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
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
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
9/27/2023
/ Agribusiness ,
Bankruptcy Code ,
Bankruptcy Court ,
Cannabis-Related Businesses (CRBs) ,
Chapter 11 ,
Controlled Substances Act ,
Creditors ,
Debtors ,
Federal Rules of Civil Procedure ,
Liquidation ,
Marijuana Related Businesses ,
Money Laundering ,
Ownership Interest ,
Restructuring
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
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
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
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
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
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
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
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
9/3/2020
/ Bankruptcy Code ,
Bankruptcy Court ,
Chapter 11 ,
Chapter 7 ,
Commercial Bankruptcy ,
Creditors ,
Debtors ,
Dissolution ,
Refinancing ,
SBA ,
Trustees