The Restructuring Report

In a case that may end up before the Supreme Court, the Second Circuit recently analyzed the extraterritorial application of the fraudulent transfer laws found in the Bankruptcy Code on transfers made outside the U.S. between transferors and transferees both located outside of the U.S.

In a recent decision, a gardening supply store was denied bankruptcy protection due to its business model, which targeted marijuana growers in states that have legalized its use.

After the Ninth Circuit in In re Taggart set a new and narrow precedent regarding exactly what a creditor must do in order to be subject to civil contempt sanctions for a violation of the discharge injunction, the ball is now with the U.S. Supreme Court to determine what influence that extraordinary opinion will have on other courts.

New dollar amounts for exemptions under the Bankruptcy Code took effect on April 1, 2019, and apply to all cases filed on or after that date. Ryan Murphy prepared a table that summarizes these updated Bankruptcy Code amounts and also compares the Bankruptcy Code exemptions with the Minnesota state-law exemptions.