The Limited Liability Company (“LLC”) is the secret agent of business entities. Part corporation, part partnership, this hybrid business entity ena
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In In re Douglas Ray, [1] the Ninth Circuit recently held that a bankruptcy court lacks jurisdiction to reopen a closed case to preclude a collateral attack on its prior, final sale order.
Background
Courts have wrestled with the definition of “individual” in the context of proceedings or defenses resulting from a violation of the automatic stay that arises whe
In bankruptcy, a debtor often faces assessments for interest and penalties on property taxes from a variety of taxing jurisdictions. Addressing these claims can be frustrating and time-consuming.
With the economy still lagging and an apparent end to federal assistance for state and local governments, some experts are predicting an increase in chapter 9 bankruptcy filings. Chapter 9 of the Bankruptcy Code provides a rarely used avenue for municipalities and other political subdivisions to obtain relief from creditors.
Since Hon. Frank Easterbrook’s decision in the Kmart bankruptcy, [1] scholars and attorneys have commented on the decision and voiced their opposition to critical vendor orders in bankruptcy proceedings, yet such orders are still prevalent in bankruptcy cases.
In this age of pre-packaged, pre-negotiated, and chapter 11 liquidation cases filed to effectuate a sale, it is becoming increasingly rare to work on chapter 11 cases that are filed without a clear exit strategy, much less one where the debtor is able to successfully reorganize.
Because there can be at least a two-year lag between a bankruptcy filing and a preference demand made pursuant to 11 U.S.C. §547, a consistent, proactive approach to gathering defense data is critical.
In a rare opinion addressing ethical and disclosure issues in the solicitation of official committees of unsecured creditors, the court in In re Universal Building Products [1]denied the applications of two proposed counsel for the committee in the case.
Many cases have dealt with bankruptcy petitions filed in “bad faith.” Typically, a party in interest seeks to simply have the petition dismissed, and seeks no further relief. Infrequently, however, a party may make the difficult decision to seek the imposition of sanctions against a bad faith filer and his or her counsel to deter future abuse of the Bankruptcy Code.
