Two sections of the Bankruptcy Code seemingly stand at odds regarding the protections offered to lessees of real property owned by a bankrupt debtor. Section 365(h) strongly protects a lessee’s right to possession of real property in the face of debtor’s rejection of the lease.
Litigation in U.S. courts that involve Cayman investment funds, their shareholders, directors and service providers, in particular at the suit of shareholders and liquidators, is on the increase.
I recently had the pleasure of attending two conferences sponsored by the American Bankruptcy Institute (“ABI”). First, the Valcon conference in Las Vegas, which focused primarily on issues relating to bankruptcy and valuation. Second, the yearly spring meeting of the ABI, held in Washington, D.C., during the annual cherry blossom weekend. Las Vegas was only slightly warmer than Washington,
In recent decades, with the emergence of the internet and development of technology, reading a newspaper printed on real paper has become a fleeting relic of daily life in this country. We can now get the news we want in a single click, from almost anywhere and at any time. This once daily ritual, however, may be of great importance to bankruptcy debtors and their attorneys, as well as credit
Under § 503(b)(9) of the Bankruptcy Code, trade creditors are granted an administrative-priority claim for the value of goods that they had sold and delivered to the debtor in the ordinary course of the debtor’s business, and the debtor had received within 20 days of its bankruptcy filing.
What happens when a chapter 7 trustee brings an action to avoid a prepetition transfer of garnished funds as preference and tries to recover such transfer not only from the judgment creditor but also its attorney? Here’s an example. George Washington retains Law Firm to prosecute John Adams for an injury that Washington suffered on Adams’ property.
Just when you think you’ve finally learned Uniform Commercial Code (UCC) Article 9, the Uniform Law Commission (ULC) proposes changes. The ULC and the American Law Institute (ALI) promulgated Revised Article 9 (RA9) in 1998, and it was enacted by all states by 2001. From 2001-08, RA9 seemed to work fairly well, but some practitioners and judges nevertheless found ambiguities.
Every so often a decision comes along that engenders heated debate but then, it seems, it cools off before being able to develop into something more. Even more quickly is this decision forgotten. In the wake of General Growth Properties (GGP),[1] many law firms and financial consultants analyzed the legal ramifications.
The effects of the epic real estate collapse that have occurred over the last five years are well known. The subprime mortgage crisis has caused residential (as well as commercial) real estate property values to drop significantly, which was has not been seen since the Great Depression.
In 2005, Congress recognized the value that vendors that ship goods to debtors on the eve of bankruptcy provide to the estate.
