This article was sourced from Business Insider. Article by Will Martin. The European Union is sounding the alarm on Italy’s massive debt pile and warning that the country must take action soon or risk being declared in breach of EU rules. The European Commission released its annual economic and social analysis of EU Member States on […]
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 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 […]
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 John Melissinos. We asked some of our financial advisor colleagues to give us brief read outs on what they felt 2017 has in store for us now that we have gotten beyond the inauguration and into the first weeks of the Trump administration. Their thoughts […]
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 Smart Company. Article by Broede Carmody. A multimillion-dollar printing business that has been operating for more than 20 years has collapsed into voluntary administration. Sydney Allen Printers Pty Limited appointed external managers late last week but appears to still be trading. John Morgan and Geoffrey Davis from BCR Advisory have been appointed […]
This article was sourced from Yahoo Finance and Reuters. Article by Tom Hals. WILMINGTON, Del., Feb 14 (Reuters) – Energy Future Holdings Corp outlined on Tuesday a deal that resolved the biggest disputes hanging over the company as it opened a trial to confirm its plan to exit bankruptcy and be acquired by NextEra Energy Inc for about […]
Small business tax debts to be disclosed by ATO In its mid-year economic and fiscal outlook, the Australian Government announced that it will allow the Australian Taxation Office (ATO) to disclose tax debt information of businesses that have ‘not effectively engaged with the ATO’ to credit reporting agencies from 1 July 2017. Initially, this measure […]