Can I Borrow Your Cause of Action for a Minute? Derivative Standing in the Seventh Circuit

December 10, 2014

A debtor’s prepetition causes of action and other legal interests typically become property of the debtor’s estate under section 541 of the Bankruptcy Code. In a chapter 11 case, this often leaves the trustee (or debtor in possession) with the sole authority to pursue – or not pursue – such causes of action postpetition. Although […]

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Ontario Court of Appeal Rejects Theory of “Common Enterprise Insolvency”

December 9, 2014

NORTH OF THE BORDER UPDATE This article has been contributed to the blog by Andrea Lockhart, an Associate in the Insolvency and Restructuring Group of Osler, Hoskin & Harcourt LLP, and Mary Angela Rowe, an Articling Student-at-Law at the firm In Re CanaSea Petrogas Group Holdings Ltd., 2014 ONSC 6116, the Ontario Court of Justice […]

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Breaking News: The ABI Commission to Study the Reform of Chapter 11 Issues Its Final Report and Recommendations

December 8, 2014

The American Bankruptcy Institute Commission to Study the Reform of Chapter 11 today released its long-awaited, much-anticipated Final Report and Recommendations. Over the next several weeks, we at the Weil Bankruptcy Blog will provide our faithful readers with summaries of the most interesting and important issues addressed in the Report—our goal is to enable you […]

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If it Looks Like a Duck and Quacks Like a Duck, Then…: Kansas Bankruptcy Court Finds Car “Lease” is a Disguised Financing Based on Economic Realities of Transaction

December 4, 2014

When a contract looks like a lease, but operates more like a security agreement, how should the contract be treated in bankruptcy? The United States Bankruptcy Court for the District of Kansas recently considered this question in In re James, noting that the issue of categorizing a transaction as a lease or security agreement is […]

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There’s a Thin Line Between Equity and Debt: Affiliates, Advances and Avoiding Recharacterization

December 3, 2014

Although likely not the intent of In re Siag Aerisyn, LLC, a recent decision from the United States Bankruptcy Court for the Eastern District of Tennessee Southern Division, some might argue that the opinion serves as a how-to guide for masking a capital contribution by an affiliate as a loan constituting bona fide debt. As […]

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House Passes Financial Institution Bankruptcy Act of 2014 and Takes Significant Step Towards Establishing a Separate Bankruptcy Process for Bank Holding Companies and Large Financial Institutions

December 2, 2014

While some of us may have had turkey on the mind over the last few days following the Thanksgiving holiday, members of the U.S. House of Representatives clearly had more important things than turkey to ponder. Just yesterday, December 1, 2014, the House passed H.R. 5421, the Financial Institution Bankruptcy Act of 2014. The legislation […]

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Bankruptcy Court Announces Cyber Monday Deals: Higher Fees, New Rules, and Revised Forms

December 1, 2014

It’s that time of year again! The bankruptcy courts’ new rules, fees, and forms come into effect today. Just like news outlets this time of year summarize where you can find the best online deals, we thought we’d take the opportunity to review this year’s bankruptcy-related amendments. Consult your local listings bankruptcy rules, statutes and […]

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