The Texas Agricultural Code requires milk processors to hold funds in trust for the benefit of milk producers, including dairies and cooperatives. A trust fund is a powerful tool that will allow a milk producer to be paid ahead of other creditors […]
Debtor-in-possession financing ("DIP financing") is a critical issue that comes up at the beginning of most large to mid-sized bankruptcy cases. Companies filing bankruptcy are typically doomed to a rapid liquidation if they are unable to obtain new […]
Learning how to defend a preferential transfer action is a particularly useful art for the credit professional. In Part One, we discussed the Bankruptcy Code's specific requirements that must be established by the debtor or trustee in order for a transfer […]
The word “bankruptcy” often strikes dread in the hearts of creditors. To some, when they hear that someone who owes them money has filed bankruptcy, they envision writing off the debt and never receiving a cent. However, all is […]
A recent decision by the full contingent of judges from the Eighth Circuit Court of Appeals (covering seven Midwest states) demonstrates that a common bankruptcy term should be added to your vocabulary. That term is "executory." […]
As spring rolls into summer, bankruptcy lawyers await the Supreme Court's decision in Executive Benefits Insurance Agency v. Arkinson. With the Supreme Court's term ending June 30, 2014, some wonder if the Court will, in fact, declare bankruptcy […]
It's generally known that Bankruptcy Code section 547(b)(4)(A) provides that for non-insider creditors, a preferential transfer is one made "on or within 90 days before the date of the filing of the petition." The calculation of the 90-day "preference […]
It is unfortunate, but true: a commercial tenant may someday be required to deal with a bankrupt landlord. Any bankruptcy filing can be complicated and chaotic. But, a tenant faced with a landlord's is more than just a creditor who is […]
On June 9, 2014, while the Bankruptcy Bar waited with bated breath, Justice Thomas delivered the long-anticipated opinion of the unanimous Court in Executive Benefits Insurance Agency v. Arkinson. While the Supreme Court answered the question of […]
A recent, troubling decision by the United States Bankruptcy Court for the Southern District of California in Gladstone v. Bank of America (In re Vassau) concluded that alleged preferential payments made to a fully secured creditor might be recovered […]
Rolex sued Harry P. Goaz in federal court for various causes of action related to Rolex’s allegation that Goaz sold and distributed fake Rolexes. Before the District Court was able to rule on a Rolex summary judgment motion, Goaz filed bankruptcy […]
Debtor Mark Alan Frost filed bankruptcy, claimed his homestead as exempt and then sold it. Texas law provides that, to maintain homestead protection, a homeowner must reinvest sale proceeds in another homestead within six months. Frost failed […]