Cure Periods for Assuming Executory Contracts and Leases

Cure Periods for Assuming Executory Contracts and Leases Section 365(b)(1) of the Code sets forth the requirements which a debtor must satisfy to assume an unexpired lease or executory contract and it specifically provides that: “If there has been a default on an… unexpired lease of the debtor, the [debtor

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Personal Liability on Trust Fund Taxes

Employers are obligated under the Internal Revenue Code (“IRC”) to withhold federal income and social security taxes from the wages of their employees, and to hold such taxes in trust for the United States. See 26 U.S.C. §§ 3102, 3402, 7501. These withheld sums, often referred to as “trust fund”

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Exclusive Solicitation Period in Chapter 11

Extending the Exclusive Solicitation Period in Chapter 11 Bankruptcy   11 U.S.C. § 1121(c)(3) grants the debtor the exclusive right to obtain acceptance of a plan filed within the exclusivity period for the first 180 days following the date of the order for relief.  “Upon request of a party in

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Congratulations Amelia!

We are pleased to announce Amelia Martin Adams has been named the executive director of the Kentucky Bar Foundation and Kentucky IOLTA Fund. Amelia had been an associate with our firm since her admission to the Kentucky bar in 2009, after having previously clerked for us while attending UK College of

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Patient Care Ombudsman

The  Appointment of Patient Care Ombudsman Congress added several provisions to the Bankruptcy Code in 2005 that were intended to protect patients’ interests in bankruptcies involving health care businesses by mandating that the court appoint a patient care ombudsman (“PCO”) or “patient advocate.” Such appointment is limited to debtors operating

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Motions to Reopen Bankruptcy Cases

Section 350(b) of the Bankruptcy Code provides that “[a] case may be reopened in the court in which such case was closed to administer assets, to accord relief to the debtor, or for other cause.”11 U.S.C. § 350(b); Fed. R. Bankr. P. 5010. This Section immediately follows Section 350(a), which

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Deadlines for Assuming Nonresidential Leases In Chapter 11 Bankruptcy

Section 365 (a) of the Bankruptcy Code provides, in relevant part, that a debtor in possession may, subject to the Court’s approval, “assume or reject any unexpired lease or executory contract of the debtor.”  11 U.S.C. § 365(a).  If that unexpired lease is a lease of nonresidential real property, both

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Mr. Griffith Takes Delaware

Professor Takes Frustration with Merger Lawsuits to Court

Shout Out to Fordham Law Professor Sean Griffith who applied action to his teaching of  mergers and acquisitions. The legal system is far from perfect. It often feels to me that it has gotten worse over the last decade or so, as the reces- sion combined with the tech boom

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Administrative Expense Claims, bankruptcy, sixth circuit, court

Sixth Circuit: Administrative Expense Claims Standard

By requesting payment of an administrative expense claim, the movant has the burden of proof and must demonstrate that the expenses were “reasonable, necessary and benefited the estate.” In re Cook & Sons Mining, Inc., 2005 U.S. Dist. LEXIS 21615 (E.D. Ky. Sept. 28, 2005). The Sixth Circuit normally utilizes

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automatic stay, exceptions, police power, government

Automatic Stay: Police Power Exception

Police or Regulatory Power Exception to Automatic Stay The automatic stay is one of the fundamental debtor protections provided by the bankruptcy laws.   It permits the debtor to attempt a repayment or reorganization plan, or simply to be relieved of the financial pressures that drove it into bankruptcy. When

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