Shortly after the Southern District of New York ruled on third-party releases in the Purdue Pharma case, the District Court of the Eastern District of Virginia similarly overturned a plan containing third-party releases in the Ascena Retail Group bankruptcy case. How does this decision relate to the Purdue Pharma decision and what does it mean for the future of third-party releases?
Can a debtor include releases of non-debtor third parties in its chapter 11 plan? This divisive issue has been litigated before a number of different courts throughout the country. The Southern District of New York recently weighed in and reversed the confirmation of a plan containing third party releases. How does this recent decision impact the continued debate over third-party releases?
Some debtors are taking advantage of a Texas fraudulent transfer law that allows a company to transfer its debt to a Texas entity, which subsequently files for bankruptcy, and its assets to non-debtor entities, protecting the assets and eliminating the debt. What can creditors do about it?
If a debtor is a single-member LLC that is treated as a disregarded entity for tax purposes, does the debtor need to file a tax return to comply with 11 U.S.C. § 521(j). If the debtor hires an accountant to prepare and file a tax return for the debtor’s single-member owner due to the debtor’s disregarded entity status, can the bankruptcy estate compensate the accountant?
Senator Elizabeth Warren recently introduced a bill that would dramatically reshape the private equity industry and create new tools and protections for creditors.
When a case is administratively insolvent, can a trustee force estate professionals to disgorge compensation paid pursuant to a court’s order approving such compensation?
Third-party releases headline news stories about major chapter 11 cases, including Purdue Pharma and the Boy Scouts of America. Will Congress consider a bill that would restrict the use of third-party releases?
A recent court decision, Mendelsohn v. Roslyn, provides important lessons for pleading and proving fraudulent transfer claims.
Bankruptcy law is changing around the world, away from the liquidation model and toward the model of corporate rescue. Additionally, these changes reflect movement toward venue competition for the business of hosting international bankruptcy cases.
A recent case provides ten elements that courts and professionals may use to determine if vendors should receive critical vendor payments.
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