In In re Bryant, the U.S. Bankruptcy Court for the Middle District of Georgia determined that a lender's UCC-1 financing statements were "seriously misleading" under the Georgia Commercial Code because the financing statements identified the individual debtor with his middle name abbreviated.
Buyers generally assume that the multi-page "free and clear" order, which typically follows the sale hearing, will insulate them from any of the seller's current (and often) future liabilities. However, that is not always the case.
This article explores the competing factors the Bankruptcy Court considered and the rationale underlying its decision to grant the drastic relief of dismissing the NRA's bankruptcy case.
How is administrative claim status obtained in a bankruptcy case, and what risks does a service or goods supplier take by continuing to do business with the debtor after commencement of the bankruptcy case?
U.S. Bankruptcy Court for the District of Delaware court held that a Chapter 7 trustee was bound by the pre-conversion actions of the debtors, and that the trustee would not be permitted to step into the shoes of the then-dissolved official committee of unsecured creditors to pursue certain causes of action.
Parties holding potential claims against non-debtor third parties that are arguably "related to" the bankruptcy estate must weigh the risks and benefits of actively prosecuting such claims. The mere fact that a bankruptcy trustee could pursue such claims as property of the bankruptcy estate under Section 541 of the Bankruptcy Code will not be enough to argue that such claims are conclusively barred by the automatic stay.
Landlords and commercial tenants have proven savvy and mutually symbiotic. These entities learned quick lessons during the pandemic to sustain the landlord-tenant relationship on adjusted footing or otherwise to provide an agreeable runway for a lease exit minimizing the damage to landlords and tenants. Three workout trends reflect this changing landscape that "we are all in this together."
What provisions in a subordination agreement can be enforced, and can the subordinated creditor participate in the reorganization process if there is no prospect it will receive any distribution as a result of being subordinated?
In an era of increasing participation and regulation by various governmental agencies in businesses eligible for bankruptcy relief, the Third Circuit's decision in Venoco is an important development for assessing the extent to which a distressed business can address action by a governmental unit through a bankruptcy case.
After years of debate, Brazil recently enacted legislation amending its bankruptcy statute and modernizing the Brazilian insolvency system.
