In February 2020, the Delaware bankruptcy court in In re DSL Renal Holdings, LLC concluded that, under 11 U.S.C § 550(a), a trustee cannot seek recovery from avoidance actions that exceed the total amount of unsecured creditor’s claims in the case.[1] The court relied on Third Circuit interpretations of the Code’s limiting phrase “for the […]
The storied American retail giant JCPenney filed for Chapter 11 bankruptcy in May 2020 as the COVID-19 pandemic finally crippled an already-struggling company. Days after filing, JCPenney obtained approval from the United States Bankruptcy Court for the Southern District of Texas to spend the $500 million in cash it had on hand. The Court authorized […]
The COVID-19 pandemic has wreaked havoc on small businesses across the United States. Public safety measures that have been instituted have resulted in closures, furloughs, layoffs, supply chain disruptions, and dwindling cash reserves for businesses of all sizes. These closures have had a greater impact on small businesses. In response to this unprecedented economic disruption, […]
A decision handed down on June 3, 2020, by the United States Bankruptcy Court for the Northern District of Illinois is one of the first to address the subject of force majeure in the context of the COVID-19 pandemic. The question presented was whether a Chapter 11 debtor – in this case, a Chicago restaurant […]
On December 18, 2019, the Supreme Court granted the city of Chicago’s petition to determine whether the “automatic stay” imposed by the Bankruptcy Code requires creditors to turn over property belonging to a debtor that they have repossessed as soon as the debtor files for bankruptcy. The case arises out of four separate bankruptcy cases […]
Last week the National Association of Bankruptcy Trustees (NABT) hosted their Annual Conference in downtown Denver, CO. The four day conference began on Thursday, August 22nd, holding various educational sessions, congressional speaking panels and networking opportunities throughout the weekend. The Annual Conference aims to provide attendees with the opportunity to learn from their colleagues, share […]
Thomas H. Curran Associates’s managing partner Thomas H. Curran recently prevailed on a complaint to deny a debtor’s discharge under Section 727(a)(2) of the Bankruptcy Code.
Thomas H. Curran Associates recently won a decision on all counts of a complaint for contempt after a three day bench trial in Suffolk County Superior Court.