Claims Traders Beware: Another Bankruptcy Court Determines that Disallowance under Bankruptcy Code Section 502(d) Follows the Claim
Insight
Douglas J. Schneller ·
John J. Hanley ·
Patrick Maschio ·
April 30, 2020
On April 22, 2020, Bankruptcy Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York (the “Bankruptcy Court”) issued an important opinion[1] regarding claim disallowance under Section 502(d) of the United States Bankruptcy Code (“Section 502(d)”).[2] In brief, the Bankruptcy Court,
Getting out of, delaying, modifying, or enforcing contracts as a result of COVID-19 or related government actions and restrictions
Insight
David W. Tate, Esq. ·
April 28, 2020
Many businesses and contracting parties are looking at the possibilities of getting out of, delaying, modifying, or enforcing contracts as a result of COVID-19 or government actions and restrictions.
Typical legal issues and arguments relating to those actions include: force majeure clauses, impossibility, commercial impracticability, frustration
COVID-19 Mexico: Baja California Orders Temporary Closure of Maquiladoras
Insight
Juan Zuniga ·
Mariana Acedo ·
April 27, 2020
The Secretary-General of the State of Baja California, Amador Rodriguez, ordered the temporary closure of all maquiladoras[1] as of April 16, 2020. The Secretary-General explained that this measure was taken after many companies continued operations, despite not being considered “essential” activities as defined in the order promulgated
A First Timers Guide to Down Rounds
Insight
Dror Futter ·
April 27, 2020
Remember that glorious period that seems like a lifetime ago when VC's were competing to fund your venture and offer you the most founder-friendly terms and valuations? Well after a decade of valuations always seeming to climb "up and to the right," the rules have changed. For most companies, their next funding round is likely to be a down
COVID-19: Mexico Declares Public Health Emergency
Insight
Juan Zuniga ·
Mariana Acedo ·
April 15, 2020
On March 30, 2020, the Mexican government declared a public health emergency due to the COVID-19 pandemic. Consequently, the Ministry of Health issued new measures to suspend all “non-essential” activities until April 30, 2020 (the “Order”), and established that only those activities deemed “essential” may
Covid-19 Tax News: FBAR filing
Insight
Melinda Fellner Bramwit ·
April 09, 2020
COVID news for Taxpayers:
Don’t worry about your FinCEN Form 114 (your FBAR) – it is not due until October 15, 2020
You may know that the FinCEN Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”) is used to report a financial interest in or signature authority over a foreign financial account. The FBAR must
Insurance Coverage and the Coronavirus
Insight
Jill Haley Penwarden ·
March 31, 2020
Virtually every business is suffering losses due to the coronavirus pandemic, and many are looking to their insurance policies in hopes of relief. Whether coverage will be available will depend on the types of policies in place, as well as the specific coverage wording and exclusions to each policy. Every insurance policy is different,
Memo on Force Majeure and COVID-19
Insight
Juan Zuniga ·
Mariana Acedo ·
March 31, 2020
COVID-19: Excuse of Contractual Performance under California Civil Code Section 1511
The pandemic related to COVID-19 and the economic impact resulting from various stay-at-home orders raises concerns of whether such circumstances can justify non-performance of certain contractual obligations including under leases, loans or commercial contracts.
Managing Contract Risks & Remedies in a Time of Coronavirus
Insight
Joseph I. (“Joe”) Rosenbaum ·
March 31, 2020
While it’s sometimes said that one person’s failure to plan ahead doesn’t constitute an emergency for everyone else, but one couldn’t plan ahead for this current Coronavirus pandemic that now has indeed created an unprecedented, unforeseeable emergency with many scrambling to evaluate the consequences of a failure or
Considerations on the Impact of the Novel Coronavirus Pandemic on Real Estate
Insight
Juan Zuniga ·
March 30, 2020
Brad Hunter, managing director at RCLCO, writes in a March 24, 2020 article in Forbes that the effects of the economic slowdown caused by the novel coronavirus are “a serious threat to commerce, profits, jobs, and, ultimately, real estate. The duration of the downturn will be the key determinant of how long and in what ways the real