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New Jersey Bankruptcy Courts Remain a Strong Option for Debtors Seeking to Obtain a Third-Party Release in a post-Purdue Pharma...

The restructuring industry held its proverbial breath following the Supreme Court’s decision in Harrington v. Purdue Pharma L.P., which invalidated the nonconsensual third-party release in the debtors’ plan. While various...more

Are Gate-keeper Provisions in Chapter 11 Confirmation Orders a Stopgap for Nonconsensual Third-Party Releases?

As many bankruptcy practitioners are aware, there is a circuit court split with respect to the allowability of non-consensual third-party releases. Notably, in the Purdue Pharma case, the United States Court of Appeals for...more

In re The Hacienda Company, LLC – Round 2: Bankruptcy Courts May be Available to Non-Operating Cannabis Companies to Liquidate...

As discussed in our earlier blog post, In re The Hacienda Company, LLC – a Flicker of Hope for Distressed Cannabis Companies: Bankruptcy May be Available to Liquidate Assets of Non-Operating Cannabis Companies | In Solvency...more

Delaware Bankruptcy Court Latest to Determine that Refund of Excess Quarterly US Trustee Fee Payments is Appropriate

The Fox Rothschild In Solvency blog previously covered the Supreme Court’s decision in Siegel v. Fitzgerald, 142 S. Ct. 1770 (2022), in which the 2017 amendment to 28 U.S.C. § 1930(a)(6) increasing quarterly fees payable to...more

In re The Hacienda Company, LLC – a Flicker of Hope for Distressed Cannabis Companies: Can Non-Operating Cannabis Companies...

Until recently, the bankruptcy courts have generally been unavailable for insolvent cannabis companies to liquidate or reorganize.   The Office of the United States Trustee (the “UST”) has a mandate from the Department of...more

Do Liquidating Trusts Have to Pay Quarterly US Trustee Fees?

In a 2021 opinion in In re Paragon Offshore PLC, 629 B.R. 227 (Bankr. D. Del. 2021) (“Paragon Offshore”), Judge Sontchi of the United States Bankruptcy Court for the District of Delaware held that a litigation trust created...more

Duties of Claims Agents are Limited to the Scope of 28 U.S.C. § 156(c)

The Clerk of the Court (“Clerk”) is the “official custodian of the records and dockets of the bankruptcy court,” and when it appears that there will be a distribution to unsecured creditors in a bankruptcy case, the Clerk...more

Bankruptcy Rules of Procedure Apply When a District Court is Hearing a “Related To” Proceeding

The First Circuit was required to decide whether the Federal Rules of Bankruptcy Procedure (the “Bankruptcy Rules”) or the Federal Rules of Civil Procedure (the “Civil Rules”) govern a case that comes within the federal...more

Disqualification Of Attorney For Creditor Committee Vacated

The relationship for which counsel for a committee could be disqualified was addressed in the recent case of Bingham Greenbaum Doll, LLP v. Glenview Health Care Facility, Inc., 620 B.R. 582 (6th Cir. B.A.P. 2020)...more

Court Rules That Litigation Trust Does Not Have To Pay Quarterly Fees To U.S. Trustee

Pursuant to 28 U.S.C. § 1930(a)(6), chapter 11 debtors must pay a quarterly fee to the United States Trustee for deposit in the United States Treasury, until the case is converted or dismissed. The fee is based on a formula...more

Bankruptcy FAQ: Options Facing Distressed Businesses

The following are questions and answers that a distressed company considering insolvency options, including a potential bankruptcy filing, may find useful. Q: What is the difference between Chapter 11 and Chapter 7...more

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