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Bankruptcy professionals in the Eastern District of New York should be relieved by Judge Grossman’s recent decision holding that although nunc pro tunc orders approving a professional’s retention are now considered “inappropriate” in light of the Supreme Court’s decision in Roman Catholic Archdiocese of San Juan, Puerto Rico v. Acevedo Feliciano, 140 S.Ct. 696 (2020), there is nothing in the Bankruptcy Code, Bankruptcy Rules, or applicable case law preventing an award of compensation before a retention order is entered. In re Benitez, 19-70230 (REG), 2020 WL 1272258 (Bankr. E.D.N.Y. Mar. 13, 2020). Note that estate professionals must at some point be retained, and as mentioned below, sooner rather than later remains best practice.
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U.S. Bankruptcy Court Denies Chapter 15 Recognition to a Case on the Isle of Man
By Daniel A. Lowenthal
Cases interpreting Chapter 15 of the Bankruptcy Code after it was enacted in 2005 often addressed basic issues, such as whether a foreign debtor must have property in the U.S to file a case there. But even when there’s no property in the U.S., there’s an easy remedy: the foreign administrator can deposit a retainer payment with its U.S. law firm.
Appellate Review of a Bankruptcy Court’s Preliminary Injunction
By Michael L. Cook
A bankruptcy court preliminary injunction should be reviewable as of right because of Supreme Court precedent, the rulings of other courts and common sense.
Second Circuit Orders Refund of Unconstitutional Quarterly Fee Overpayment
By Francis J. Lawall and Marcy J. McLaughlin Smith
Many practitioners have been speculating as to how courts will address the potential remedy for the unconstitutional U.S. trustee fees imposed against Chapter 11 debtors pending in U.S. trustee districts under the 2017 amendment to 28 U.S.C. Section 1930.
What’s In Store for Bankruptcy In 2023?
By Dan Roe
Practitioners Weigh In
If anyone was holding out hope for a tidal wave of corporate bankruptcies in 2022, it’s time to abandon ship. If that was part of your 2023 budget, don’t get on the ship altogether.
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