Features
Andrew C. Kassner
&
Joseph N. Argentina Jr.
When does a tax liability claim arise in a bankruptcy case? The issue was recently addressed by the U.S. District Court for the District of Delaware which ruled that federal income taxes for the year in which a debtor files for bankruptcy are entitled to priority treatment as administrative expenses when the end of the taxable year occurred after the bankruptcy petition date.
Features
Rudolph J. Di Massa Jr.
&
Keri L. Costello
In re Smith
The Bankruptcy Appellate Panel for the Tenth Circuit recently joined the majority of circuit courts of appeals in finding that a creditor seeking a judgment of nondischargeability must demonstrate that the injury caused by the prepetition debtor was both willful and malicious under Section 523(a)(6) of the Bankruptcy Code.
Features
Jonathan Koevary
&
Robert Gagne
Chapter 11 petition strategy will almost invariably require and depend upon cash flow for continued use of leased stores and restaurants. To say the least, for those companies that filed for bankruptcy on the eve of the COVID-19 shutdowns, the strategies — and available cash flows to pay landlords — did not go as planned.
Features
Brett S. Theisen
&
Mark B. Conlan
Even though payment of post-petition rent under a nonresidential lease (prior to rejection) has historically been an absolute requirement, bankruptcy courts, as courts of equity, have the ability during these extraordinary times to take a more flexible approach.
Features
Mette H. Kurth
&
Dan Mette
Senator Elizabeth Warren has been relentlessly pursuing bankruptcy reform for two decades. And Joe Biden has adopted her comprehensive proposal. The proposals could impact commercial bankruptcy law and reverberate across our financial systems.
Features
Sourav Chaudhuri
&
Gregory Plotko
This article highlights several of these outcomes and discrepancies of the CARES Act stimulus package, including how accepting crisis funding could lead to a company becoming more distressed, how bankruptcy courts are inconsistently ruling on the ability for Chapter 11 debtors to receive PPP loans and how changes to the Bankruptcy Code altered the rights of equity holders and debtholders.
Features
Michael H. Strub Jr.
The economic impact of the pandemic has been catastrophic. For many companies, intellectual property are significant assets, and counsel for these businesses, as well as counsel for their creditors, licensees and licensors, will need to understand these issues that arise to avoid pitfalls and take full advantage of opportunities to exploit the full value of a company's IP for the benefit of their clients.
Features
Marisa L. Byram
While commercial leases and the force majeure clauses contained in such leases vary widely, a recent decision from the United States Bankruptcy Court for the Northern District of Illinois may provide guidance to parties and help them to resolve similar disputes without resorting to the courts.
Features
Dana Delman
&
John Vukmanovic
In attempts to alleviate the impact of job losses and business disruption due to COVID-19, state and local governments have passed emergency orders and regulations temporarily prohibiting evictions and extending deadlines to pay rent, among other restrictions. When those restrictions are lifted, there is no guarantee that they will have done more than delay the inevitable: eviction and bankruptcy.
Features
Rudolph J. Di Massa, Jr.
&
Geoffrey A. Heaton
In a recent decision, the U.S. Bankruptcy Court for the Southern District of New York held that claim disallowance issues under Section 502(d) of the Bankruptcy Code "travel with" the claim, and not with the claimant.
