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Limitations to Subchapter V suggest that it will be of no use to all but very small companies, but before turning completely away from the topic, there are other considerations in play.
The current $7.5 million debt cap which a debtor cannot exceed, pursuant to Bankruptcy Code §1182, to qualify to elect Subchapter V treatment (under Code §103) is well understood: the amount doesn’t include debts that are owed to an affiliate or an insider; for purposes of calculating the cap, the debts of the particular debtor must be aggregated with the debts of any affiliate that is also in bankruptcy; and the cap is determined as of the Petition Date.
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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.