On June 23, 2020, the Supreme Court of New York enjoined a secured creditor from foreclosing on its security interest. In D2 Mark LLC v. OREI VI Investments LLC, the creditor was attempting to conduct a foreclosure sale on the debtor’s membership interest in the Mark Hotel (a landmark property in Manhattan), after the debtor
Read MoreAs discussed in our earlier post, which you can read here, the Small Business Reorganization Act of 2019 (“SBRA”) created several changes to the law in order to streamline the process by which small businesses may reorganize under a Chapter 11 bankruptcy model. In addition to streamlining the reorganization process and making Chapter 11 more
Read MoreIf a business entity is having financial difficulties and is seeking bankruptcy protection, there are only two choices. Either Chapter 7, which is a “liquidation” model, or Chapter 11, which is a “reorganization” model (to learn more about the distinctions between these models, please see our Bankruptcy Basics post). However, on August 23, 2019, Congress
Read MoreThis post aims to provide a high-level overview of the three main types of bankruptcy cases: Chapter 7, 11, and 13. Chapter 7 – the “liquidation” model In every Chapter 7 case, a trustee is appointed. The job of the trustee is to liquidate the assets of the bankruptcy estate. So, if there is personal
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