The Northern District of California recently issued two blistering opinions on appeals by the IRS and California Franchise Tax Board from a bankruptcy court's Chapter 11 plan confirmation order and a tax determination order.
Recent, big-name Chapter 11 filings have brought to the light the importance of insurance solutions for companies in financial distress, as companies in this situation face oftentimes new and uncharted issues.
In In re Masingale, the U.S. Bankruptcy Appellate Panel for the Ninth Circuit held that in the absence of a timely objection, debtors who claimed a homestead exemption of "100% of FMV" in their residence had a valid exemption claim for the full fair market value of the property.
Certain types of agreements, such as real estate leases, clearly are executory contracts subject to assumption or rejection in bankruptcy cases. But what about the partnership agreement itself?
As defendants increasingly seek bankruptcy as a resolution to multidistrict litigation claims, plaintiffs firms and judges are starting to ask questions about the legitimacy of the tool commonly referred to as the "Texas Two-Step."
The decision by the Supreme Court has practical significance for corporate officers and others in an agency or partnership relationship, and also may have serious consequences for corporate Chapter 11 debtors whenever a "domestic governmental unit" is a creditor.
Are there exceptions to the general rule against prejudgment attachment that may allow a plaintiff to obtain injunctive relief against a defendant freezing the defendant's assets prior to the outcome of the litigation? This issue was recently considered by the U.S. Bankruptcy Court for the District of Delaware.
Part One of a Two-Part Article This two-part article will examine the role of third-party releases in successful Chapter 11 reorganizations. This part will address the factors considered in each Circuit where such releases have been deemed permissible within the confines of the Bankruptcy Code, evaluate several recent cases highlighting the uncertainty created by the current Circuit split, and consider options for creating a clear, nationwide standard.
Attorneys and consultants involved in the FTX bankruptcy have asked the District of Delaware bankruptcy court to approve billed hours and expenses totaling just under $37 million for the first six weeks of Chapter 11 proceedings.
In a recent decision, the U.S. Bankruptcy Court for the Southern District of Texas (the court) addressed whether a debtor that has no independent assets or ongoing business operations can reorganize under Chapter 11 in good faith.
