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To nonbankruptcy lawyers, Rule 2004 seems too good to be true. It appears to allow virtually anyone to obtain documents or testimony from any other person on any subject tangentially related to a bankruptcy. Not surprisingly, then, clever lawyers will attempt to push its boundaries. A recent opinion in the Cambridge Analytica bankruptcy examines and quashes one such attempt.
As a receiver or counsel to a receiver, it is important to be aware of your potential courses of action should you be required to locate/secure assets or seek the disclosure of documentation from a party in a foreign jurisdiction such as the Cayman Islands.
The Grand Court of the Cayman Islands has statutory and common law authority to provide assistance to parties and courts involved in foreign bankruptcy/insolvency proceedings.
If you are a young or new attorney, there is a good chance that you have at least some (and perhaps significant) student loan debt. You may also be aware that discharging student loan debt in bankruptcy, unlike most other unsecured debt, is extremely difficult. This has not always been the case, however, and may not be the case in the future, as there is a growing push to provide more relief for student loan debt in bankruptcy and beyond.
History of Student Loan Dischargeability in Bankruptcy
This session hosted by the Bankruptcy Litigation and Young and New Member Committees will focus on the limits of avoidance actions by bankruptcy trustees in Ponzi scheme cases, including arguments about the expansion of the look-back period to 10 years, trustee standing, clawbacks from noninvestor sources, in pari delicto and how trustees decide whom to sue.
