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Insolvency and Secured Transactions

Late Payment of Commercial Debts Regulations 2013 (Regulations)

Contact: Clarkslegal (Reading, England)

On 16 March 2013 the new Regulations came into force, introducing new rules relating to payment periods, and the dates from which statutory interest runs on commercial debts by amending the Late Payments of Commercial Debts (Interest) Act 1998 (Act).

The Regulations are designed to benefit SMEs by combating the problems caused by late or unpaid invoices which can include financial difficulties, loss of jobs and, in extreme cases, insolvency. By providing a more supplier-friendly approach to payment, their aim is to tackle the EU-wide culture of late payments in commercial transactions.

Read the full article on the Clarkslegal website.


New York Court Allows Reorganized Debtor to Prosecute Action Not Identified in its Disclosure Statement

Contact: Herrick Feinstein (New York, New York, USA)

A New York state court recently denied a motion to dismiss an action brought by a reorganized debtor against the former chair of the official committee of unsecured creditors in the debtor's chapter 11 case.1 The decision is noteworthy for its holding that the reorganized debtor had standing to commence an action against the former committee member even though the claim was not expressly listed as an asset of the estate in the debtor's chapter 11 disclosure statement.

Background
The Glazier Group, Inc. ("GGI") provided management services to several of its restaurant affiliates (collectively, the "Affiliates"). Prior to GGI's chapter 11 filing, disputes arose between GGI, the Affiliates and Premium Supply Co., Inc. ("Premium Supply") as to monies owed for the restaurant supply products provided by ...: : Click Here to Read More


What a Trademark Licensee Can Do to Improve Its Chances of Retaining Its Trademark Rights After the Licensor Files Bankruptcy

Contact: Mary D. Lane; Mitchell Silberberg & Knupp LLP (Los Angeles, California, USA)

Fashion industry licensees invest substantial sums in reliance on their license rights. Bankrupt licensors have been able to convince courts they can “reject” licenses and, when so doing, thereby cause licensees’ trademark rights to vaporize. Here we discuss why and what a licensee can do...


The Benefit of Proactive Planning for Chapter 11: Dewey v. Ruden

Contact: Isaac Marcushamer and Douglas Alan Bates; Berger Singerman (Florida, USA)

Ruden McClosky (“Ruden”) and Dewey & LeBoeuf (“Dewey”) both experienced what no business of any kind wants to experience: financial distress and Chapter 11.

During the last quarter of 2012, Ruden, the former large Florida law firm, confirmed its liquidating chapter 11 plan (and the first sale of a law firm’s assets as going concern through Chapter 11 in the history of the United States).  At about the same time, the bankruptcy judge overseeing Dewey’s bankruptcy approved a $71.5 million settlement between the estate of and its former partners. This settlement appears to be a significant step forward in moving the Dewey chapter 11 case in a positive direction.

Read the entire blog post. 


Supreme Court Leaves TM Licensee Up In The Air When Licensor Files For Bankruptcy

Contact: Mary D. LaneMitchell Silberberg & Knupp LLP (Los Angeles, California, USA)

Last week the Supreme Court refused to decide whether, when a trademark licensor files for bankruptcy relief or is placed in involuntary bankruptcy by its creditors, the licensee can keep the rights to the trademark...


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