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The onset of the COVID-19 pandemic led to a significant uptick in bankruptcy filings, especially by debtors in the hard-hit retail and service sectors. The associated shut down orders issued by state and local agencies led to further retrenchments caused by the inability of consumers to patronize businesses in person, with ripple effects through the supply chain. The economic impact, and the governmental directives, raise questions of how bankruptcy courts will respond: Do governmental orders and/or the financial consequences of the pandemic support: 1) the suspension of contractual obligations under force majeure provisions in contracts between debtors and creditors; and 2) bankruptcy court orders suspending cases or proceedings, to provide debtors an opportunity to stabilize their affairs?
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Seventh Circuit Applies Safe Harbor to Private Securities Transaction
By Michael L. Cook
“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities,” The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
By Lawrence J. Kotler and Elisa Hyder
In Lafferty v. Off-Spec Solutions, the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held that the discharge exceptions under Section 523(a) do not apply to corporate debtors under Subchapter V of Chapter 11 of the Bankruptcy Code.
Merchant Cash Advances Could Be More Trouble Than They’re Worth
By Joseph Pack and Jessey Krehl
As small-business owners have continued to struggle in an uncertain economy, a growing number have begun the dangerous practice of relying on merchant cash advances — essentially seeking financial shelter in a lion’s den.
Biotech Industry Bankruptcy Case Update: ‘Zymergen’ and ‘Humanigen’
By Edward E. Neiger, Marianna Udem and Joo Hee Park
This Bankruptcy Case Update focuses on the recent biotech industry bankruptcy cases of Zymergen and Humanigen.
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