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The pandemic has spurred analysis of legal issues as businesses grapple with their respective relationships with both private and public entities. For example, corporate general counsel suddenly were flooded with law firm alerts analyzing the scope of force majeure clauses — a contract term that is rarely the focus of negotiation. In this article, the authors examine Section 525 of the Bankruptcy Code — the anti-discrimination section, and its implications during COVID-19.
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Bankruptcy Sales: Finding a Diamond In the Rough
By Matthew I. Kramer
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
J.Crew Allowed to Shutter Under Terms of Mall Lease
By Danielle C. Lesser
Malls across America, long suffering even before the rise of COVID-19, are now forced to confront a wave of store closures that will inevitably result from current factors. Troubled retailers will, without doubt, seek to close their failing mall locations. To stem these efforts, landlords have applied to courts for injunctive relief to force stores to remain open and operating through the enforcement of the “continuous operations provision” found in mall leases.
The ABCs of Assignments for the Benefit of Creditors (ABCs)
By Mark S. Melickian and Hajar Jouglaf
General assignments for the benefit of creditors (ABCs) have been and continue to be a popular business liquidation device for the orderly wind down of corporations, limited liability companies, and even nonprofit corporations and general partnerships. Just as in bankruptcy, an ABC can also be used to facilitate a going-concern sale of the debtor’s assets to a third-party.
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.
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