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Force Majeure Contract Clauses and COVID-19
Force Majeure Contract Clauses and COVID-19 A “force majeure” is a contract clause that excuses the performance required of a party by the contract because unforeseen circumstances outside the party’s control have rendered that performance impracticable or impossible. A “force majeure” is sometimes also called an “Act of God.” Over the past year, in light…
Read MoreFederal Stimulus Package Bankruptcy Code Amendments: What You Need to Know
The Consolidated Appropriations Act, or “CAA,” was signed into law on December 27, 2020, after a heated battle between Senate Democrats and Republicans. 5,593 pages long, the CAA combined numerous appropriations bills aimed at addressing the economic damage of the COVID-19 pandemic, including those affecting the bankruptcy process. There are 9 key provisions in the…
Read MoreThe End of Triangular Setoffs
3rd Circuit Rules against Triangular Setoffs in Bankruptcy Cases The 3rd Circuit Court of Appeals has ruled in the appeal of the McKesson Corporation to a Delaware Bankruptcy Court’s decision in In Re: Orexigen Therapeutics, Inc. (Bankr. D. Del. Nov. 13 2018) that so-called triangular setoffs will not satisfy the mutuality requirement of 11 U.S.C.…
Read MoreNew US Trustee Program Non-Small Business Reporting Requirements
New U.S. Trustee Program Reporting Requirements for Non-Small Business Chapter 11 Bankruptcy Cases On June 21, 2021, the US Trustee’s Program (USTP) will implement new rules regarding the periodic reporting required in non-small business Chapter 11 bankruptcy cases. The new USTP process requires that Chapter 11 debtors in possession (DIPs) and Trustees file monthly reports…
Read MoreTips on Document Management for Business
A Document Management Plan can help businesses manage both paper piles and electronic storage of documents. While technology was supposed to be the answer to the mountains of paper that go along with managing a business, digital files can also pile up, with documents scattered among multiple departments and computers, as well as lurking in…
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