To help with your writing efforts, here’s what people are looking for in Bankruptcy Law online. Trending topics culled from JD Supra, search analytics, social media conversations, and other sources:
Consider writing about:
Dec. 2nd oral arguments before the U.S. Supreme Court in United States v. Miller; what to know about the dispute at hand, and key issues in the case involving sovereign immunity, clawback actions, creditor rights, and the Internal Revenue Service’s powers vs. those held by bankruptcy trustees; what interested parties should be watching for from the high court in this case.
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Your choice of three or more noteworthy developments in bankruptcy law from 2024. Take your pick of trends, verdicts, strategies, or other points, whether on a broad basis or focused on a particular industry or region, and explain why you consider them to be of significance.
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A recent action by a New York bankruptcy court, authorizing the use of non-fungible tokens to conduct service on defendants; how this method of service is carried out; how unusual this method of service may be, whether in bankruptcy cases specifically or more broadly speaking; benefits and potential drawbacks to using NFTs for this purpose.
Related information:
https://www.nysb.uscourts.gov/sites/default/files/opinions/324738_24_opinion.pdf
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Legislation reintroduced in Congress this week that could impact access to Chapter 11 protections; what to know about the Nondebtor Release Prohibition Act of 2024, its main intent, background, prospects for passage, and whom it would most affect and how.
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The U.S. Supreme Court case of United States v. Miller; the case’s implications for bankruptcy trustees’ powers, creditor and debtor options and obligations, and for bankruptcy proceedings overall; additional issues raised by the Miller case regarding sovereign immunity; key takeaways from the Dec. 2 oral arguments before the high court.
Related information:
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The bankruptcy filing by Stoli Group USA; events contributing to the company’s bankruptcy; what other companies (regardless of industry) may be able to learn from Stoli’s situation as regards their own risk profiles and potential mitigation strategies; and perhaps a look at the overall financial health of the alcoholic beverage industry as a whole, and challenges that the industry is facing.
Related information:
https://www.usatoday.com/story/money/2024/12/02/stoli-group-vodka-bankruptcy/76712052007
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A decision by satirical news operation The Onion to buy conspiracy theorist Alex Jones’ Infowars website at a bankruptcy auction; The Onion’s objective in buying the Infowars site; precedent for an effort like The Onion’s; how bankruptcy auctions work; concerns being raised by either a competing bidder or the bankruptcy judge in this case; issues to be explored at an upcoming hearing into the matter; what other entities or individuals may be able to learn from the latest twist in the Jones bankruptcy saga vis a vis their own involvement with the U.S. bankruptcy system and how best to navigate it.
Related information:
https://apnews.com/article/onion-buys-infowars-alex-jones-6496f198d141c991087dcd937b3588e9
https://www.npr.org/2024/11/14/nx-s1-5191781/how-the-onion-came-to-own-the-website-infowars
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The debt restructuring process (in the case of either a corporate or individual debt restructuring); when this process is commonly undertaken; benefits of a debt restructuring; what it typically involves; do’s and don’ts to keep in mind when contemplating or undertaking a debt restructuring; any noteworthy case studies that can help illustrate these points.
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How a bankruptcy affects commercial tenants’ obligations to their landlords; circumstances under which someone may be able to defer or otherwise mitigate rental payments or other obligations; options that a landlord may have available when faced with a tenant’s bankruptcy; instructive court rulings on these issues; additional guidance on contracts, communications, and legal risk.
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Factors to weigh when deciding whether or not to buy a company that’s in bankruptcy; due diligence steps to be undertaken; asset and financing matters; union contract matters to consider; other obligations, liabilities, or red flags to watch out for. Decide whether to create a universal list of do’s and don’ts for these types of purchasing decisions or a do’s and don’ts list tailored to a specific industry or region.
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The bankruptcy reorganization process; top requirements or key elements in a restructuring and reorganization plan; guidance on how to maximize the odds of getting approval of a reorganization plan with a minimum of problems. Alternatively or additionally, consider whether to examine a real-life cautionary tale as an illustration of what not to do.
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A checklist for the bankruptcy process, consisting of five or more steps, tips, or processes that someone should be aware of and should consider following at some phase of the bankruptcy process, either when deciding whether to declare bankruptcy, or during or after the process. You may choose to make your checklist reasonably universal in nature or, alternatively, whether to focus your presentation on a specific type of personal or business bankruptcy.
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What last week’s ruling by a federal bankruptcy judge means for a Johnson & Johnson subsidiary and litigation over the company’s talc-based products; basis for U.S. Bankruptcy Judge Christopher Lopez’s ruling; potential next steps on the road to a settlement of cancer claims involving Johnson & Johnson consumer products.
Related information:
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The status of electric-vehicle startup Fisker Inc.; why the U.S. Securities and Exchange Commission is objecting to Fisker’s liquidation plan; outlook for additional SEC action involving Fisker; related trends in the electric vehicle sector; guidance for other companies (regardless of industry) on crafting a successful liquidation plan, responding to SEC subpoenas in relation to a bankruptcy, and on other interactions with regulators.
Related information:
https://techcrunch.com/2024/10/04/fisker-faces-sec-investigation-as-bankruptcy-case-drags-on
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A court’s approval of FTX’s bankruptcy plan; what the bankruptcy judge’s action means for the crypto exchange’s customers and other individuals or entities; how this outcome compares to the results of other crypto companies’ bankruptcies.
Related information:
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A recent 3rd Circuit ruling pertaining to Hertz’s bankruptcy; basis for the federal appeals court’s ruling; what the ruling means for Hertz and for bondholders; related trends involving other courts’ rulings in bankruptcy cases; practical takeaways for debtors or creditors.
Related information:
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Tupperware Brands’ Chapter 11 filing; key factors that have contributed to a bankruptcy filing by such an iconic company; challenges facing the company; what other retailers (whether in the same industry or otherwise) may be able to learn from Tupperware’s history and current situation.
Related information:
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The assets auction process in bankruptcies; when and how this process is undertaken; related rights and obligations of parties to an auction; potential risks to be aware of; additional do’s and don’ts for participants in the auction process.
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Issues that arise when a business’s key customers or suppliers go bankrupt; common signs that a person or entity with whom you have an important business relationship is in financial distress and may be on the verge of bankruptcy; debtor obligations and creditor rights in these types of situations; options and strategies for maintaining inventory or securing payment from customers during times of economic hardship.
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The nature of a “bad faith” bankruptcy. What constitutes a bad-faith filing, and what is the basis and process for determining when a filing is made in bad faith? Consider whether to write a primer on the issue, or whether to take a look at objections commonly raised by creditors in such cases, or whether to examine recent or otherwise noteworthy findings of bad faith, and the related implications for debtors or creditors.
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The bankruptcy sale process (in the country of your choice); applicable bankruptcy codes; steps and sequence typically involved in a bankruptcy sale; best practices to keep in mind; potential pitfalls to avoid.
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The definition of an unsecured creditor; what part an unsecured creditor may play in a bankruptcy; how unsecured claims are treated under various types of bankruptcy proceedings; related guidance for either creditors or debtors.
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Key considerations for restoring credit and moving forward after filing for a personal bankruptcy; recommended do’s and don’ts for repairing a poor credit rating (including how to clean up an incorrect credit report); what to know about buying or refinancing a home, obtaining a credit card or an auto loan, or handling significant debt.
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How U.S. bankruptcy law (or bankruptcy laws in another country of your choice) may apply to foreign companies; what factors determine which country’s bankruptcy laws, rights, and protections apply in a given instance; when it makes sense for a company to seek recognition from a court in another country as part of a restructuring or bankruptcy process; related legal trends and additional guidance.
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Irrevocable trusts; what they consist of; how they may be used in connection with a bankruptcy; pros and cons of their use in that context; alternatives to an irrevocable trust.
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Debtor-in-possession financing; when it should (or should not) be used; advantages and disadvantages of this financing option when compared to other alternatives; what factors may determine whether or not a DIP loan will receive the approval of a bankruptcy court; other potential roadblocks to securing DIP financing.
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Employer duties to employees, and potential liability risks, stemming from the employer’s bankruptcy; the recommended process for an orderly, legally compliant restructuring, closure of a facility, reduction or cessation of operations, and/or layoffs; relevant state and federal laws and collective bargaining obligations that an employer may need to be mindful of; instructive court rulings or otherwise noteworthy cases that illustrate useful guidance regarding any of these points; additional practical guidance for employers contemplating a bankruptcy.
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Macro trends driving corporate bankruptcies in the United States this year. What are the emerging issues, or lingering issues (whether from the pandemic or otherwise) that may be driving the surge in bankruptcy filings? What sectors of the business community are seeing the most bankruptcies? What common themes or patterns may be evident across these cases? What useful strategies or other lessons may be gleaned from examining these trends? (Also: Are similar trends in bankruptcy filings and bankruptcy drivers being seen in other countries?)
Related information:
https://www.cnn.com/2024/07/14/business/stocks-week-ahead-businesses-failing-bankruptcies/index.html
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The U.S. Supreme Court’s June 27 ruling in Harrington, United States Trustee, Region 2 v. Purdue Pharma; the ruling’s implications for OxyContin maker Purdue Pharma, the Sackler family, state and local governments, and victims of the nation’s opioid epidemic; more broadly speaking, what the high court’s decision means for third-party releases in general and for other bankruptcy cases.
Related information:
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Cross-border restructurings; additional challenges for entities facing geographically complex situations; how best to prepare for the process. Consider whether to focus your analysis on specific countries or industry types, or whether to use a recent or noteworthy restructuring to illustrate do’s and don’ts that companies should keep in mind before or during the process.