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General assignments for the benefit of creditors (ABCs) have been and continue to be a popular business liquidation device for the orderly wind down of corporations, limited liability companies, and even nonprofit corporations and general partnerships. Just as in bankruptcy, an ABC can also be used to facilitate a going-concern sale of the debtor's assets to a third-party. Includes an interactive state-by-state map.
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The general purpose of Subchapter V was to streamline the Chapter 11 bankruptcy process for small businesses and individuals engaged in business to administer their bankruptcy estate in an efficient and less costly manner.
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The bankruptcy trustee of a bank holding company was not entitled to a consolidated corporate tax refund when a bank subsidiary had incurred losses generating the refund, Tenth Circuit held.
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Bankruptcy professionals should be relieved by a recent decision holding that although nunc pro tunc orders approving a professional's retention are now considered "inappropriate" in light of the Supreme Court's decision in Roman Catholic Archdiocese of San Juan, there is nothing in the Bankruptcy Code, Bankruptcy Rules, or applicable case law preventing an award of compensation before a retention order is entered.
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Proper planning is key to ensuring a company's financial health when facing an economic downturn. Although companies will come into such planning with different levels of financial health, the same considerations can be helpful in determining the best path forward.
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Restaurants are already fragile businesses, not known for lucrative revenue, but instead known for surviving on tight margins. When the industry reopens to the "new normal," what will the restaurant industry look like?
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this article provides an overview of the legal landscape governing §363 sales and the types of Internet-based resources available to potential asset sellers.
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The intra-district divide in the Southern District of New York continued to deepen on the issue of whether claims disallowance under section 502(d) of the Bankruptcy Code applies to the claim or to the claimant.
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Businesses reeling after multiple international stay-at-home mandates are finding themselves out of options and filing for bankruptcy. The situation has led some law firms to cash in on bankruptcy service, and made many cautiously optimistic that the bankruptcy practice will be in high-demand during the current recession.
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It's no secret that major law firm bankruptcy practices are ramping up for a historic rise in Chapter 11 filings as industries are battered by the COVID-19 pandemic. Controversial comments by Senate majority leader Mitch McConnell in April raised the possibility that restructuring lawyers could also gain a new clientele: state governments.