The May 2, 2017 bankruptcy filing for Alitalia might be the end of the journey for the troubled Italian flag carrier, but creditors in the U.S., Italy and elsewhere might still have a ticket to recover some claims. Alitalia has now also filed for bankruptcy protection in the U.S. under Chapter 15 of the Bankruptcy…

The U.S. Supreme Court recently issued a 5-3 decision holding that a creditor filing a proof of claim in a Chapter 13 bankruptcy case for a time-barred debt was not false, deceptive, misleading, unconscionable or unfair conduct in violation of the Fair Debt Collection Practices Act (FDCPA). Learn more here. > You may also find this complementary…

The U.S. Supreme Court recently held that a purchaser for its own account of a defaulted loan is not a debt collector within the meaning of the Fair Debt Collection Practices Act (FDCPA). Learn more here. > You may also find this complementary article of interest: U.S. Supreme Court: Filing a Time-Barred Claim in a Chapter 13 Bankruptcy Case Does…

The First Circuit recently ruled that the bankruptcy court lacked the authority to adjudicate disputes under a contract because there was no “arising under,” “arising in” or “related to” jurisdiction — in spite of the fact that the contract itself, previously approved by the bankruptcy court, included a provision giving that court jurisdiction. Learn more here.…

In a decision that will be of interest to distressed investors and sellers and buyers of bankruptcy claims, the United States Circuit Court of Appeals for the Second Circuit affirmed a lower court decision which permitted a claims seller – and debtor in bankruptcy – to disapprove a trade confirmation after the market price had risen…

The Seventh Circuit Court of Appeals recently issued a decision regarding finality and appealability in bankruptcy. Rimon Partner, Pamela M. Egan, analyzes this decision and provides insight on when a party can appeal a bankruptcy court decision. The “takeaway is simple. The bank’s fraudulent-transfer action was just one tactic that it used to recover its claim. Although the tactic failed,…

This article was published in the Russia and Eurasia Committee – Legislation Updates and News on the January-June 2016 edition. Ms. Egan describes two major differences between Russian bankruptcy and American bankruptcy: (1) the initial treatment of creditors’ claims and the burden of proof to establish them; and (2) the ability of creditors to sue a debtor…

Published in this issue of Pratt’s Journal of Bankruptcy Law, Pamela Egan discusses a significant decision by the U.S. Court of Appeals for the Ninth Circuit holding that the Bankruptcy Abuse Prevention and Consumer Protection Act did not abrogate the absolute priority rule for individual chapter 11 debtors, but merely carved an exception. The Ninth Gets It Right—Absolute…