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Payment Under Critical Vendor Order Does Not Bar Pursuing a Preference Claim
As a general rule, the Bankruptcy Code provides that prepetition trade creditors receive distribution on their claims, if any, in a Chapter 11 case only in connection with a Chapter 11 plan.
However, over the years, courts recognized some suppliers were viewed as critical by the debtor and needed to be paid sooner in order for the debtor to continue to have access to the goods or services provided by those suppliers on credit. As such, a supplier of critical goods or services sometimes received all or partial payment of its prepetition claim in the early days of the case in exchange for its commitment to continue to provide those goods or services during the case on similar credit terms to the prepetition arrangement. However, over the years, at the end of the case, the debtor or liquidating trustee often sought to claw back payments the supplier received in the 90 days before the bankruptcy case as a preference. Of course, if the supplier had not received the prepetition payments, it likely would have insisted it be paid those amounts as a critical vendor after the filing. And perhaps those payments would have been paid along with the open accounts receivable amounts that were paid in exchange for continuing to do business with the debtor post-petition.
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Beach Boys Songs Written Decades Ago Triggered Current Quarrel With Lawyers
There's current litigation in the ongoing Beach Boys litigation saga. A lawsuit filed in 2019 against Nevada residents Mike Love and his wife Jacquelyne in the U.S. District Court for the District of Nevada that alleges inaccurate payment by the Loves under the retainer agreement and seeks $84.5 million in damages.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.
Transfer Tax Implications on Real Property Leases
The real property transfer tax does not apply to all leases, and understanding the tax rules of the applicable jurisdiction can allow parties to plan ahead to avoid unnecessary tax liability.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.