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The clock is ticking for small businesses (with debt of less than $7.5 million) to take advantage of a new way to restructure under Chapter 11 of the Bankruptcy Code. New Subchapter V — part of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the CARES Act) — is set to expire early next year. [Editor’s Note: For more on the CARES Act, see, “Unforeseen Consequences for Bankruptcy Practice In CARES Act,” in the October issue of The Bankruptcy Strategist.]
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By Eva D. Gadzheva, Jeremy M. Downs and David E. Morrison
This article reminds us of the conflict-of-laws analysis at the heart of such retention of title disputes, and then discuss the multi-step UCC analysis that is also required.
By Michael L. Cook
The Second Circuit applied federal bankruptcy law when holding that good faith is an affirmative defense.
By Thomas R. Califano and Anna Gumport
Members of Congress recently introduced the Nondebtor Release Prohibition Act, which proposes to amend the Bankruptcy Code to, among other things, restrict courts’ ability to approve third-party releases of nondebtors and related injunctions under plans of reorganization or otherwise in Chapter 11 cases.
By Steven B. Smith and Rachel Ginzburg
If you think public policy favoring the freedom to file a Chapter 11 trumps the freedom to negotiate specific restrictions to such a filing, think again.