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Evolution of Pre-Bankruptcy Planning Raises Questions of Good Faith
Ever since the enactment of the Bankruptcy Code decades ago, bankruptcy courts have had to address the threshold question of whether the debtor should be allowed to utilize the provisions of the Bankruptcy Code. In the early years, this issue of whether the bankruptcy case was filed in "good faith" usually involved a solvent or insolvent debtor that was embroiled in a two-party dispute and filed the case as a litigation tactic to stop the litigation. Later cases often involved a solvent debtor with many parties in litigation, and courts reviewed whether the debtor had a legitimate bankruptcy purpose or was under financial distress other than the present ability to pay bills as they matured or balance statement insolvency.
In recent years, as extensive pre-bankruptcy planning has evolved, bankruptcy filings frequently involve affiliates of larger companies, engineered with a structuring of liabilities in mind. This is especially relevant in the area of mass tort litigation. The question of whether these targeted filings are for a legitimate bankruptcy purpose or should be dismissed has been the subject of significant high-profile litigation.
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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.
Major Differences In UK, U.S. Copyright Laws
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Legal Possession: What Does It Mean?
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Warehouse Liability: Know Before You Stow!
As consumers continue to shift purchasing and consumption habits in the aftermath of the pandemic, manufacturers are increasingly reliant on third-party logistics and warehousing to ensure their products timely reach the market.
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.