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2007

Bankruptcy

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Institution
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Articles 31 - 52 of 52

Full-Text Articles in Law

Directors' Duty To Creditors And The Debt Contract, Simone M. Sepe Jan 2007

Directors' Duty To Creditors And The Debt Contract, Simone M. Sepe

Journal of Business & Technology Law

No abstract provided.


Gap Filling In The Zone Of Insolvency, Frederick Tung Jan 2007

Gap Filling In The Zone Of Insolvency, Frederick Tung

Journal of Business & Technology Law

No abstract provided.


Preemption, Agency Cost Theory, And Predatory Lending By Banking Agents: Are Federal Regulators Biting Off More Than They Can Chew , Christopher L. Peterson Jan 2007

Preemption, Agency Cost Theory, And Predatory Lending By Banking Agents: Are Federal Regulators Biting Off More Than They Can Chew , Christopher L. Peterson

American University Law Review

A pitched battle is currently being waged for control of the American banking industry. For over a hundred years, the federal and state governments have maintained a complex, but relatively stable truce in their contest for power. At the beginning of our republic, state governments were the primary charterers and regulators of banks. In the wake of the Civil War, the National Bank Act created parity between federal and state banks, cementing the notion of a dual banking system that endured through the twentieth century. But in the past five years, the federal government has increasingly used its powers under …


Strike Or Dismiss: Interpretation Of The Bapcpa 109(H) Credit Counseling Requirement, Joseph Satorius Jan 2007

Strike Or Dismiss: Interpretation Of The Bapcpa 109(H) Credit Counseling Requirement, Joseph Satorius

Fordham Law Review

No abstract provided.


Eliminating The Judicial Function In Consumer Bankruptcy, Rafael I. Pardo Jan 2007

Eliminating The Judicial Function In Consumer Bankruptcy, Rafael I. Pardo

Scholarship@WashULaw

The centerpiece of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 has been the means test, a formulaic statutory directive pursuant to which courts are to presume abuse of the bankruptcy system by Chapter 7 debtors who have an ability to repay past debts with future income. This Essay provides a new insight into means testing by arguing that, more than anything else, it has brought about a significant change in the institutional design of bankruptcy courts: namely, the increased blurring of administrative and judicial functions. The Essay concludes that this development should be cause for concern as …


Our Federalism Changes Course: The Supreme Court Limits State Sovereign Immunity In Bankruptcy Actions, Benjamin C. Hassebrock Jan 2007

Our Federalism Changes Course: The Supreme Court Limits State Sovereign Immunity In Bankruptcy Actions, Benjamin C. Hassebrock

Missouri Law Review

Although sovereign immunity jurisprudence is not the most highly publicized topic of debate in the mainstream media, it has recently become a major source of contention on the Supreme Court. The flurry of sovereign immunity litigation that has reached the high court in the last decade has yielded mostly 5-4 decisions that have expanded the state's ability to assert immunity as a defense. Given this trend, few could have predicted the outcome of the court's decision in Central Virginia Community College v. Katz. In Katz, the 5-4 decision broke the other direction, and the court held that states had waived …


Bankruptcy Pro Bono Representation Of Consumers: The Seven Deadly Sins, Nancy B. Rapoport, Roland Bernier Iii Jan 2007

Bankruptcy Pro Bono Representation Of Consumers: The Seven Deadly Sins, Nancy B. Rapoport, Roland Bernier Iii

Scholarly Works

This article attempts to walk the reader through the morass left by BAPCPA, using the seven deadly sins as its motif.


The Offshore Asset Protection Trust: A Prudent Financial Planning Device Or The Last Refuge Of A Scoundrel?, Richard C. Ausness Jan 2007

The Offshore Asset Protection Trust: A Prudent Financial Planning Device Or The Last Refuge Of A Scoundrel?, Richard C. Ausness

Law Faculty Scholarly Articles

In recent years, a large number of Americans have established "asset protection trusts" in foreign countries. An asset protection trust is a self-settled spendthrift trust which is created in order to protect the settlor's property from the claims of creditors. Virtually all American jurisdictions recognize spendthrift trusts, which prohibit both voluntary and involuntary alienation of a third party beneficiary's interest in a trust; however, most do not allow a settlor who has retained a beneficial interest in a spendthrift trust to protect that interest from the claims of creditors. A growing number of present and former British possessions, however, have …


The Maxwell Case, John A. E. Pottow Jan 2007

The Maxwell Case, John A. E. Pottow

Book Chapters

This chapter will provide some broader context regarding the famous Maxwell Communication bankruptcy, which is one of the most significant cross-border insolvency precedents to date.1 It does so by first looking at Bob Maxwell's life and business in roughly chronological stages (the good, the bad, and the ugly). It then explores the insolvency proceedings that bear his name (the beautiful) and one specific litigation action within those proceedings of particular importance (the exquisite). Finally, it offers some brief reflection on what the Maxwell case may have taught us (the sublime).


Teaching Selected Ethical Issues In Bankruptcy, Michael Korybut Jan 2007

Teaching Selected Ethical Issues In Bankruptcy, Michael Korybut

All Faculty Scholarship

Both consumer and business bankruptcies present numerous ethical questions. Like any lawyer, the bankruptcy attorney must be familiar with a variety of ethics codes and rules, such as the 1969 ABA Model Code of Professional Responsibility or the 1983 ABA Model Rules of Professional Conduct. Further, the Bankruptcy Code has a number of provisions that raise ethical questions. Accordingly, when the author teaches his Bankruptcy survey course, he devotes time in a number of classes to ethical issues. In particular, the author spends a good part of one class on Bankruptcy Code section 327(a) which prohibits an attorney representing the …


Representing Victims Of Domestic Violence In Property Distribution Proceedings After The Bankruptcy Abuse Prevention And Consumer Protection Act Of 2005, Elizabeth Brandt Jan 2007

Representing Victims Of Domestic Violence In Property Distribution Proceedings After The Bankruptcy Abuse Prevention And Consumer Protection Act Of 2005, Elizabeth Brandt

Articles

No abstract provided.


Bankruptcy Decision Making: An Empirical Study Of Continuation, Edward R. Morrison Jan 2007

Bankruptcy Decision Making: An Empirical Study Of Continuation, Edward R. Morrison

Faculty Scholarship

Many small businesses attempt to reorganize under Chapter 11 of the U.S. Bankruptcy Code, but most are ultimately liquidated instead. Little is known about this shutdown decision. It is widely suspected that the bankruptcy process exhibits a continuation bias, allowing failing businesses to linger under the protection of the court, which resists liquidation even when it is optimal. This paper examines the shutdown decision in a sample of Chapter 11 bankruptcy cases filed in a typical bankruptcy court over the course of a year. The presence of continuation bias is tested along several dimensions – the extent of managerial control …


Non-Pecuniary Interests And The Injudicious Limits Of Appellate Standing In Bankruptcy, S. Todd Brown Jan 2007

Non-Pecuniary Interests And The Injudicious Limits Of Appellate Standing In Bankruptcy, S. Todd Brown

Journal Articles

Standing to appeal bankruptcy court orders today is limited to those with a pecuniary interest. This prudential limitation is based on the person aggrieved requirement of Section 39(c) of the Bankruptcy Act of 1898 - a requirement that was not included in the Bankruptcy Code. This article examines the extensive differences between the Act and the Code, the potential justifications for extending the pecuniary interest test in spite of the omission of the person aggrieved requirement, and the potential ramifications for parties and the integrity of the bankruptcy process. This analysis suggests that standing to appeal bankruptcy orders should be …


Private Liability For Reckless Consumer Lending, John A. E. Pottow Jan 2007

Private Liability For Reckless Consumer Lending, John A. E. Pottow

Articles

Congress recently enacted amendments to the Bankruptcy Code that possess the overarching theme of cracking down on debtors due to the increasing rate at which individuals have been filing for bankruptcy. Taking into account the correlation between the overall rise in consumer credit card debt and the rate of individual bankruptcy filings, the author nevertheless hypothesizes that not all credit card debt is troubling. Instead, the author proposes that the catalyst driving individual bankruptcy rates higher than ever is the level of "bad credit"-or credit extended to individuals even though there is a reasonable likelihood that the individual will be …


Bankruptcy Fire Sales, Lynn M. Lopucki, Joseph W. Doherty Jan 2007

Bankruptcy Fire Sales, Lynn M. Lopucki, Joseph W. Doherty

UF Law Faculty Publications

For more than two decades, scholars working from an economic perspective have criticized the bankruptcy reorganization process and sought to replace it with market mechanisms. In 2002, Professors Douglas G. Baird and Robert K. Rasmussen asserted in The End of Bankruptcy, an article published in the Stanford Law Review, that improvements in the market for large, public companies had rendered reorganization obsolete. Going concern value could be captured through sale. This article reports the results of an empirical study comparing the recoveries in bankruptcy sales of large public companies in the period 2000-2004 with the recoveries in bankruptcy reorganizations during …


The Curious Incident Of The Law Firm That Did Nothing In The Night-Time, Nancy B. Rapoport Jan 2007

The Curious Incident Of The Law Firm That Did Nothing In The Night-Time, Nancy B. Rapoport

Scholarly Works

This essay argues that organizations (here, the Milbank, Tweed law firm) often ignore obviously bad behavior by their employees because of various psychological and sociological factors that prevent them from recognizing the behavior as bad in the first place.


The Promise And Perils Of Credit Derivatives, Frank Partnoy, David A. Skeel Jr. Jan 2007

The Promise And Perils Of Credit Derivatives, Frank Partnoy, David A. Skeel Jr.

All Faculty Scholarship

In this Article, we begin what we believe will be a fruitful area of scholarly inquiry: an in-depth analysis of credit derivatives. We survey the benefits and risks of credit derivatives, particularly as the use of these instruments affect the role of banks and other creditors in corporate governance. We also hope to create a framework for a more general scholarly discussion of credit derivatives. We define credit derivatives as financial instruments whose payoffs are linked in some way to a change in credit quality of an issuer or issuers. Our research suggests that there are two major categories of …


Timbers Of Inwood Forest, The Economics Of Rent, And The Evolving Dynamics Of Chapter 11, Edward R. Morrison Jan 2007

Timbers Of Inwood Forest, The Economics Of Rent, And The Evolving Dynamics Of Chapter 11, Edward R. Morrison

Faculty Scholarship

The Supreme Court's decision in Timbers of Inwood Forest occupies an unhappy position in bankruptcy case law. It is often remembered as a troubled interpretation of the Code, denying undersecured creditors compensation for an important source of depreciation – depreciation in the real value of a creditor's claim during a lengthy reorganization process. But Timbers was not a simple case in which a bank was denied adequate protection for lost investment opportunities. It was instead a case in which the bank tried to opt out of the bankruptcy process itself. The debtor was an apartment complex. After it entered bankruptcy, …


The Myth (And Realities) Of Forum Shopping In Transnational Insolvency, John A. E. Pottow Jan 2007

The Myth (And Realities) Of Forum Shopping In Transnational Insolvency, John A. E. Pottow

Articles

A decade ago, in 1996, the landscape of transnational insolvencies was vastly different from today. The UNCITRAL Model Law had not been finished, the efforts at the E.U. Insolvency Treaty were jeopardized by mad cows, and no one had heard of Chapter 15. Now, all three universalist projects are up and running, putting universalism in a comfortable state of ascendancy. The paradigm has not been without critics, however, the most persistent and eloquent of which has been Professor Lynn LoPucki. LoPucki has periodically attacked universalism on a number of grounds. These grievances include a sovereigntist complaint of universalism's insensitivity to …


The Nondischargeability Of Student Loans In Personal Bankruptcy Proceedings: The Search For A Theory, John A. E. Pottow Jan 2007

The Nondischargeability Of Student Loans In Personal Bankruptcy Proceedings: The Search For A Theory, John A. E. Pottow

Articles

In fiscal year 2002, approximately 5.8 million Americans borrowed $38 billion (USD) in federal student loans. This was more than triple the $11.7 billion borrowed in 1990. As a rule of thumb, tuition has been increasing at roughly double the rate of inflation in recent years. This troubling trend of accelerating tuition, coupled with the fact that real income has stagnated for men and increased only modestly for women over the past two decades, means that more and more students are going to need to turn to borrowed money to finance their degrees absent a radical restructuring of the postsecondary …


Bankruptcy Reform And Homeownership Risk, Melissa Jacoby Dec 2006

Bankruptcy Reform And Homeownership Risk, Melissa Jacoby

Melissa B. Jacoby

No abstract provided.


Bankruptcy Reform And The "Sweat Box" Of Credit Card Debt, Ronald Mann Dec 2006

Bankruptcy Reform And The "Sweat Box" Of Credit Card Debt, Ronald Mann

Ronald Mann

An outgrowth of Part V of Charging Ahead, this paper discusses the relation between the credit card business model and BAPCPA, using post-BAPCPA data on bankruptcy filings to explore the effects of BAPCPA.