This article was sourced from Australian Financial Security Authority. Ms Alison Jane BENSON of Upper Ferntree Gully, Victoria, was sentenced on 4 May 2017 after pleading guilty to offences of removing part of her property to the value of $20 or more, and signing a declaration contained in her Statement of Affairs that she knew to […]
This article was sourced from Ashfords. Article by Olivia Bridger and Alan Bennett. Chief Registrar Baister overturned the Adjudicator’s decision in refusing to grant a Bankruptcy Order where the Debtor’s COMI was an issue. Mr Budniok, a German citizen who had recently moved to London, applied online for a Bankruptcy Order in England. After several requests for […]
This article was sourced from Lexology. Article by Corrs Chambers Westgarth. This week’s TGIF considers Fordyce v Ryan & Anor; Fordyce v Quinn & Anor [2016] QSC 307, where the Court considered whether a beneficiary’s interest in a discretionary trust amounted to ‘property’ for the purposes of the Bankruptcy Act 1966 (Cth). BACKGROUND The case centred around […]
This article was sourced from Reuters. Article by William Mallard and Makiko Yamazaki. Westinghouse Electric Co, the U.S. nuclear unit of Japan’s Toshiba Corp (6502.T), could file for bankruptcy protection as early as Tuesday and is seeking support from South Korea’s Korea Electric Power Corp (015760.KS), the Nikkei said on Monday. A Chapter 11 filing could help […]
This article was sourced from JD Supra. Article by Brandy Sargent. In a recent opinion, the U.S. Bankruptcy Court for the District of Oregon reminds all finance lawyers (and participants trying to document a finance transaction without legal assistance) that recording an “assignment” of a deed of trust is not always sufficient to perfect an interest […]
This article was sourced from JD Supra. Article by Kevin Meek. “Risk comes from not knowing what you’re doing” – Warren Buffett Can a bankruptcy court deny fees requested by a professional simply because her client chose a poor strategy? The Bankruptcy Court for the District of Idaho recently rejected such a notion, holding that an accounting […]
This article was sourced from JD Supra. Article by D. Matthew Allen. The Middle District of Florida recently denied a plaintiff’s motion for class certification concerning claims that a collection agency illegally and intentionally sent collection correspondence to mortgagees whose debts already had been discharged in bankruptcy proceedings. The plaintiff alleged violations of state and federal […]
This article was sourced from NY Times. Article by LAUREN SILVA LAUGHLIN. Like any good private-equity investor, Carlyle has demonstrated a knack for buying when others are selling, and vice versa. It is instructive then that Carlyle, led by David Rubenstein, is embarking on its biggest quest for distressed assets at a time when tax-cut hopes are […]
This article was sourced from Law360. Article by Alex Wolf. Telecommunications provider Avaya Holdings Inc. asked a New York bankruptcy court on Wednesday for permission to pay up to $3.7 million in this year’s fiscal second quarter to 11 “key” executives as part of an incentive program to help it outperform earnings targets. Avaya, which […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
This article was sourced from JD Supra Business Advisor. Article by Tracy Green. The contractor on a project files a bankruptcy case. How should the property owner and subcontractors proceed? When a party to a contract files bankruptcy, the other party’s actions are constrained by the bankruptcy code. Types of Bankruptcies The typical bankruptcy case involves […]
This article was sourced from Insolvency Interface. Article by Peter Keenan. Some of the changes to the Australia’s bankruptcy legislation approved when the Insolvency Law Reform Act was passed in 2016 will commence on 1 March 2017. The Australian Financial Security Authority (AFSA), the regulator of the Bankruptcy Act, has issued a table listing those […]
This article was sourced from JD Supra. Article by Christopher Somma and Goodwin. On January 4, 2017, the United States Bankruptcy Court for the District of Massachusetts found that a Chapter 7 Trustee could avoid the debtor’s mortgage and preserve it for the benefit of the bankruptcy estate. The opinion, Eastern Bank v. Benton (In re Thomas H […]