The Consolidated Appropriations Act, 2021 (“CAA”) was signed into law on December 27, 2020. As mentioned in this prior post, the CAA contains many amendments to the Bankruptcy Code which impacts creditors and other interested parties to a bankruptcy proceeding.
One such amendment impacts section 366 of the Bankruptcy Code. Under Section 366 of
On December 27, 2020, the much-anticipated Consolidated Appropriations Act, 2021 (“CAA”) was signed into law. The CAA contains several COVID-19-related amendments to the United States Bankruptcy Code, 11 U.S.C. §§ 101, et seq. (“Bankruptcy Code”), which may impact many types of creditors. The “Bankruptcy Relief” amendments are set forth in Title X of the
On December 16, 2020, In-Shape Holdings, LLC and two affiliated debtors (together, the “Debtors” or “In-Shape”) filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. In-Shape Holdings, LLC is a health club operator in Stockton, CA.
The company reports $50 to $100 million in assets and more than $100 million
Starting on October 14, 2020, NSC Wholesale Liquidating Trust (“NSC Trust”), the liquidation trust appointed by the by the United States Bankruptcy Court for the District of Delaware to prosecute claims on behalf of the NSC estate, filed approximately 62 complaints seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547,
Starting on October 8, 2020, Kmart Holding Corporation, Sears, Roebuck & Co. and other affiliated debtors of Sears Holdings Corporation (“Debtors“) collectively filed over 400 complaints in the United States Bankruptcy Court for the Southern District of New York, seeking the avoidance and recovery of allegedly preferential and/or fraudulent transfers under Sections 547,
Your business provided goods or services to another company. Shortly thereafter, that company then files for bankruptcy, and owes your business substantial sums of money. After the filing of the bankruptcy action, you then receive a letter from counsel demanding that your business return all of the money the debtor paid to you in the
The Delaware Bankruptcy Court issued a notice stating that the comment period for its Local Rules is currently open. Per the notice, the comment period is open from October 1 through October 30, 2020.
A current version of the Local Rules of the Delaware Bankruptcy Court, effective February 1, 2020, can be found here.
There has been no shortage of significant bankruptcy filings in 2020 as a result of the ongoing pandemic. Large companies such as J.C. Penney, Brooks Brothers, Lucky Brand, GNC, subsidiaries of Regus, and others, have all filed for bankruptcy protection, citing the coronavirus for sharply reduced sales at their brick and mortar stores.
These filings
The United States Bankruptcy Court for the District of Delaware issued an Order establishing Bar Dates for filing proofs of claim in Subchapter V Cases. The Bar Dates are set at the filing of the case for creditors and governmental units. The Bar Dates are 60 days and 180 days, respectively from the date of
On September 1, 2020, the United States District Court for the District of Delaware issued a Standing Order Re: Criminal and Civil Jury Selections; Jury Trial; and Transition to Phase 2. Per the Standing Order, the Delaware District Court will move into Phase 2 starting September 15, 2020, which permits the District Court to