Since the passage of the modern version of the Bankruptcy Code in 1978, chapter 11 has been used as a tool by debtors to address mass litigation liabilities.
Business Reorganization Committee
Committees
On March 29, 2021, in In re BK Technologies Inc.,[1] newly appointed Chief Bankruptcy Judge McKay Mignault dismissed the first Small Business Reorganization Act (SBRA) case filed in West Virginia due to a lack of a realistic ability to reorganize and the debtor’s bad faith.
Insolvency professionals have limited options to consider when counseling small business clients in financial distress who wish to continue operating their business. On the federal level, practitioners may choose to file a traditional chapter 11 reorganization or a small business bankruptcy under subchapter V.
It is now widely known that the novel coronavirus (COVID-19) pandemic changed society for a variety of industries, whom either have deteriorated significantly or now cease to exist.
A local group of bankruptcy judges and insolvency professionals has published recommendations for ways that the U.S.
The new year brings several changes to bankruptcy practice through the enactment of the Consolidated Appropriations Act, 2021 (CAA), which augments the CARES Act by expanding the Paycheck Protection Program (PPP), adding stimulus programs and installing coronavirus relief valves for troubled sectors of the economy.[1] Those relief valv
Co-Chair Corner: Year in Review
The hotel industry has suffered significantly since the outset of the COVID-19 pandemic. Occupancy rates for hotels in urban areas in August 2020 were down to 38% compared to 89% in August 2019.[1] Many hotels, particularly those in New York, were forced to furlough staff in response to local requirements and economic pressures.
Many professionals anticipate that valuation will be the fulcrum issue in the upcoming wave of chapter 11 cases, and creative advocacy will be at a premium.
Traditional Valuation Approaches and the Bankruptcy Code
With the mandatory government shutdown orders, surges in unemployment affecting rental demand, prices declining and companies driven to shift their workforce to remote work, 2020 has certainly left a mark on commercial leases.
Mr. Jacob Frumkin, Esq.
Co-Chair
Cole Schotz P.C.
Hackensack, NJ
(646) 563-8944
Co-Chair
Cole Schotz P.C.
Hackensack, NJ
(646) 563-8944
Mr. Scott D. Lawrence
Co-Chair
Wick Phillips, LLP
Dallas, TX
(214) 420-4449
Co-Chair
Wick Phillips, LLP
Dallas, TX
(214) 420-4449
Ms. Yelena E. Archiyan
Communications Manager
Katten Muchin Rosenman LLP
Dallas, TX
(214) 765-3657
Communications Manager
Katten Muchin Rosenman LLP
Dallas, TX
(214) 765-3657
Mr. Evan N. Parrott
Education Director
Maynard Nexsen, PC
Mobile, AL
(251) 206-7449
Education Director
Maynard Nexsen, PC
Mobile, AL
(251) 206-7449
Mr. Daniel J. Harris, Esq.
Membership Relations Director
Cole Schotz P.C.
Hackensack, NJ
(201) 525-6202
Membership Relations Director
Cole Schotz P.C.
Hackensack, NJ
(201) 525-6202
Ms. Erica Mannix
Newsletter Editor
Lowenstein Sandler LLP
Roseland, NJ
(973) 597-2500
Newsletter Editor
Lowenstein Sandler LLP
Roseland, NJ
(973) 597-2500
Mr. Anthony Lee Pacchia
Special Projects Leader
ICR
Westfield, NJ
(908) 403-7790
Special Projects Leader
ICR
Westfield, NJ
(908) 403-7790