Bankruptcy Law Commons^™

Bringing Rule Of Law And Fairness To The Dysfunctional World Of Sovereign Debt: A Role For Canada?, Maziar Peihani, Mark Jewett Qc

All Faculty Publications

Restructuring sovereign debt has long proved challenging: There is no formal regime for sovereign insolvencies similar to those that that govern domestic bankruptcy and insolvency and attempts to create one by international treaty have been met with political resistance. Currently, sovereign debt restructuring is governed by the debt contracts themselves along with the background law in the jurisdiction in which the debt is issued. Sovereign immunity also protects most state assets from seizure. These ad hoc restructuring processes are plagued by unpredictability, however, and there are incentives for individual creditors to “hold out,” demanding full repayment of their claims and …

Table Of Contents, Seattle University Law Review

Seattle University Law Review

No abstract provided.

Table Of Contents, Seattle University Law Review

Seattle University Law Review

No abstract provided.

The Devious Debtor: 11 U.S.C. § 523(A)(2)(B) And The Need For A More Equitable Outcome, Torie Levine

Brooklyn Journal of Corporate, Financial & Commercial Law

Section 523(a)(2)(A) of the Bankruptcy Code prohibits debtors from discharging debts for money, property, services, or credit obtained by false pretenses, a false representation, or actual fraud other than a statement respecting the debtor’s financial condition. Under § 523(a)(2)(B), if those debts are obtained by a statement respecting the debtor’s financial condition, then the statement must be in writing for the debt to be discharged. A conflict among the circuit courts arose as to whether a statement about a single asset can be a statement respecting the debtor’s financial condition. The majority of the courts applied a narrow interpretation to …

Ln Mgmt. Llc Series 5105 Portraits Place V. Green Tree Loan Servicing Llc, 133 Nev. Adv. Op. 55 (Aug. 03, 2017), Wesley Lemay Jr.

Nevada Supreme Court Summaries

If a homeowner that owns property in Nevada but declares bankruptcy in Texas and fails to list the Home Owners Association (HOA) as a creditor, the HOA cannot violate the automatic stay imposed by the bankruptcy and sell the property. If the property is sold in violation of the automatic stay, the sale is invalid. Under Ninth Circuit law, the sale is void ab initio while the Fifth Circuit holds that these types of sales are voidable, but can be approved by the bankruptcy court.

Regulatory Incentive Realignment And The Eu Legal Framework Of Bank Resolution, Andromachi Georgosouli

Brooklyn Journal of Corporate, Financial & Commercial Law

Risks associated with incentive misalignment are liable to seriously jeopardize the effectiveness of bank resolution, when not properly contained. This Article considers the management of misaligned incentives between regulators that are found in a vertical relationship of public governance. Using the EU legal framework of bank resolution as its case study, this Article explores the effectiveness of the quasi-enforcement powers of the Single Resolution Board (SRB) and, where relevant, of the European Banking Authority (EBA) as an incentive realignment legal technique. Two principal difficulties are identified: on the one hand, the problematic interinstitutional dynamic of the SRB and the EBA …

Beyond Carve-Outs And Toward Reliance: A Normative Framework For Cross-Border Insolvency Choice Of Law, John A. E. Pottow

Articles

The title of this Article purports to develop a normative framework for cross-border insolvency choice of law. That can be a task of varying scope, so at the outset any pretense of ambition for a wholly new choice of law model should be dispelled. Indeed, at the most generalized level, bankruptcy choice of law theory has already been fully ventilated in the well-rehearsed universalism versus territorialism debates. And it has been settled. The universalists, at least as a normative matter, appear to have won: choice of law, as it is increasingly accepted, should be determined by the debtor's center of …

Were "It" To Happen: Contract Continuity Under Euro Regime Change, Robert C. Hockett

Cornell Law Faculty Working Papers

One way or another, the European Monetary Union (EMU) is apt to endure. The prospect of continuation under the precise contours of the regime as we presently find it, however, is anything but certain. Hence many investors and other actual or prospective contract parties are likely to remain skittish until matters grow clearer. This skittishness, importantly, can itself hamper the prospect of expeditious European recovery. Addressing particular sources of ongoing uncertainty about EMU prospects can itself therefore aid in the project of recovery.

This Essay accordingly aims to impose structure upon one particular, and indeed particularly complex, source of uncertainty …

Towards A Concensus On The Treatment Of Multinational Enterprise Groups In Insolvency, Irit Mevorach

Cardozo Journal of International and Comparative Law

Insolvency of multinational enterprise groups is a complex and difficult process, which is partly why it has, thus far, failed to receive comprehensive treatment in legal regimes, despite its major importance. However, with UNCITRAL Working Group V recently taking this topic on board, this situation may change. The deliberations have now reached the final stages; it is therefore the aim of this paper to evaluate whether the Working Group's current proposals are normatively attractive and whether they are feasible (in terms of being embraced by legal regimes). The paper focuses on the deliberations regarding the international aspects of enterprise groups …

The Retrogressive Flaw Of Chapter 15 Of The Bankruptcy Code: A Lesson From Maritime Law, John J. Chung

Law Faculty Scholarship

No abstract provided.

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 …

A Complete Property Right Amendment, John H. Ryskamp

ExpressO

The trend of the eminent domain reform and "Kelo plus" initiatives is toward a comprehensive Constitutional property right incorporating the elements of level of review, nature of government action, and extent of compensation. This article contains a draft amendment which reflects these concerns.

Bond Repudiation, Tax Codes, The Appropriations Process And Restitution Post-Eminent Domain Reform, John H. Ryskamp

ExpressO

This brief comment suggests where the anti-eminent domain movement might be heading next.

Greed And Pride In International Bankruptcy: The Problems Of And Proposed Solutions To 'Local Interests', John A. E. Pottow

Articles

The collapses of Yukos, Parmalat, and other international juggernauts have focused scholarly attention on the failure of multinational enterprises. Even what one might consider "American" companies, such as Chicago-based United Airlines, have made clear in their restructuring plans that their operations have profound effects on the dozens of nations around the globe where they transact business. Government and quasi-government reform efforts to regulate these cross-border insolvencies have abounded, including among others, the UNCITRAL Model Law on Cross-Border Insolvency. UNCITRAL is also building on World Bank and INSOL efforts at promulgating a Legislative Guide for "best practices" bankruptcy codes. Scholars vary …

Breaking The Bank: Revisiting Central Bank Of Denver After Enron And Sarbanes-Oxley, Celia Taylor

ExpressO

No abstract provided.

Procedural Incrementalism: A Model For International Bankruptcy, John A. E. Pottow

Articles

The headline-grabbing business failures of late have brought increased attention to the relatively unresolved area of multinational bankruptcies. Parmalat, Global Crossing, and United Airlines are among the few international juggernauts that have foundered. In the financial meltdowns of these cross-border institutions, assets and creditors are dispersed throughout commercial environments that rarely end neatly at national borders. There has been heated debate, both in scholarly literature and the practical battlefield, over how best to resolve these transnational insolvencies, and there is nothing yet approaching a consensus. Reform efforts of various stripes have almost uniformly failed to gain meaningful international support. At …

Indemnity, Liability, Insolvency, David Gray Carlson

Cardozo Law Review

No abstract provided.

A Clash Of Expectations: Debtors' Disclaimers Of Property In Advance Of Bankruptcy, Kevin A. White

Washington and Lee Law Review

No abstract provided.

Self-Settled Spendthrift Trusts: Should A Few Bad Apples Spoil The Bunch?, Gideon Rothschild, Daniel S. Rubin, Jonathan G. Blattmachr

Vanderbilt Journal of Transnational Law

It is unfortunate, but perhaps not terribly surprising, that the first two reported cases to consider the application of conflict of laws principles to self-settled spendthrift trusts both involved "bad facts" from an asset protection planning standpoint. In this regard, the adage "bad facts produce bad law" is not a slight on the courts, but rather an acknowledgment of a court's primary duty to do substantial justice to the parties immediately before it. However, in an effort to do substantial justice to the parties immediately before them, the Portnoy and Brooks courts have forged what may well become the first …

Shaffer V. Heitner: The Supreme Court Establishes A Uniform Approach To State Court Jurisdiction

Washington and Lee Law Review

No abstract provided.

Maritime Attachment And Arrest: Facing A Jurisdictional And Procedural Due Process Attack

Washington and Lee Law Review

No abstract provided.

Bankruptcy-Limitation Of Actions By Trustee As Affected By Section Ll(E) Of The Federal Bankruptcy Act, David H. Armstrong S.Ed.

Michigan Law Review

Trustee in bankruptcy sued to recover a preference voidable under a state statute which also provided that an action to recover such a preference must be commenced within six months after application for a trustee. The present suit was commenced one year after the bankruptcy petition was filed. Defendant moved to dismiss for failure to comply with statutory limitations. Held, motion denied. Section II(e) of the Bankruptcy Act supersedes the state statute of limitations in this case. Engstrom v. De Vos, (D.C. Wash. 1949) 81 F. Supp. 854.

Bankruptcy-Jurisdiction Of Bankruptcy Court To Determine Stockholders' Vote Necessary To Approve Proposed Sale Of Corporation's Assets To Debtor In Reorganization, Bernard Goldstone S. Ed.

Michigan Law Review

Lessee railroad, which had leased and operated property of lessor railroad for many years, entered reorganization under section 77 of the Bankruptcy Act. Under the plan of reorganization promulgated by the Interstate Commerce Commission and approved by the bankruptcy court, lessor was given the alternative of selling its property to the reorganized railroad or having the lease disaffirmed by the debtor and its property returned. This proposal was submitted for acceptance by a majority vote of lessor's stockholders. Respondents, stockholders of lessor, sought an injunction in a state court of Georgia to restrain lessor's officers from certifying the acceptance in …

Assignments Of Accounts Receivable And The Conflict Of Laws Under The Bankruptcy Act, Eugene J.T. Flanagan

Vanderbilt Law Review

Under our system of government there is no constitutional requirement that the laws of the various states be uniform. On some points there are considerable differences between the laws of sister states. Such is the case with respect to the test for priority of right among successive assignees of an account receivable. This difference becomes of great importance when a multi-state transaction raises the question of the choice of the applicable law.

Fundamentally the problem is whether the jurisdiction in question follows the rule of Dearle v. Hall,' or the so-called American rule. The former establishes the order of precedence …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Attachment--Jurisdiction Over Non-Resident; Bankruptcy--Debts Entitled to Priority--Workman, Clerk, Etc.; Bankruptcy--Title of Trustee Under Unrecorded Conditional Sale--Effect of Amendment of 1910; Bills and Notes--Actions--Real Party in Interest; Carriers--Limiting Liability for Loss of Baggage--Interstate Commerce; Commerce--Constitutionality of State Regulation of Rates; Commerce--Natural Gas as Subject of Interstate Commerce; Covenants Running with the Land--Establishment of Railroad Station; Damages--Penalty or Liquidated Damages--Construction of Stipulation in Contract; Deeds--Covenant to Stand Seised to Uses; Divorce--Recrimination--Dismissal of Bill-When Both Parties Guilty; Equity--Jurisdiction--Adequate Remedy at Law; Evidence--Admissibility of Admissions and Confessions of Accused to Prove the Corpus Delicti; Insurance--Suicide--Waiver of Statutory Provisions; Judgment--Collateral Attack on Judgment of Probate …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Agency--Agent's Liability When Name of Principal is Undisclosed; Attorney and Client--Admission to Practice--Moral Character; Bailment--Hiring--Conversion; Bankruptcy--Attempted Assignment by Trustee to a Creditor of Fraudulently Acquired Property; Bankruptcy--Fraudulent Conveyance--Vendor's Lien; Banks and Banking--Pass Books--Duty of Depositor; Bills and Notes--Antecedent Debt Constitutes Value; Common Carriers--Special Service; Conflict of Laws--Defense to an Action of Tort; Constitutional law--due Process of Law--Equal Protection of the Laws--Service on State Auditor as Attorney for Corporation; Contracts--Right of Privacy--Breach of Trust; Corporations--Ultra Vires; criminal Procedure--Indictment Must Negative Exception in Statute; Damages--Measure--Medical Attendance--Loss of Business; Damages--Mental Suffering--Failure to Deliver Telegram Promptly; Deeds--Redelivery to the Grantor--Effect as to Title; Easements …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Acknowledgment--Who May Take--Stockholder; Agency--Notice to Agent--Liability of Principal; Carriers--Express Messengers--Contracts Exempting from Liability--Validity--Public Policy; Carriers of Passengers--Elevators--Negligence--Degree of Care; Code Pleading--Allegation of Duty; Conflict of Laws--Wills--Execution of Power; Constitutional Law--Liberty--Police Power--Use of Trading Stamps; Corporations--Legaility of Voting Trust--Power to Revoke Authority; Covenants--Benefits and Burdens--Privity of Estate; Damages--Breach of Contract--Mental Suffering; Damages--Breach of Contract--Mental Suffering; Damages--Pleading--Special Injury--Admissibility of Evidence; Elections--Right of Board of Aldermen to Judge of Election of its own Members--Construction of Charter; Equity--Mortgages--Redemption by Co-Tenant--Improvements--rents and Profits--Executors' and Administrators' Liability for Unpaid Claims; Evidence--Competency--Wife's Testifying Against Husband--Mock Marriage; Insolvency--Partnership--Secured Creditors--Mortgage on Exempt Property--Mortgage on Property of Individual Partner; Insurance--Benefit …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Agency--Authority to Appoint Sub-Agents; Agency--right to Compensation; Bankruptcy--Discharge; Bankruptcy--Discharge; Banks and Banking--Crediting Depositor--Check of Another Depositor; Conflict of Laws--Legitimation of a Bastard--Status Fixed by Domicile of his Parents; Conflict of Laws--Lex Loci Fori--Right of Action in England for Acts in Foreign Country--Territorial Waters; Constitutional Law--Summary Sale of Trespassing Animals; Contract--Public Policy--General Restraint of Trade; Contract--Validity--Release of Employer for Liability to next of Kin for Injury to Employee; Elections--Right of a Party Committee to Question Eligibility of a Candidate; Fraudulent Conveyances--Contingent Fees; Insurance--Condition for Immediate Notice--Excuse; Married Women--Power to Enter into Partnership with Husband--Set off of Debt Due by Partner in …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Administrator--Debt Due From Him to the Estate--Effect of Administrator's Insolvency; Agency--Action by Undisclosed Principal--Abstractoer's Liability; Agency--Liability for Acting Without Authority; Agency--duty to Exercise Good Faith--Commissions; Bankruptcy--Preferences; Banks and Banking--Subagent--Collection; Conflict of Laws--Married Women--Note made in One State but Payable in Another, and Action Brought in the Third; Constitutional Law--bill of lading--Conclusive Evidence; Constitutional law--Eminent Domain--Right to Compensation Before Entry; Constitutional Law--Legislative Control of Municipal Contracts--Eight Hour Law; Constitutional Law--Privileges and Innumities of citizens--Statute Authorizing Personal Judgment on Constructive Service; Corporations--Notice to Corporators; Court--disturbance--Power to Prevent; Criminal Law--Commencement of Term of Imprisonment; Criminal Law--Depriving of Necessary Sustenance--Medicine; Deeds--Covenants that Run witht …

Recent Important Decisions, Michigan Law Review

Michigan Law Review

Administrator--Debt Due From Him to the Estate--Effect of Administrator's Insolvency; Agency--Action by Undisclosed Principal--Abstractoer's Liability; Agency--Liability for Acting Without Authority; Agency--duty to Exercise Good Faith--Commissions; Bankruptcy--Preferences; Banks and Banking--Subagent--Collection; Conflict of Laws--Married Women--Note made in One State but Payable in Another, and Action Brought in the Third; Constitutional Law--bill of lading--Conclusive Evidence; Constitutional law--Eminent Domain--Right to Compensation Before Entry; Constitutional Law--Legislative Control of Municipal Contracts--Eight Hour Law; Constitutional Law--Privileges and Innumities of citizens--Statute Authorizing Personal Judgment on Constructive Service; Corporations--Notice to Corporators; Court--disturbance--Power to Prevent; Criminal Law--Commencement of Term of Imprisonment; Criminal Law--Depriving of Necessary Sustenance--Medicine; Deeds--Covenants that Run witht …