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The past year has brought a wave of restaurant businesses filing for reorganization in Chapter 11. With inherently low profit margins, increased competition, limited pricing flexibility and a propensity for expansion without the support of underlying business fundamentals, the industry is particularly susceptible to business failure. The recent filings range from luxurious high-end restaurants to casual budget eateries, and often involve hundreds of locations, thousands of employees, and hundreds of millions of dollars of debt. This article discusses the causes of the recent trend, and some of the issues that arise when restaurants avail themselves of the Chapter 11 process.
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By Michael L. Cook
High Court Rejects Application of Bob Roberts Rule
Federal courts should “turn to state law to resolve” a “fight over a tax refund,” held a unanimous U.S. Supreme Court in Rodriquez v. FDIC (In re United W Bancorp., Inc.)
By Lidia Dinkova
Potential Clients Are Reaching Out to Bankruptcy Attorneys to Assess the Need for Business Filings
Bankruptcy attorneys expected to get calls as the coronavirus pandemic swiftly slowed the economy — and they were right.
By Carlos J. Cuevas
This article examines asset protection and pre-bankruptcy planning and its impact on a debtor’s discharge through Bankruptcy Code §727(a)(2)(A).
By Steve Werth
One of the provisions of the Small Business Reorganization Act amends the language of Bankruptcy Code Section 547 — which gives trustees and debtors in possession the right to seek to recover a payment to a third party in the 90-day period prior to the commencement of a bankruptcy case as a “preference” — to add a due diligence requirement. Though the intent behind the added language seems clear, it may not have its intended effect.