LexisNexis® Legal Newsroom
If You Sue Me, I Will File Bankruptcy and You Can't Stop Me! Maybe Not!

by Sidney Goldstein Excerpt: There is a commonly held view that individuals and business entities have a "God Given Right" or at least a Constitutional Right to declare bankruptcy to protect themselves from creditor claims. Not being a theologian, we will only discuss the legal aspect of...

Enforcement of Intercreditor Agreements in Recent Disputes Among Creditors in Bankruptcy

Section 510(a) of the Bankruptcy Code upholds subordination agreements entered into between lenders prior to bankruptcy but does not operate as a complete bar to lender disputes. Ambiguity in intercreditor agreements may pose potential problems concerning waiver of rights to object during bankruptcy...

Filling Out Article 9 Financing Statements: Use of Approved Forms

A secured party's failure to use approved forms to provide the names of additional debtors was fatal to its security interests in those debtors' assets. Secured parties who are listing multiple debtors should use the approved forms for providing the names. Or they should file additional financing...

D&O Insurance: Advancing Defense Costs in Bankruptcy

After entity coverage began to be added to the D&O insurance policy a couple of decades ago, a recurring problem in the bankruptcy context was whether or not the D&O policy proceeds were property of the estate under Bankruptcy Code Section 541 (a) and subject to the automatic stay under Bankruptcy...

Management Liability Insurance for Law Firms and the Dewey & LeBoeuf Bankruptcy

The collapse of the venerable Dewey & LeBoeuf law firm is a cautionary tale from which observers have drawn many lessons, including cautions about the perils associated with large law firm mergers and the challenges associated with various forms of law firm partner compensation. The firm's failure...