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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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The Small Business Reorganization Act: How It Started. How it’s Going. Where to Next?
By Jack O’Connor
By further expanding access to a streamlined Chapter 11 process, the SBRA will ensure that a wider array of debtors have the ability of reorganizing themselves, when Chapter 11 was previously too cost-prohibitive for such debtors.
State High Court Preserves Lenders’ Tort Claims Against Debtors’ Insiders
By Michael L. Cook
A lender’s state law tort claims against “non-debtor third-parties for tortious interference with a contract” were “not preempted” by “federal bankruptcy law,” held the New York Court of Appeals.
Implications of Transfer of Attorney-Client Privilege In Bankruptcy Cases
By Andrew C. Kassner and Joseph N. Argentina Jr.
One of the most misunderstood areas of law for non-bankruptcy and bankruptcy attorneys alike is the attorney-client privilege, including the scope of the privilege, who holds it, and when and by whom it can be waived. As is often the case, in bankruptcy, additional complexities arise.
By Jonathan Friedland and Hajar Jouglaf
Using Subchapter V’s Unlimited Debt Limit & Confirmation Requirements to Eradicate Personal Guarantees
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.
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