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In determining whether a U.S. bankruptcy court should provide the representative of a foreign debtor with various forms of assistance in a case under Chapter 15 of the Bankruptcy Code, the court must consider, consistent with the principles of international comity, among other things: 1) whether such assistance will reasonably assure that U.S. creditors are protected against the prejudice and inconvenience associated with processing their claims; and 2) that the interests of creditors and other stakeholders are sufficiently protected in the debtor’s foreign bankruptcy proceeding.
By Michael L. Cook
A bankruptcy court properly denied a bank’s motion to compel arbitration of a debtor’s asserted violation of the court’s discharge injunction, the U.S. Court of Appeals for the Second Circuit held.
By Joseph P. Briggett
When a creditor obtains a judgment against a debtor, the debtor’s assets are sometimes held in membership interests in an LLC, which presents challenges for the creditor seeking recovery. The Uniform LLC Law provided for a charging order in such instances. Although the precise terms of each state’s LLC laws vary, some version of the charging order procedure is available in all states.
By Jacob H. Marshall and Randall Klein
As of Jan. 1, 2018, each jointly administered debtor with quarterly disbursements of at least $1,000,000 must pay a fee of 1% of all disbursements, up to $250,000 per quarter. Although this change in the law was only intended to address shortfalls in UST funding, it has taken a little-noticed component of bankruptcy and magnified it into a ticking tax-bomb for unsuspecting debtors and their lenders.
By Adam H. Friedman, Jonathan T. Koevary and Lauren B. Irby
In a case of first impression at the circuit level, the United States Court of Appeals for the Ninth Circuit held that section 1129(a)(10) of the Bankruptcy Code — which requires a favorable vote of at least one impaired class of creditors in order to confirm a Chapter 11 plan — applies on a “per-plan” basis, rather than a “per-debtor” basis.