clients contact Jim Shenwick, Esq regarding assistance with their defaulted SBA

Proposed Uniform Commercial Code Amendments: A South Dakota Road Bump & A Proposed Solution

By: Donald L Swanson The 2022 Amendments to the Uniform Commercial Code were proposed as, and expected to be, a non-partisan and apolitical piece of legislation. Road Bump That expectation met a road bump in South Dakota when the proposed Amendments

LIBOR Transition in the Final Weeks

With the end date for the London Interbank Offered Rate (LIBOR) less than two months away (June 30, 2023), lenders and borrowers are busily revising their loan documents in anticipation of this deadline. Although a large proportion of legacy loans in

Banks Lose Bid to Dismiss Litigation in Madoff Ponzi Scheme Cases

In an unpublished memorandum decision issued Tuesday, the U.S. Bankruptcy Court for the Southern District of New York denied a motion to dismiss a trustee’s adversary proceeding attempting to recover $55 million from alleged subsequent transferees in

Inflation Adjustment for Family of Two Goes the Wrong Way

Bankruptcy Means Test Inflation Adjustment for Family of Two Goes the Wrong Way Budgeting food and clothes in the bankruptcy court for a family of two just got harder. According to the Justice Department (who gets them from the IRS, who gets them

Inflation Adjustment for Family of Two Goes the Wrong Way

Bankruptcy Means Test Inflation Adjustment for Family of Two Goes the Wrong Way Budgeting food and clothes in the bankruptcy court for a family of two just got harder. According to the Justice Department (who gets them from the IRS, who gets them

Community Financial Services of America v. CFPB Amicus Brief

This fall the Supreme Court will be hear a case captioned Community Financial Services of America v. Consumer Financial Protection Bureau, dealing with the constitutionality of the CFPB's funding mechanism. I'm pleased to announce that Patricia McCoy

What is Meant by the language to “Consider” in the Insolvency Legislation ?

The recent case of Dolfin Asset Services Ltd v Stephens & Anor (Re Dolfin Financal (UK) Ltd) [2023] EWHC 123 (Ch) (“ Dolfin“) concerned a special administration, but it has relevance to administrators more generally. In particular, when it comes to

Government Student Loan Forgiveness ENDING!

Yes, for sure, no more extensions, full stop. AUGUST 29 AT THE LATEST The justification for the student loan forbearance that started way back in March 2020, and has been continuously extended since then, was the pandemic. The Federal government

Small businesses expect to fail. Here’s what will happen to their PPP loans.

June 24, 2020 CNBC Key Points Small businesses have received nearly $630 billion in combined funding through the Paycheck Protection Program and the Economic Injury Disaster Loan program. Nearly a quarter of small businesses are considering closing

How Does an Injury Settlement Affect SSDI Benefits in Pennsylvania?

If you get monthly Social Security Disability Insurance (SSDI) checks and recently received an injury settlement in Pennsylvania, your benefits should remain unaffected. Receiving an injury settlement at any point in your life will not impact you

People Love to Threaten Bankruptcy

Above the Law blog had an article written by Jordan Rothman titled "People Love to Threaten Bankruptcy During Litigation", the article can be found at https://abovethelaw.com/2023/03/people-love-to-threaten-bankruptcy-duri…. Jordan is

(UK) Avanti: The Evolution of a Spectrum – from Fixed to Floating Charge, who Needs Control?

In a decision likely to be welcomed by both debtors and lenders, the High Court has held that a charge granted by Avanti Communications Limited (“Avanti”) was properly characterised as a fixed charge (rather than a floating charge) notwithstanding

Does Bankruptcy Code Waive Tribal Sovereign Immunity? (Lac Du Flabeau Band v. Coughlin—Oral Arguments At U.S. Supreme Court)

By: Donald L Swanson Oral arguments occur on April 24, 2023, before the U.S. Supreme Court in Lac Du Flambeau Band of Lake Superior Chippewa Indians v. Coughlin, Case No 22-227. Here is a link to the oral arguments transcript. What follows is an