Collection Industry News

OCTOBER 17, 2022

Baxter, October 15, 2022. Under section 363 of the Bankruptcy Code, a debtor-in-possession in a chapter 11 bankruptcy proceeding can seek court approval to sell some or all of the debtor’s assets, free and clear of all claims and encumbrances. Once approved, the debtor will market the assets to potential purchasers.

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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] 1] However, there are exceptions to discharge, including 11 U.S.C. § 523(a)(2)(A). [14]

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PBWT

SEPTEMBER 30, 2022

To encourage parties to transact with debtors in bankruptcy, the Bankruptcy Code in corporate bankruptcies provides highest priority to “administrative expenses,” which include “the actual, necessary costs and expenses of preserving the estate.” ” 11 U.S.C. § ” 11 U.S.C. §

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ABI

JANUARY 19, 2024

1] Before the trials concluded, Free Speech Systems filed for bankruptcy under Subchapter V of Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the Southern District of Texas. [2] 2] A Subchapter V case differs from a traditional Chapter 11 case in several ways. billion in damages. [3] million.

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PBWT

OCTOBER 30, 2022

The ramifications of uneven increases to fees in chapter 11 bankruptcies continue to ripple through federal courts. Trustee fees chapter 11 debtors had to pay in virtually every district in the U.S. The maximum amount for large debtors increased dramatically, from $30,000 to $250,000 quarterly. 1770 (2022).

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ABI

JANUARY 28, 2024

the United States Court of Appeals for the Third Circuit held that the proper termination of an option to repurchase was not a “transfer” that could be avoided under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”). 2] Pursuant to Berley’s confirmed Chapter 11 reorganization plan, Speedwell Ventures, L.L.C.

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PBWT

AUGUST 29, 2022

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. 21-3022, 2022 Bankr. The debtor confirmed a liquidating plan that set up a post-confirmation trust. 2022 Bankr.

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ABI

JANUARY 19, 2024

In evaluating the Texas Business & Commerce Code and title 11 of the United States Code (the “Bankruptcy Code”), the United States Bankruptcy Court for the Southern District of Texas, in In Re Burts Construction, Inc., the “Debtor”) $1.5 The loan was secured by a lien on “all assets of the debtor, including all accounts.” [1]

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PBWT

OCTOBER 24, 2022

Although the court found that the IOM proceeding was a “foreign proceeding,” it also held that the debtor’s center of main interests wasn’t in the IOM and the debtor didn't have an establishment there. 22-10039, 2022 LEXIS 2932 (Bankr. arising from the debtor’s sale of certain aircraft.

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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] 7] Thereafter, the Court converted Jaurigui’s chapter 11 case to chapter 7. [8] 11] Additionally, under 11 U.S.C. §

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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]

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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]

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PBWT

DECEMBER 28, 2022

22-1016, 2022 U.S. Years before the debtor (ACCJ) filed for bankruptcy, it had entered into a contract with another entity (RLT). In 2018, ACCJ filed for chapter 11. RLT later filed its own chapter 11 case. 11 of this title.” of an entity whose expense is allowable under [11 U.S.C 2022 U.S. .]”

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PBWT

APRIL 17, 2022

21-20049, 2022 U.S. Equitable mootness is judge-made doctrine that arises during appeals of bankruptcy court orders, most often appeals of orders confirming chapter 11 plans. Plan proponents argue that reversal on appeal would wreak havoc on a debtor’s bargained-for reorganization. ’” 2022 U.S.

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PBWT

MARCH 3, 2022

For instance, while most judicial districts have United States Trustees, which are funded by a special fee charged to debtors, the judicial districts of Alabama and North Carolina instead have Bankruptcy Administrators, which are funded by general appropriations to the judiciary. Trustee program is funded by debtor-paid fees.

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PBWT

MARCH 28, 2022

As a result of Purdue Pharma’s proposed plan of reorganization, and the ongoing opioid epidemic that continues to grip the nation, the debate over non-consensual third-party releases has gone mainstream despite being a popular tool for debtors for decades. See 11 U.S.C. § § 524(g). See Patterson, et al.,

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PBWT

JANUARY 23, 2022

20-05031, 2022 LEXIS 70 (Bankr. In August 2018, the car dealership filed for chapter 11 bankruptcy protection. 11 U.S.C. § 11 U.S.C. § 11 U.S.C. § 11 U.S.C. § ” 2022 Bankr. In re Reagor Dykes Motors, LP, Case No. 18-50214, Adv. The background facts are straightforward.

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ABI

JANUARY 19, 2024

8] In 2022, while the appeal was pending, Endo and certain affiliates filed voluntary petitions for bankruptcy under chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York. [9] 10] 11 U.S.C. § 11] 11 U.S.C. §

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ABI

JANUARY 22, 2023

4] Congress created the United States Trustee Program (“USTP”) to, among other things, oversee the administration of bankruptcy cases and to promote the integrity and efficiency of the bankruptcy system for the benefit of all creditors, debtors, and the public. [5] 11] In Siegel v. 11] In Siegel v. 11] In Siegel v.

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PBWT

AUGUST 16, 2022

21-br-00094, 2022 WL 3221232 (Bankr. But the Owners’ grand plans never came to fruition, and they eventually filed for chapter 11 bankruptcy. 21-00094, 2022 WL 3221232, at *10 (Bankr. See In re Pac. Holdings, Inc. , At one time, there was even talk of Tiger Woods redesigning the courses. Holdings, Inc. ,

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PBWT

JANUARY 30, 2023

The concept of “property of the estate” is important in bankruptcy because it determines what property can be used or distributed for the benefit of the debtor’s creditors. See 11 U.S.C. § The Debtors filed for bankruptcy in July 2022, at which point there were approximately 60,000 such Earn Accounts.

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ABI

JANUARY 26, 2023

the United States Bankruptcy Court for the Southern District of New York held that a trustee appointed under title 11 of the United States Code (the “Bankruptcy Code”) can recover intellectual property rights after a post-petition transfer. [1] 5] Subsequently, the Debtor ceased operation in its original location. [6]

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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] 11] Id.

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Collection Industry News

DECEMBER 17, 2022

edged higher in 2022, with the consumer sector, battered by supply chain disruptions and surging inflation, leading the pack. Forty-nine private equity portfolio companies have filed for bankruptcy in 2022, representing 6.6% The consumer sector accounted for 15 of those bankruptcies, followed by the healthcare industry with 11 filings.

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Burr Forman

JANUARY 26, 2022

Meek have been recognized in the January 2022 issue of Lawdragon’ s “500 Leading Bankruptcy & Restructuring Lawyers” List. He represents debtors, creditors, committees, asset purchasers, and other clients in matters related to insolvency, financial distress, and bankruptcy, both in and out of court. Hall, David W.

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PBWT

FEBRUARY 10, 2022

“[E]nsnared between his involvement in a business that is legal under the laws of Arizona but illegal under federal law,” one debtor’s chapter 13 petition was recently dismissed due to his undisputed violations of the Controlled Substances Act. Pursuant to 11 U.S.C. § ” In re Mayer , 2022 Bankr. .”

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ABI

JANUARY 22, 2023

3] Subsequently, on March 8, 2020, Art Van filed its petition for relief under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) to implement a sale of the business. 11] This defense requires the employer to prove that circumstances were unforeseeable and the layoffs were caused by the circumstance." [12]

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Bankruptcy Debtor Retail Judgment 40

Troutman Sanders

JANUARY 18, 2023

Throughout the latter half of 2022, filing for bankruptcy became a reality for many high-profile crypto firms. However, on June 12, 2022, Celsius issued a memo informing its customers of its decision to pause withdrawals from the platform due to “extreme market conditions.” But on January 4, 2023, the U.S.

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ABI

JANUARY 19, 2024

Bankruptcy Code, there are various provisions that allow debtors and trustees to avoid certain types of prepetition transfers. [1] 11] In 2021, Petr sued BMO and Sun Capital seeking to avoid the $24.8 2] 11 U.S.C. § 546(e); see 11 U.S.C. § 2022); 11 U.S.C. § 17] 11 U.S.C. § Alfa, S.A.B. 3d at 334. [4]

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ABI

JANUARY 23, 2024

the Debtor”) was an investment firm founded by Kyle Livingstone Davies (“Davies”) and Su Zhu (“Zhu” and collectively with Davies, “the Founders”). [3] 4] Due to the “extreme fluctuations in cryptocurrency markets,” however, the Debtor’s business collapsed. [5] 2] Three Arrows Capital, Ltd. (“the citizen residing abroad. [9] 442 (Bankr.

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Bankruptcy Debtor Trade Judgment 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

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Troutman Sanders

OCTOBER 16, 2023

On October 11, the Federal Trade Commission (FTC) announced a new proposed rule to prohibit junk fees, which are hidden and bogus fees that can harm consumers and undercut honest businesses. On October 11, the Securities and Exchange Commission (SEC) informed the U.S. For more information, click here. For more information, click here.

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ABI

JANUARY 28, 2024

7] In November of 2023, Vital filed a voluntary petition for relief under Chapter 11 of title 11 of the United States Code (the “Bankruptcy Code”) and began marketing its assets for sale. [8] 11] Vital also sought a temporary restraining order prohibiting the Owocs from using the CEO Accounts and mandating their turnover to Vital. [12]

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UK debt collections

JUNE 30, 2022

The third edition of the Allianz Trade Collection Complexity Score provides a simple assessment of how difficult it is to collect debt, helping to support decisions and manage expectations when trading internationally, essential in an environment where global business insolvencies are set to rise (+10% in 2022 and +14% in 2023).

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Troutman Sanders

NOVEMBER 13, 2023

On July 15, 2022, DFPI released a draft text related to the scope, annual report, and document retention requirements of the DCLA for public comment. On November 8, California’s Department of Financial Protection and Innovation (DFPI) announced it was seeking comments on the state’s Debt Collection Licensing Act (DCLA).

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Financial services Manufacturing Debt Management Debtor 52

Burr Forman

JANUARY 7, 2022

Birmingham AL – December January 6, 2022 – Burr & Forman LLP announces the election of eight attorneys to partnership, effective January 1. The new partners include Tala Amirfazli, John Carroll, Matthew Centeno, Meryl Cowan, Rachel Gilbert, Bill Lawrence, Armando Nozzolillo, and James Roberts. About Burr & Forman LLP.

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Bankruptcy Creditors Secured Creditor Manufacturing 52

Troutman Sanders

OCTOBER 19, 2021

The bill requires debt collectors that collect medical debt, as defined in the law, to provide medical debtors with a 60-day notice of placement or assignment before the debt collector takes any action to collect a medical debt. 424 into law which will become operative July 1, 2022. For more information, click here.

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