November 21, 2022
Bankruptcy and Restructuring
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Practice Area: Bankruptcy and Restructuring
November 10, 2022
TENANT’S CLAIM TO RECOVER SECURITY DEPOSIT FROM BANKRUPT LANDLORD MAY BE TREATED AS AN UNSECURED LOAN
A commercial tenant may expect that its security deposit will be segregated or held in trust by its landlord and therefore be available to be returned to it when the lease is terminated. As explained in a recent New York federal court decision,1 however, if a commercial lease does not require the landlord to segregate…
August 24, 2022
HOW TO PROTECT YOUR BUSINESS WHEN A KEY CUSTOMER FILES BANKRUPTCY
EDITOR’S NOTE: This article is the second in a three-part series about how small and mid-sized businesses should deal with customers experiencing financial difficulties. The first installment in this series focused on identifying customers that are in financial distress and taking steps to mitigate potential losses in the event a customer files bankruptcy. In this…
June 8, 2022
A KEY CUSTOMER IS IN FINANCIAL DISTRESS. WHAT STEPS SHOULD YOU TAKE TO PROTECT YOUR BUSINESS?
EDITOR’S NOTE: This article is the first in a series about how small and mid-sized businesses should deal with customers experiencing financial difficulties. Whether due to the impacts of pre-pandemic economic trends such as the shift in consumer spending toward e-commerce outlets, the effects of the federal and state governments’ responses to the COVID-19 pandemic,…
August 17, 2021
Third Circuit Rejects Triangular Setoffs as Not Satisfying Mutuality Requirement of § 553 of the Bankruptcy Code
EDITOR’S NOTE: In this article from the American Bankruptcy Institute’s Unsecured Trade Creditors Committee Newsletter, Tim Brink discusses the Third Circuit’s decision holding that “triangular” setoffs are not permissible in bankruptcy and rejecting the argument that parties can contract around the requirement of strict bilateral neutrality. In its recent decision in In re Orexigen Therapeutics…
March 15, 2019
Delaware District Court Overturns Bankruptcy Court Decision Disallowing Unsecured Claim for Post-Petition Contractual Attorneys’ Fees
EDITOR’S NOTE: In this article from the American Bar Association’s Business Law Today, Tim Brink considers the ramifications of the Delaware district court’s opinion overturning the bankruptcy court’s decision in the Tribune Media Co. bankruptcy and holding that section 506(b) of the Bankruptcy Code does not bar recovery of post-petition contractual attorneys’ fees on unsecured…
February 26, 2019
Delaware District Court Overturns Bankruptcy Court Decision Disallowing Unsecured Claim for Post-Petition Contractual Attorneys’ Fees
It is a quirk of the Bankruptcy Code that while it expressly allows oversecured creditors’ claims for post-petition contractual attorneys’ fees, it is silent as to the treatment of claims for post-petition contractual attorneys’ fees on unsecured claims. In part because the Supreme Court in Travelers Casualty & Surety Co. of America v. Pacific Gas…
October 16, 2018
Creditors’ Rights and Restructuring
Our creditors’ rights and restructuring practice group is comprised of attorneys with extensive experience in all aspects of bankruptcy, restructuring, insolvency, and creditors’ rights matters. Our clients range from large public companies to closely-held businesses and individuals and include entities from throughout the Chicago area and across the country. While our firm is small, our…