In recognition of the increasingly global nature of business, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA) added a new chapter, chapter 15, to the Bankruptcy Code. It represents the U.S.’ nearly word-for-word adoption of the United Nations Commission on International Trade Law’s Model Law on Cross-Border Insolvency (the “Model Law”), which was promulgated in 1997.
[1]“Removal” refers to the process of transferring litigation to a federal court from another forum. Bankruptcy practitioners should be aware of two provisions that provide for removal of civil litigation to federal court: 28 U.S.C. § 1441, the general removal statute, and § 1452,[2] the bankruptcy removal provision. Since the U.S.
Bitcoins. Litecoins. Dogecoins. Even, at one point, “Coinye West.” Like it or not, it’s hard to deny that bitcoin and cryptocurrencies like it have been quite the talk of the financial world recently. Between Feb. 1, 2013, and Feb. 1, 2014, bitcoin prices have risen from about $20 per coin to a high of more than $1,200 and then fallen back down into the $500 to $600 range.
Do you sign proofs of claim on behalf of a client? Many young attorneys have done it early in their careers, either out of convenience or an eve-of-the-bar-date request of a client to file a proof of claim on its behalf, and likely have thought nothing of it. A recent opinion from the U.S. Bankruptcy Court for the Southern District of Texas in Duke Investments Ltd., et al. v. Amegy Bank N.A. (In re Duke Invs. Ltd.), Adv. No. 10-03577, [ECF. No. 94] (Bankr. S.D. Tex.
Distressed opportunity in the U.S. is shaping up to be the best opportunity in a lifetime. —John Paulson, February 2009[1]
The bankruptcy court in Geltzer v.
As a junior-level associate, business development is at once an alluring and daunting topic, shrouded in mystery. As a bright-eyed associate, it seems as though the firm rainmakers are always making rain and it is hard to imagine that their entire book was once comprised of representing Uncle Stu in his loan modification to keep the hardware store afloat. Sadly, my own relatives have not required workout or restructuring assistance in the three years I have been practicing, but I remain morbidly hopeful.
Two sections of the Bankruptcy Code seemingly stand at odds regarding the protections offered to lessees of real property owned by a bankrupt debtor. Section 365(h) strongly protects a lessee’s right to possession of real property in the face of debtor’s rejection of the lease. The legislative history of § 365(h) indicates that Congress had a desire to protect a lessee’s expectations in real estate transactions. However, § 363(f) allows a trustee or debtor in possession (DIP) to sell real property free and clear of “any interest” in such property, including a leasehold interest.
Litigation in U.S. courts that involve Cayman investment funds, their shareholders, directors and service providers, in particular at the suit of shareholders and liquidators, is on the increase. This article gives an overview of some of the more important of those issues that are most frequently encountered—directors’ duties, shareholders’ derivative claims, reflective loss and indemnity and exculpation provisions for directors and service providers. In this article, the focus is on corporate Funds, although the same principles will apply generally to Cayman companies.
I recently had the pleasure of attending two conferences sponsored by the American Bankruptcy Institute (“ABI”). First, the Valcon conference in Las Vegas, which focused primarily on issues relating to bankruptcy and valuation. Second, the yearly spring meeting of the ABI, held in Washington, D.C., during the annual cherry blossom weekend. Las Vegas was only slightly warmer than Washington, D.C.