buildings BCR Advisory
Bankruptcy Insolvency

Twelve month good behaviour bond for offence against the Bankruptcy Act

This media release was sourced from Australian Financial Security Authority. Media release: NSW (ROSENBERG) Mr Gary Steven Rosenberg of St Ives, New South Wales, was sentenced on 21 February 2017 after pleading guilty to an offence of materially contributing to his insolvency by gambling. Mr Rosenberg filed for voluntary bankruptcy in June 2014. Between June […]

BCR Advisory
Technology

Digital Transformation Requires Enterprisewide Agile Transformation

This article was sourced from Forbes. Article by Jason Bloomberg. In many corporate boardrooms, the word Agile conjures up images of small teams of hotshot software developers, iterating over their backlogs of requirements so rapidly they don’t have time to sit down during their daily status meetings. At ICAgile’s inaugural Business Agility 2017 conference in New […]

Insolvency Technology
Finance Technology

Cash is no longer king

This article was sourced from Tech Crunch. Article by Christoffer O. Hernæs.  The idea of a cashless society is one of the topics that stirs up a heated debate when it comes to the digitalization of banking and society. On one hand, physical cash is the common denominator for corruption, tax evasion, money laundering and other various illegal […]

BCR Advisory Bankruptcy
Bankruptcy

Hanjin Shipping Declared Bankrupt

This article was sourced from JD Supra Business Advisor. Article by Shumaker, Loop & Kendrick, LLP.  The Seoul Central District Court declared Hanjin Shipping Co Ltd bankrupt on Friday February 17, 2017, after ruling that Hanjin’s liquidation value was greater than its going concern value. Claims by creditors are due by May 1, 2017 and the […]

BCR Advisory articles
Bankruptcy World business

Uncooperative bankrupts – Court of Appeal upholds an extension of the bankruptcy period

This article was sourced from Byrne Wallace. Article by John Fitzgerald. In McFeely v Official Assignee in Bankruptcy [2017] IECA 21, a judgment delivered by Mr. Justice Peart on 2nd February 2017, the Court of Appeal has reiterated the importance of maintaining the integrity of the bankruptcy process in Ireland, and in so doing has provided […]

BCR Advisory World business
Bankruptcy Finance World business

Bankruptcy Is Not A Borrower Antidote For Loan “Default Interest”

This article was sourced from JD Supra Business Advisor. Article by Kevin Brodehl.  Defaulting on a loan typically triggers a higher interest rate — “default interest” — as one of many consequences for the borrower.  (Other consequences include acceleration of the maturity, late fees and penalties, and foreclosure.) Can a defaulted borrower avoid paying default interest […]

Bankruptcy BCR Advisory
Bankruptcy

Chris Lazarini Comments on Scope of Bankruptcy Rule 2004 Examination

 This article was sourced from JD Supra Business Advisor. Article by Christopher Lazarini. Bass, Berry & Sims attorney Chris Lazarini commented on a case in which objectors (a law firm, banks and accountants) opposed a bankruptcy trustee’s Rule 2004 Motion requesting information related to his investigation of potential claims in a bankruptcy proceeding. While the objectors […]

Insolvency BCR Advisory
Bankruptcy World business

Court Rejects Lender’s Objection to Payment of Debtor’s Counsel’s Fees and Expenses from Pre-Petition Retainer

 This article was sourced from JD Supra Business Advisor. Article by Rachel Cocciolo. In a decision rendered on December 30, 2016, the bankruptcy court for the Southern District of Florida (the “Court”) addressed the debtor’s counsel’s interim application for an award of fees and expenses for services rendered to the debtor and its bankruptcy estate, as […]

buildings BCR Advisory
Insolvency World business

Massachusetts Bankruptcy Court Sends a Reminder on Avoiding the Substantive Consolidation Trap

 This article was sourced from Mintez Levin. Article by Charles W. Azano. There are numerous reasons why a company might use more than one entity for its operations or organization: to silo liabilities, for tax advantages, to accommodate a lender, or for general organizational purposes. Simply forming a separate entity, however, is not enough. Corporate formalities […]

BCR Advisory team
Bankruptcy Insolvency

Fifth Circuit Rules for PACA Claimants, and Weakens PACA, All in One Curious Ruling

 This article was sourced from JD Supra Business Advisor. Article by Leah Fiorenza McNeill.  Most restructuring practitioners are aware, either vaguely or through punishing experience, of the power of PACA creditors.  PACA (or the Perishable Agricultural Commodities Act, 7 U.S.C. § 499a et seq. for those who hate brevity) requires that buyers of produce hold such […]

BCR Advisory
Bankruptcy

Lenders Seeking Loan Modification After Bankruptcy, Beware!

 This article was sourced from JD Supra Business Advisor. Article by Paul Fanning, Norman Leonard. LENDERS CANNOT REVIVE A GUARANTY OBLIGATION DISCHARGED IN BANKRUPTCY WITH A SUBSEQUENT MODIFICATION OR FORBEARANCE AGREEMENT, EVEN WITH NEW CONSIDERATION; AND ATTEMPTING TO DO SO MAY LEAD TO LENDER LIABILITY EXPOSURE.  Recently, a bankruptcy judge in the United States Bankruptcy Court […]