Bankruptcy

The Second Circuit applied federal bankruptcy law when holding that good faith is an affirmative defense.

Members of Congress recently introduced the Nondebtor Release Prohibition Act, which proposes to amend the Bankruptcy Code to, among other things, restrict courts' ability to approve third-party releases of nondebtors and related injunctions under plans of reorganization or otherwise in Chapter 11 cases.

If you think public policy favoring the freedom to file a Chapter 11 trumps the freedom to negotiate specific restrictions to such a filing, think again.

With federal student loan forbearance set to expire at the end of September, many hoped the high court would provide, if not clarity, at least uniformity for the millions of Americans who currently are on the hook for student loans.

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?