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Co-Chairs’ Corner
The Commercial and Regulatory Committee produced a variety of programs, articles and materials throughout 2023. Set forth below is a short summary of highlights from the past year; full details of committee activity (including links to program materials and newsletter articles) are available on the committee’s website at https://www.abi.org/membership/committees/commercial-and-regulatory-law.
Modifying Terms of Loans Can Have Unexpected Income Tax Consequences
A Periodic Discussion of Tax Topics for Bankruptcy Attorneys
Who Has the Energy? Restructuring Trends in an Ever-Changing Industry
This panel of experts will discuss the latest trends in the wind, coal, and oil and gas industries that have dominated the headlines, with special emphasis on new regulatory issues and changes in the energy market.
Reevaluating Class Proofs of Claim
In today’s bankruptcy world, most major cases involve at least one pre-petition class action. This panel will focus on the distinction between mass tort claims and other types of class actions, recent case law addressing the proper procedures for asserting class claims, the allowance of class claims and compensation of class counsel, and the final resolutions of class claims, either by way of settlement or pursuant to plans. Other cutting-edge issues surrounding class claims also will be discussed.
Tax Traps for Bankruptcy Attorneys
This panel focuses on material tax issues that every bankruptcy attorney should know that can impact both estate administration and bankruptcy plans. The panelists highlight issues that should be considered when a company is considering filing for bankruptcy or is in bankruptcy, such as tax attribute planning and preservation, management of COD income in connection with liability management transactions, “significant modification” of debt and how to minimize consequences, the considerations if the debtor is a partnership or a corporation, associated state tax issues, and key tax return compliance implications.
Recent Committee Happenings
Paper Plane Cocktails, Anyone?
Federal Income Tax and the Financially Troubled Corporation
A financially troubled corporation confronts many issues, including those raised by federal income tax law. While relevant income tax law is based on a few policies that are relatively simple to summarize, implementation of these policies drives significant complexity.