The English High Court has granted an injunction to trustees in bankruptcy and pierced the corporate veil of companies which were operated by a bankrupt as his agents and nominees and which held assets on his behalf (Wood and another v Baker and others [2015] EWHC 2536 (Ch)). Background The debtor was made bankrupt in 2005 … Continue Reading
Did I say I didn’t have any assets, I meant they were exempt!” Can a debtor lose the right to exempt property in a bankruptcy case if it is discovered that the debtor fraudulently failed to disclose assets or otherwise acted in bad faith? Elliot Smith discusses the recent Sixth Circuit opinion in Ellmann v. … Continue Reading
In a case that could have upended the bankruptcy and magistrate court systems, the Supreme Court took a pragmatic approach yesterday when it held in Wellness Int’l Network, Ltd. v. Sharif that with “knowing and voluntary consent” of the parties, a bankruptcy court could adjudicate a so-called “Stern claim,” which would otherwise be outside the scope … Continue Reading
“Bad news comes in threes.” “Third time’s the charm.” “Three strikes and you’re out.” One of these three adages may come to characterize the outcome of a case of significant import argued before the US Supreme Court this week. The Supreme Court heard arguments on Wellness Int’l Network, Ltd. v. Sharif. The case is the … Continue Reading
