Bankruptcy Law News and Insights

Stop Looting The Bankruptcy Code: Stop Wall Street Looting Act Proposes Substantial Changes To The Bankruptcy Code And Key Principles Of Corporate Law

Published: Aug 17, 2022
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On October 20, 2021, Democratic senators Elizabeth Warren (D-Mass.), Tammy Baldwin (D-Wisc.), Sherrod Brown (D-Ohio), and Jeff Merkley (D-Oregon), and Independent senator Bernard Sanders (I-Vermont), introduced to the United States Senate proposed legislation S. 3022, the Stop Wall Street Looting Act of 2021 (the "SWSLA"),1 as a reworked version of legislation previously proposed...

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Congress Advances Legislation To Limit Nondebtor Bankruptcy Relief

Published: Aug 15, 2022
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The U.S. House of Representatives Judiciary Committee recently passed legislation that would limit relief available in bankruptcy proceedings.  The legislation, known as the Nondebtor Release Prohibition Act of 2021 ("NRPA"), focuses on protections sometimes extended to "nondebtors" or entities that did not seek bankruptcy protection but are affiliated with a...

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New York Bankruptcy Court Rules That Good Faith Is Not The Gatekeeper To Chapter 15

Published: Aug 13, 2022
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Despite the absence of any explicit directive in the Bankruptcy Code, it is well understood that a debtor must file a chapter 11 petition in good faith. The bankruptcy court can dismiss a bad faith filing "for cause," which has commonly been found to exist in cases where the debtor...

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