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The impact of COVID-19 on efforts of businesses to reorganize or even orderly liquidate in bankruptcy has been swift and devastating
The impact of COVID-19 on efforts of businesses to reorganize or even orderly liquidate in bankruptcy has been swift and devastating, particularly in the retail sector. Who could have ever thought that the economy would be so shut down that restructuring efforts under the Bankruptcy Code would be impossible? In the financial apocalypse of 2008, the notion was that certain financial institutions were too big to fail. With the COVID-19 pandemic, “too shut down to shut down” may be the mantra to describe efforts under the Bankruptcy Code.
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Bankruptcy Asset Sales During COVID-19 Crisis
By Hugh McDonald and Deborah Kovsky-Apap
The COVID-19 pandemic is already leaving its mark on the bankruptcy asset sale landscape. Despite the uncertainty — or even because of it — bankruptcy should still be viewed as a useful tool to effectuate the acquisition of assets. The current situation and anticipated distress across many industries presents opportunities for purchasers to acquire assets on favorable terms.
COVID-19: As Coronavirus Ravages the Economy, Bankruptcy Attorneys Prepare for the Flood
By Samantha Stokes
Law firms have always counted on bankruptcy as a countercyclical practice in hard times. Now, those that prepared when the economy was booming may be about to get their reward.
Parent of Secured Creditor Does Not Automatically Gain Secured Status
By Rudolph J. Di Massa Jr. and Drew S. McGehrin
The ruling in In re Jarvis that the grant of a security interest to a corporate lender will not necessarily “spread” that security interest to the lender’s affiliates underscores the need for precision and care in the drafting of loan documents, particularly with respect to the granting language contained in security agreements.
Supreme Court Defers to State Law on Ownership of Tax Refund
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.)
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