Troutman Sanders

JANUARY 18, 2023

Throughout the latter half of 2022, filing for bankruptcy became a reality for many high-profile crypto firms. At its peak, Celsius offered high yields on Earn account deposits, such as 5% for Bitcoin and up to 10% for certain USD-pegged stablecoins. But on January 4, 2023, the U.S.

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Bankruptcy Debtor Government Collections 98

PBWT

JANUARY 29, 2023

In 2022, there were several high-profile crypto bankruptcy filings. One way these debtors will bring value into their estates is through litigation. Many bankruptcy professionals expect the crypto bankruptcies to involve extensive avoidance action litigation. .

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ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff In In re PG&E Corp. , the United States Court of Appeals for the Ninth Circuit held that solvent-debtors are required to pay unimpaired creditors their bargained for post-petition interest rate. [1] 1] In January 2019, PG&E Corp.

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Debtor Bankruptcy Creditors Unsecured Creditor 40

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Section 362 of title 11 of the United States Code (the “Bankruptcy Code”) provides that the filing of a bankruptcy petition results in an automatic stay generally enjoining all actions, including a foreclosure sale, against a debtor or its property. [1]

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Foreclosure Debtor Bankruptcy Judgment 40

ABI

JANUARY 26, 2023

John’s University School of Law American Bankruptcy Institute Law Review Staff Title 11 of the United States Code (the “Bankruptcy Code”) provides debtors with “a fresh start” by granting them a discharge of most debts. [1] 3] Steven Bloom, the debtor, was the manager of Bloom Business Jets, LLC (“BBJ”). [4]

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Debtor Bankruptcy Creditors 40

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff An unpaid secured lender with a prepetition mortgage does not have a right to receive payment of proceeds from a postpetition sale of real property. the “Debtor”) $1.5 2] In 2022, the Debtor commenced a chapter 11 bankruptcy case. [3]

Secured Creditor 40

Secured Creditor Bankruptcy Debtor Collateral 40

ABI

JANUARY 19, 2024

John's University School of Law American Bankruptcy Institute Law Review Staff Section 727(b) of title 11 of the United States Code (the “Bankruptcy Code”) provides that a Chapter 7 debtor’s bankruptcy discharge eliminates the debtor’s liability for “all debts that arose before the date of the order of relief.” [1]

Bankruptcy 40

Bankruptcy Debtor Creditors Judgment 40

ABI

JANUARY 28, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff One of the requirements a debtor must meet in order to be eligible for Subchapter V of Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) is that it must be "engaged in commercial or business activities." [1] Tyler Manger St.

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Debtor Bankruptcy Unsecured Debt Creditors 40

PBWT

AUGUST 29, 2022

A bankruptcy court ruled that a creditor didn’t need to seek derivative standing to sue a liquidating trustee. The creditor, himself a trustee of the debtor’s employee stock-option plan, had standing to sue without prior court permission because his suit wasn’t brought on behalf of the bankruptcy estate.

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PBWT

AUGUST 16, 2022

The Bankruptcy Court for the District of Hawaii ruled that the extension was constructively fraudulent, and thus avoidable under Bankruptcy Code section 548. 21-br-00094, 2022 WL 3221232 (Bankr. But the Owners’ grand plans never came to fruition, and they eventually filed for chapter 11 bankruptcy. See In re Pac.

Debtor 65

Debtor Construction Collateral Lender 65

ABI

JANUARY 28, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff A motion for a preliminary injunction in a bankruptcy is governed by Federal Rule of Bankruptcy Procedure 7065, which incorporates Federal Rule of Civil Procedure 65. [1] Garrity Kuester St. 2] In Vital Pharmaceuticals, Inc.

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Bankruptcy Debtor Creditors Government 40

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Under title 11 of the United States Code (the “Bankruptcy Code”), a debtor may be discharged of his or her debts. [1] 10] According to the bankruptcy court, to establish a nondischargeability claim under 11 U.S.C. § Shoemaker St.

Debtor 40

Debtor Bankruptcy Creditors Loans 40

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Article I, Section 8, Clause 4, of the United States Constitution contains the “Bankruptcy Clause,” which vests Congress with the power to establish “uniform Laws on the subject of Bankruptcies throughout the United States.” [1] 11] In Siegel v.

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PBWT

MARCH 3, 2022

uniform Laws on the subject of Bankruptcies throughout the United States.” ” While Congress has general authority to establish a bankruptcy system, bankruptcy laws must be “uniform.” ” But not every aspect of the bankruptcy system is the same across every judicial district. In Siegel v.

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Bankruptcy Debtor Creditors 65

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff Endo Pharmaceuticals (“Endo”) develops, manufactures, markets, and distributes prescription pharmaceutical products. Endo filed a notice of suggestion of bankruptcy and automatic stay of proceedings in the D.C. 10] 11 U.S.C. §

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Bankruptcy Manufacturing Debtor Government 40

ABI

JANUARY 26, 2023

John’s University School of Law American Bankruptcy Institute Law Review Staff In In re Gordos Restaurant Corp. , John’s University School of Law American Bankruptcy Institute Law Review Staff In In re Gordos Restaurant Corp. , 5] Subsequently, the Debtor ceased operation in its original location. [6]

Bankruptcy 40

Bankruptcy Debtor Trade Judgment 40

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff Under section 362 of title 11 of the United States Code (the “Bankruptcy Code”), the filing of a bankruptcy petition results in an automatic stay that generally enjoins any creditor from taking any action against a debtor or its property. [1]

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Foreclosure Bankruptcy Debtor Creditors 40

ABI

JANUARY 26, 2023

1] In In re Szczyporski, the United States Court of Appeals for the Third Circuit held that the shared responsibility payment is a tax entitled to priority under Title 11 of the United States Code (the “Bankruptcy Code”). [2] 3] The IRS filed a proof of claim against the Debtors for unpaid taxes and interest, including a $927.00

Bankruptcy 40

Bankruptcy Debtor Healthcare Government 40

ABI

JANUARY 23, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff The Bankruptcy Court for the Southern District of New York was presented with two issues related to a subpoena target’s refusal to comply in In re Three Arrows Capital, Ltd. Tayler Eynon St. 2] Three Arrows Capital, Ltd. 2] Three Arrows Capital, Ltd. (“the

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Bankruptcy Debtor Trade Judgment 40

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff In the U.S. Bankruptcy Code, there are various provisions that allow debtors and trustees to avoid certain types of prepetition transfers. [1] 3] In BMO Harris Bank v. 3] In BMO Harris Bank v. million to BMO (“the Transfer”). [9]

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Bankruptcy Financial Institution Loans Banks 40

ABI

JANUARY 22, 2023

John's University School of Law American Bankruptcy Institute Law Review Staff The Worker Adjustment and Retraining Notification Act ("WARN Act") provides that “an employer shall not order a plant closing or mass layoff until the end of a 60-day period after the employer serves written notice of such order” to each impacted employee. [1]

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Bankruptcy Debtor Retail Judgment 40

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff Section 524(a) of Title 11 of the United States Code (the “Bankruptcy Code”) provides that a debtor may be discharged (i.e., 1] Section 524(e) provides that a discharge of a debtor’s debt does not affect the liability of a non-debtor. [2]

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Creditors Bankruptcy Debtor Collections 40

ABI

JANUARY 19, 2024

John’s University School of Law American Bankruptcy Institute Law Review Staff In large bankruptcy cases, 28 U.S.C. § Bankruptcy Court for the Southern District of New York held that a claims agent retained under 28 U.S.C. § 2] During bankruptcy proceedings, Madison Square Boys & Girls Club, Inc. . §

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