Preference Actions Filed in Draw Another Circle Bankruptcy

On June 15, 2017, Curtis R. Smith, as Liquidating Trustee of the Hastings Creditors’ Liquidating Trust, filed approximately 69 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547, 548 and and 550 of the Bankruptcy Code.   View Full Post
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The Original Soupman, Inc. Files for Chapter 11 Protection in Delaware

On June 13, 2017, The Original Soupman, Inc. and its affiliates (collectively “Debtors” or “Original Soupman”) commenced voluntary bankruptcy proceedings under Chapter 11 of the Bankruptcy Code.  According to its petition, Original Soupman estimates that its assets are between $1 million and $10 million, and its liabilities are between $10 million and $50 million. View Full Post
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First Circuit Rules That Bankruptcy Court “Retention of Jurisdiction” Provisions Not Enough to Establish Jurisdiction

It is very common for bankruptcy court orders to provide that the court retains jurisdiction to enforce such orders.  Similarly, chapter 11 confirmation orders routinely provide that the bankruptcy court retains jurisdiction over all orders previously entered in the case.  The enforceability of these “retention of jurisdiction” provisions, however, will not rest on the plain language in the order but on the bankruptcy court’s statutory jurisdiction.  View Full Post
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Cross Border Insolvency Regulations 2006- UK Recognition of Azerbaijan Restructuring Proceedings

By | eSQUIRE Global Crossings | June 15, 2017
Azerbaijan FlagThe English courts have recently wrestled with the Cross Border Insolvency Regulations 2006 (“CBIR”) in a case about the lifting of the automatic stay on proceedings against Korean company STX Offshore & Shipbuilding Co Ltd In the present case (Re International Bank of Azerbaijan OJSC) the English High Court found itself dealing with the application of Azerbaijan’s largest bank for an order recognising restructuring proceedings in Azerbaijan as main proceedings under the CBIR and imposing an administration moratorium in the UK. View Full Post
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Six Degrees of Separation: Use of Bankruptcy Rule 2004 Examination in Connection with Third-Party Litigation

Court: “You know, every piece of information and fact out there is within six degrees of separation of the debtors’ assets and financial affairs. The question is where do you draw the line?” 4/20/17 Transcript of hearing in In Re SunEdison, Inc., et al, Case No. View Full Post
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