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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.
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The COVID-19 pandemic is already leaving its mark on the bankruptcy asset sale landscape. Despite the uncertainty — or even because of it — bankruptcy should still be viewed as a useful tool to effectuate the acquisition of assets. The current situation and anticipated distress across many industries presents opportunities for purchasers to acquire assets on favorable terms.
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With Uncertainty As to When the Pandemic Will Ease, Bankruptcy Courts Do Not Seem to Be a Panacea Leading to Successful Reorganizations or Orderly Liquidations for Troubled Companies The impact of COVID-19 on efforts of businesses to reorganize or even orderly liquidate in bankruptcy has been swift and devastating
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Law firms have always counted on bankruptcy as a countercyclical practice in hard times. Now, those that prepared when the economy was booming may be about to get their reward.
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The ruling in In re Jarvis that the grant of a security interest to a corporate lender will not necessarily "spread" that security interest to the lender's affiliates underscores the need for precision and care in the drafting of loan documents, particularly with respect to the granting language contained in security agreements.
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As we prepare for the anticipated increase in bankruptcy filings caused by the COVID-19 pandemic's impact on the economy, many practitioners are trying to compare this to the savings and loan crisis of the late 1980s. One of the issues that keeps coming up cycle after cycle is whether a personal guaranty of a commercial lease is discharged in the bankruptcy of the individual guarantor. Court decisions have split on this issue for years.
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High Court Rejects Application of Bob Roberts Rule Federal courts should "turn to state law to resolve" a "fight over a tax refund," held a unanimous U.S. Supreme Court in Rodriquez v. FDIC (In re United W Bancorp., Inc.)
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Potential Clients Are Reaching Out to Bankruptcy Attorneys to Assess the Need for Business Filings Bankruptcy attorneys expected to get calls as the coronavirus pandemic swiftly slowed the economy — and they were right.
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A bipartisan group of House lawmakers has introduced a bill that aims to limit where distressed companies can file bankruptcy, making it harder for companies to file outside of the jurisdiction where they are headquartered or have most of their assets. The Bankruptcy Strategist asked Robert J. Gayda, a partner in Seward & Kissel's Bankruptcy and Corporate Reorganization Group who represents a clients in all aspects of restructuring, about his thoughts on proposed venue reform in corporate bankruptcies.
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This article examines asset protection and pre-bankruptcy planning and its impact on a debtor's discharge through Bankruptcy Code §727(a)(2)(A).