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Courts continue to grapple with issues impacting the rights of debtors, creditors and insurers in Chapter 11 cases filed by companies facing mass tort liabilities. This article summarizes key takeaways from significant cases such as Red River Talc and Boy Scouts of America (BSA).
Features
In a recent U.S. Court of Appeals for the Eleventh Circuit case, the court considered whether a bankruptcy court had the authority to retroactively annul the automatic stay under circumstances where the debtor affirmatively participated in an arbitration but subsequently argued that enforcement of the arbitration award against him should be subject to the automatic stay when he did not like the outcome.
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In a recent decision, the U.S. Bankruptcy Court for the District of New Jersey subordinated a 502(h) claim to prevent the claimant from being paid in full prior to investors defrauded by the debtors’ pre-petition operation of a Ponzi scheme. In its decision, the court maintained that the equitable powers of bankruptcy courts were sufficiently broad to subordinate a claim on equitable grounds under Section 510(c) and that there is nothing in the Bankruptcy Code that prevents a court from so doing.
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As personal injury and bankruptcy law increasingly intersect, attorneys must navigate a complex legal landscape. Nowhere is this more apparent than in cases involving financially distressed individuals with pending personal injury claims, or tort plaintiffs pursuing recovery against bankrupt defendants. This article highlights key questions and considerations attorneys should understand when navigating these types of cases.
Features
The United Arab Emirates is launching a specialized federal bankruptcy court to streamline insolvency cases, a step that could increase investor confidence, reduce cross-emirate confusion, and create opportunities for legal and financial professionals.