The vast majority of petitions filed during 2007 were non-business cases; in fact 96.7% of all cases filed in 2007 were non-business. In calendar year 2007, there were 822,590 non-business cases filed, a 38% increase from the 597,965 non-business bankruptcy filings in 2006. By contrast, in 2005, non-business filings totaled 2,039,214.Here's the breakdown.
Last month, the authors discussed the fact that even though Chapter 9 of the Bankruptcy Code has been in effect for over 30 years, fewer than 100 Chapter 9 cases have been filed during that time. Municipal bankruptcy cases ' or, more accurately, proceedings involving the adjustment of a municipality's debts ' are a rarity, compared with reorganization cases under Chapter 11. This, however, may be changing. The authors now continue that discussion.
The Delaware Court of Chancery recently emphasized that issues of corporate governance remain the purview of the state of incorporation, notwithstanding the filing of a bankruptcy petition and the accompanying automatic stay, which ordinarily acts to halt proceedings against the debtor.
Thirty years after the enactment of BAPCPA, there are still unresolved issues that arise from time to time under the pre-BAPCPA Bankruptcy Code. One such issue involves the proper application of the statutory priority cap found in Bankruptcy Code ' 507(a)(5), including its interplay with ' 507(a)(4).
As the construction of mixed-use projects continues to grow across the nation and globally, all parties involved must understand the dynamics of the project in which they are involved and how best to structure the relationships among the several parties, which will generally have divergent interests. The building block for this relationship will likely be a form lease.
It is a complicated task to purchase a New York City commercial building with known or potential residential tenancies. However, with careful physical and documentary investigation, most of the potential traps for an unwary buyer can be revealed.
On a blast-furnace of a day when normally chilly San Francisco hit 96 degrees, the California Supreme Court enhanced its reputation as a trail-blazing institution on May 15 by giving gays and lesbians the right to marry. 'The California Constitution,' Chief Justice Ronald George wrote in the 4-3 ruling, 'properly must be interpreted to guarantee this basic civil right to all Californians, whether gay or heterosexual, and to same-sex couples as well as to opposite-sex couples.'
In a rare win for a plaintiff alleging employment discrimination, the 11th U.S. Circuit Court of Appeals has held that a woman can bring a harassment claim for language not referring specifically to her.
Highlights of the latest insurance cases from around the country.
When the New Jersey Supreme Court affirmed the Appellate Division's decision in Sensient v. Allstate Insurance Company last month, it provided a final seal of approval to what previously had been an ever-expanding scope of jurisdiction over the interpretation of insurance policies relating to possible coverage of environmental remediation within New Jersey's borders.
