News & Analysis as of

Uniform Commercial Code (UCC) Chapter 7 Commercial Bankruptcy

ArentFox Schiff

Understanding Suppliers’ Rights and Remedies in Retail and Hospitality Bankruptcies

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On May 14, Outfox Hospitality LLC, the parent company of the retail chain Foxtrot Market, along with its affiliates, filed for Chapter 7 bankruptcy protection in the Bankruptcy Court for the District of Delaware, with the...more

Troutman Pepper

A Win for Lenders: Seventh Circuit Finds UCC-1 Collateral Description Reference Sufficient

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In a win for lenders, on September 11, the U.S. Court of Appeals for the Seventh Circuit reversed the U.S. Bankruptcy Court for the Central District of Illinois, holding that the collateral description in the UCC-1 financing...more

Patterson Belknap Webb & Tyler LLP

An Unresolved Issue at the Intersection of Consignment and Bankruptcy Law Decided

It always amazes me when, after more than a half-century of Uniform Commercial Code (“UCC”) jurisprudence, an issue one thinks would arise quite commonly appears never to have been decided in a reported case. Such an issue...more

Troutman Pepper

Ambiguous UCC Collateral Descriptions Part II: Another Snare for Private Equity Companies

Troutman Pepper on

On August 20, the U.S. Bankruptcy Court for the Central District of Illinois in In re I80 Equipment, LLC, No.17-81749, 2018 WL 4006294 (Bankr. C.D. Ill. Aug. 20, 2018) held that a secured party failed to perfect its security...more

Blank Rome LLP

Anticipating and Managing Bankruptcy Risk

Blank Rome LLP on

Blank Rome Partner Ira Herman authored “Anticipating and Managing Bankruptcy Risk,” a series of articles prepared for the Financial Restructuring & Bankruptcy module of Lexis Practice Advisor, a comprehensive practical...more

Troutman Pepper

Bailment: Retaining Funds Received From a Bankrupt Bailee Is Not a Slam Dunk

Troutman Pepper on

In re Mississippi Valley Livestock, Inc., 745 F.3d 299 (7th Cir. 2014) – A debtor sold cattle for the account of a cattle producer and then remitted the proceeds to the producer. A chapter 7 trustee sought to recover...more

Troutman Pepper

Loan to Own: A Potpourri of Bankruptcy Attacks

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Colony Beach & Tennis Club Ass’n, Inc. v. Colony Lender, LLC (In re Colony Beach & Tennis Club, Inc.), 508 B.R. 468 (Bankr. M.D. Fla. 2014) – Three affiliated debtors (RMI, CBTC and CBI) proposed a plan of...more

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