Companies in crisis are facing major challenges. Not only do they have to negotiate with stakeholders about their restructuring contributions and restructuring loans, they also have to make what are often difficult decisions on a wide range of legal issues.
One thing that Toys “R” Us, Sears and Forever 21 have in common is that all three cases are administratively insolvent.[1] Vendors who extended credit to the debtor after the petition date, in reliance on the debtor’s assurances that it had adequate “DIP” financing to justify new credit terms, got stuck a second time when there were in
At the Annual Spring Meeting in April, the committee hosted a panel that discussed the ins and outs of choosing a venue in which to file, including circuit splits on pertinent areas of law, variations in local rules, and the amorphous “comfort” level that some practitioners have with some jurisdictions over others.
The Bankruptcy Code addresses competing claims of creditors against the assets of a debtor.
![Photo of Jacqueline Pham[2]](https://abi-org-corp.s3.amazonaws.com/committee/Authors/Pham_Photo_0.jpg)
Imagine this scenario: A judgment is won, the defendant filed for bankruptcy, but the judgment creditor missed the deadline to file a complaint objecting to the discharge of the debt. Normally, this means that the judgment will be discharged unless the court is convinced to accept a late-filed complaint.
To nonbankruptcy lawyers, Rule 2004 seems too good to be true. It appears to allow virtually anyone to obtain documents or testimony from any other person on any subject tangentially related to a bankruptcy. Not surprisingly, then, clever lawyers will attempt to push its boundaries. A recent opinion in the Cambridge Analytica bankruptcy examines and quashes one such attempt.
As a receiver or counsel to a receiver, it is important to be aware of your potential courses of action should you be required to locate/secure assets or seek the disclosure of documentation from a party in a foreign jurisdiction such as the Cayman Islands.
If you are a young or new attorney, there is a good chance that you have at least some (and perhaps significant) student loan debt. You may also be aware that discharging student loan debt in bankruptcy, unlike most other unsecured debt, is extremely difficult.
The current landscape for cannabis companies is confusing due to the divergence between federal and state law. Under federal law, particularly under the Controlled Substances Act (CSA),[1] cannabis is a Schedule 1 controlled substance, and cannabis activities from cultivation to sale are illegal.
