International Update: German Supreme Tax Court Abolishes German Restructuring Privilege

Given the prevalence of cross-border restructurings, the Weil Bankruptcy Blog periodically brings our readers interesting restructuring law updates from around the world.  This blog entry describes a development that could have an impact on restructurings in Germany.  Cancellation of debt – a key element of most restructurings – generally triggers taxable […]

Recoupment – Is it the same transaction?

Recoupment is an equitable remedy – not expressly addressed in the Bankruptcy Code – that permits the offset of mutual debts arising out of the same transaction or occurrence.  Unlike typical setoff, if recoupment applies, prepetition debts can be set off against postpetition debts.  A recent decision from the Delaware […]

Taxing Legal Marijuana: A Hazy Issue for Municipal Bankruptcy

The past 25 years have marked a growing trend toward the legalization and decriminalization of marijuana. Twenty-eight states have legalized the drug’s medical use, with seven states and Washington, D.C. going a step further by legalizing its recreational use for adults over the age of 21. Despite the actions taken […]

Chapter 22 Commencement to Confirmation in Just 6 days: Exploring Roust Corporation

Roust Corporation (“Roust”) caught everyone’s attention when, on January 6, 2017, Southern District of New York Bankruptcy Judge Robert Drain held a joint first day and confirmation hearing and confirmed the prepackaged plan of reorganization of Roust Corporation and certain affiliates (collectively, the “Debtors”) only six (6) days after the […]