Follow Us
Call 855-808-4530 or email [email protected] to receive your discount on a new subscription.
The bankruptcy trustee of a bank holding company was not entitled to a consolidated corporate tax refund when a bank subsidiary had incurred losses generating the refund, held the U.S. Court of Appeals for the Tenth Circuit on May 26, 2020. Rodriguez v. FDIC (In re United Western Bancorp, Inc.), 2020 WL 2702425(10th Cir May 26, 2020). On remand from the U.S. Supreme Court, the Tenth Circuit, as directed, applied “Colorado law to resolve” the question of “who owns the federal tax refund.” Id., at 2. The court had initially held for the FDIC, the bank subsidiary’s receiver, but, according to the Supreme Court, mistakenly failed to apply state law and relied instead on a Ninth Circuit decision, In re Bob Richards Chrysler Plymouth Corp., 473 F.2d 262,265 (9th Cir 1973). Id. The Supreme Court rejected Bob Richards as inappropriate federal “common lawmaking,” and remanded the case back to the Tenth Circuit. Id.
*May exclude premium content
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.
Copyright © ALM Global, LLC. All Rights Reserved.
