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- And Economic Stability Act; Detroit; Puerto Rico; Municipal Bankruptcy; Federalism; (1)
- And Economic Stability Act; Puerto Rico; US Virgin Islands; Debt Default; Financial Oversight and Management Board for Puerto Rico; Creditor Action; Chapter 9; Title III; Chapter 11 (1)
- Bankruptcy Law; Bankruptcy Code; Chapter 11; Chapter 7; Chapter 9; Public Law; Judge; Judging; Structural Reform; Constitution; Constitutional Law; Private Law; Debtor; Creditor; PROMESA; Puerto Rico Oversight (1)
- Bankruptcy; bankruptcy code; trustee; fraudulent conveyance; fraudulent transfer; Section 544; Section 544(b); Section 548; Uniform Fraudulent Conveyance Act; UFCA; Uniform Fraudulent Transfer Act (1)
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- Municipal Bankruptcy; Bankruptcy Code; Chapter 9; Chapter 11; Tenth Amendment; US Constitution; Property Law; Debtor; Creditor; Federalism; Fincncial Restrucuturing; State Sovereignty; Public Bankruptcy; Municipal debtor-creditor law; Municipal Finance; (1)
- Pubic Bankruptcy; Bankruptcy Clause; Article I; Section 8; Clause 4; United States Constitution; Uniform Bankruptcy Law; PROMESA; Puerto Rico Oversight (1)
- Public Bankruptcy; Sovereign Debt; Debt Restructuring; Sovereign Debt Restructuring; International Law; Collective Action Clause; International Capital market Association; National Debt; Debt Default; Greece; International Monetary Fund; Sovereign Debt Restructuring Mechanism; United Nations Conference on Trade and Development; UNCTAD; IMF; SDRM; (1)
- UFTA; Federal Debt Collection Procedures Act; FDCPA; Internal Revenue Code; IRC; Internal Revenue Service; IRS; avoidance action; avoidance power; applicable law; impermissible modification; plain meaning; statutory construction; golden creditor; triggering creditor; derivative power; statute of limitations; limitation period; lookback period; in re Mirant; In re Vaughan; In Re Tronox; In re Kaiser; nullum tempus; sovereign (1)
Articles 1 - 5 of 5
Full-Text Articles in Law
Sovereign Debt Restructuring And English Governing Law, Steven L. Schwarcz
Sovereign Debt Restructuring And English Governing Law, Steven L. Schwarcz
Brooklyn Journal of Corporate, Financial & Commercial Law
The problem of sovereign indebtedness is becoming a worldwide crisis because nations, unlike individuals and corporations, lack access to bankruptcy laws to restructure unsustainable debt. Decades of international efforts to solve this problem through contracting and attempted treaty-making have failed to provide an adequate debt-restructuring framework. A significant amount of outstanding sovereign debt is governed, however, by English law. This Article argues that the U.K. Parliament has the extraordinary power to help solve the problem of unsustainable country debt by changing English law to facilitate fair and consensual debt restructuring. This Article also proposes modifications to English law that Parliament …
Promesa And The Bankruptcy Clause: A Reminder About Uniformity, Stephen J. Lubben
Promesa And The Bankruptcy Clause: A Reminder About Uniformity, Stephen J. Lubben
Brooklyn Journal of Corporate, Financial & Commercial Law
The Bankruptcy Clause—Article I, Section 8, Clause 4—provides that “The Congress shall have power . . . [t]o establish . . . uniform Laws on the subject of Bankruptcies throughout the United States . . . .”[1] But Congress has just enacted a bankruptcy law that applies to a single American territory. In early May 2017, Puerto Rico and one affiliated entity filed a petition under this new law. In late May, the Employees Retirement System commenced a case, along with the Puerto Rico Highway and Transportation Authority. Other Puerto Rican sub-entities are expected to follow. I use this short …
Decision-Making And The Shaky Property Foundations Of Municipal Bankruptcy Law, Juliet M. Moringiello
Decision-Making And The Shaky Property Foundations Of Municipal Bankruptcy Law, Juliet M. Moringiello
Brooklyn Journal of Corporate, Financial & Commercial Law
Municipal bankruptcies are unpredictable. There are several reasons for this statement— municipal bankruptcies are rare, involvement of the state itself in the process varies according to the governing state law, and chapter 9, the Bankruptcy Code chapter governing the municipal bankruptcy process, has many gaps. Congress constructed the modern chapter 9 on a foundation of corporate bankruptcy law, a foundation whose roots—corporate finance—are significantly different from the rules governing municipal finance. In this Article, Professor Moringiello aims a spotlight on the property roots of private bankruptcy law and compares them to the promissory and statutory roots of municipal finance law …
Towards A Jurisprudence Of Public Law Bankruptcy Judging, Edward J. Janger
Towards A Jurisprudence Of Public Law Bankruptcy Judging, Edward J. Janger
Brooklyn Journal of Corporate, Financial & Commercial Law
In this essay Professor Janger considers the role of bankruptcy judges in Chapter 9 cases in light of the scholarly literature on public law judging. He explores the extent to which bankruptcy judges engaged in the fiscal restructuring of a municipality use tools, and face constraints, similar to those utilized by federal district court judges in structural reform cases, where constitutional norms are at issue.
Golden Creditors, Copper Rules: An Analysis Of Avoidance Actions Under Section 544(B) Of The Bankruptcy Code In Cases Where A Federal Creditor Holds A Claim, John F. Rabe Jr.
Golden Creditors, Copper Rules: An Analysis Of Avoidance Actions Under Section 544(B) Of The Bankruptcy Code In Cases Where A Federal Creditor Holds A Claim, John F. Rabe Jr.
Brooklyn Law Review
Section 544(b) of the Bankruptcy Code endows the trustee with the power to avoid fraudulent transfers that an unsecured creditor could have avoided under applicable law. Most states have adopted versions of the Uniform Fraudulent Conveyances Act (UFCA) or Uniform Fraudulent Transfers Act (UFTA) that impose four- or six-year statutes of limitations on private creditors seeking to unwind fraudulent transfers. Certain government creditors, however, have access to longer statutes of limitation than those available to their private counterparts. Federal creditors acting pursuant to the Federal Debt Collection Procedures Act (FDCPA) or Internal Revenue Code (IRC), for example, can avail themselves …