The Payroll Protection Program (“PPP”) was created by Congress through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) to loan money to certain businesses for the primary purpose of providing money to fund payroll expenses, and other eligible expenses. If the PPP loan funds are used for designated purposes, all or some of
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The United States Trustee Program’s New Chapter 11 Periodic Reports (Effective June 21, 2021)
By Stephanie Slater on
On December 21, 2020, the United States Trustee Program (USTP) published a final rule in the Federal Register, entitled the “Procedures for Completing Uniform Periodic Reports in Non-Small Business Cases Filed Under Chapter 11 of Title 11” (the “Final Rule”). See 28 C.F.R. § 58.8.
Bankruptcy practitioners should be aware that the Final Rule becomes …
Delaware Bankruptcy Bench is at Full Strength with the Addition of Judge Craig Goldblatt
By Stephanie Slater on
The Delaware Bankruptcy Court now has eight judges to manage its hectic caseload. Judge Craig Goldblatt was sworn in as a United States Bankruptcy Judge for the District of Delaware on April 26, 2021. Judge Goldblatt fills the seat of former Judge Kevin Gross, who retired in 2020.
Prior to joining the bench, Judge Goldblatt…
NRA Bankruptcy Case Dismissed for Cause Because It Was Not Filed in Good Faith
By Joseph A. Caneco on
Judge Harlin D. Hale of the United State Bankruptcy Court for the Northern District of Texas dismissed the chapter 11 bankruptcy case filed by the National Rifle Association (the “NRA”) for cause, finding that the case was not filed in good faith.1 In its 38-page opinion issued in connection with multiple motions to dismiss…
The Delaware Bankruptcy Court Appoints Newest Judge
By Stephanie Slater on
On April 6, 2021, J. Kate Stickles was sworn in as a United States Bankruptcy Judge for the District of Delaware. According to an Announcement issued by the Delaware Bankruptcy Court, Judge Stickles fills the seat vacated by former Judge Kevin J. Carey, who retired in 2019. With Judge Stickles’ appointment, the Delaware Bankruptcy Court…
Hedge Fund Founder Pleads Guilty to Bankruptcy Fraud in Connection with Neiman Marcus Bankruptcy
By Stephanie Slater on
In many chapter 11 cases, a committee of unsecured creditors is formed early in the case to represent the overall interests of unsecured creditors. See 11 U.S.C. § 1102. Members of the committee hold a “fiduciary” obligation to the entire general unsecured creditors’ class. Notably, each member of an unsecured creditors committee is…
PPP Loan Availability in Bankruptcy Hinges on the SBA
By Michael R. Herz on
In a recent Fox Alert, Harriet Wallace examined the new potential for debtors and bankruptcy trustees to apply for Paycheck Protection Program (PPP) loans in connection with operating a debtor’s business in bankruptcy under the Consolidated Appropriations Act 2021 that was signed by President Trump on December 27, 2020.
While the availability of PPP…