Lawyers USA Online » Chapter 11

Bankruptcy filings continue to decline

Kimberly Atkins — Fri, 08 Feb 2013 04:03:59 +0000

WASHINGTON – In a continuation of the downward trend that began in 2011, bankruptcy filings in federal courts declined during calendar year 2012, according to data released by the Administrative Office of the U.S. Courts.

According to the data, 1,221,091 bankruptcies were filed in 2012, a 13 percent drop from
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Chapter 11 debtors subject to ‘absolute priority rule’

Pat Murphy — Fri, 18 Jan 2013 17:53:28 +0000

The 2005 amendments to the Bankruptcy Code did not exempt individual Chapter 11 debtors from the application of the absolute priority rule, the 10th Circuit has ruled in reversing judgment.

The absolute priority rule bars junior claimants, including debtors, from retaining any interest in property when a dissenting class of
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McCourts return to court in renewed divorce battle

Correy Stephenson — Mon, 15 Oct 2012 17:10:21 +0000

Less than one year after Frank and Jamie McCourt reached a settlement in their contentious divorce proceedings, the couple is back in court.

After reaching a settlement last November, Jamie McCourt has filed a new motion seeking to set aside
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Retail sales taxes nondischargeable in bankruptcy

Pat Murphy — Tue, 24 Jul 2012 15:44:20 +0000

The owner of a restaurant was not entitled to a discharge of debt for unpaid retail sales taxes when he filed for Chapter 11 bankruptcy protection, the 3rd Circuit has ruled in affirming judgment.

When the debtor filed for bankruptcy, the state of New Jersey filed a claim in the
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Bankruptcy bar takes aim at ‘unfair’ fee proposal

David Frank — Thu, 28 Jun 2012 16:23:58 +0000

A controversial fee proposal from the Executive Office for U.S. Trustees is receiving a cold reception from bankruptcy lawyers, with some even threatening to leave the practice if the policy is implemented.

Under the plan announced by the U.S. Department of Justice last winter, law firms and attorneys applying for
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Class claims against Owens Corning weren’t discharged

Pat Murphy — Tue, 22 May 2012 15:37:10 +0000

A class claims seeking damages for alleged defects in Owens Corning roofing shingles were not discharged by the company’s Chapter 11 bankruptcy case, the 3rd Circuit has ruled in reversing a summary judgment.

The two named plaintiffs in the case both had roofing shingles manufactured by Owens Corning installed on
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Asbestos policies can be assigned in bankruptcy

Pat Murphy — Thu, 03 May 2012 16:25:25 +0000

Liability insurers could not enforce anti-assignment clauses in their policies when their policyholder sought relief in bankruptcy from asbestos claims, the 3rd Circuit has ruled in affirming judgment.

The debtor, Federal-Mogul Global, Inc., is one of the world’s largest manufacturers of automobile parts. In 2001, the debtor filed for Chapter
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Justices tackle credit-bidding in bankruptcy ‘cramdown’ plan

Kimberly Atkins — Mon, 23 Apr 2012 20:39:32 +0000

WASHINGTON – The justices of the U.S. Supreme Court took up a complicated bankruptcy case Monday, parsing the language of the Bankruptcy Code to determine if a Chapter 11 debtor must give a secured creditor the right to credit bid items
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Automatic stay for bankrupt party doesn’t apply to co-defendants

Correy Stephenson — Fri, 23 Dec 2011 18:06:06 +0000

An insolvent asbestos defendant’s bankruptcy filing does not stay all litigation involving solvent co-defendants, the Alabama Supreme Court has ruled.

The plaintiffs filed a wrongful death suit against a number of defendants based on their decedents’ exposure to asbestos particles. They sought to hold the defendants jointly and severally liable.

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Justices to decide ‘cramdown’ rights of secured lender

Pat Murphy — Mon, 12 Dec 2011 20:16:25 +0000

The U.S. Supreme Court will decide whether a Chapter 11 debtor may pursue a reorganization plan that proposes to sell encumbered assets at auction free and clear of liens without allowing a secured lender to bid its credit.

The Court will review a decision by the 7th Circuit that a
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