Follow Us
Call 855-808-4530 or email GroupSales@alm.com 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
Small Business Reorganization Act and Subchapter V
By Robert W. Dremluk
The general purpose of Subchapter V was to streamline the Chapter 11 bankruptcy process for small businesses and individuals engaged in business to administer their bankruptcy estate in an efficient and less costly manner.
By Sheryl P. Giugliano
Bankruptcy professionals should be relieved by a 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, there is nothing in the Bankruptcy Code, Bankruptcy Rules, or applicable case law preventing an award of compensation before a retention order is entered.
Corporate Resiliency: How to Ensure Financial Health Ahead of an Economic Downturn
By Derek F. Meek and Hanna Lahr
Proper planning is key to ensuring a company’s financial health when facing an economic downturn. Although companies will come into such planning with different levels of financial health, the same considerations can be helpful in determining the best path forward.
The Shutdown of the Restaurant Industry: The Widespread Impact
By Gerald D. Davis and Amy L. Drushal
Restaurants are already fragile businesses, not known for lucrative revenue, but instead known for surviving on tight margins. When the industry reopens to the “new normal,” what will the restaurant industry look like?
Copyright © ALM Media Properties, LLC. All Rights Reserved.
