California Lawyers Association

Business Law

Updates and events from the Business Law Section

On March 28, 2023, the U.S. District Court for the District of Arizona affirmed a bankruptcy court’s decision to allocate sale proceeds pro rata between the tax-and-interest component and the penalty component of a tax lien avoided under Bankruptcy Code § 724(a). Matter of Freeman, No. 3:20-BK-10338-DPC, 2023 WL 2665735 (D. Ariz. Mar. 28, 2023). Read more
United States Supreme Court held that Congress unambiguously abrogated tribal sovereign immunity in the Bankruptcy Code because federally recognized Indian tribes are covered under the Code’s definition of a “governmental unit.”  Lac du Flambeau Band of Lake Superior Chippewa Indians v. Coughlin, 143 S. Ct. 1689 (2023). Read more
In a published opinion arising from a Ponzi scheme bankruptcy case, the Seventh Circuit Court of Appeals (the Court) ruled that a transaction whereby a second factor paid off the first factor and received the accounts which were the first factor’s collateral property was not avoidable as a preferential or fraudulent transfer because it was not a transfer of “an interest of the debtor in property.”  Read more
California’s new climate disclosure requirements, Senate Bill 253 (SB 253) and Senate Bill 261 (SB 261), could significantly impact California’s agriculture industry. California Governor Gavin Newsom signed the bills into law on October 7, 2023, intending to increase climate transparency and accountability. The laws are the first of their kind in the United States. They will require companies doing business in California to disclose their greenhouse gas emissions and climate-related financial risks. Together, the laws will significantly affect companies across the globe who conduct business in the state, which is poised to become the world’s fourth-largest economy. Read more
In Medley, the United States Bankruptcy Appellate Panel for the Ninth Circuit (“BAP”) affirmed the bankruptcy court’s decision that a factoring agreement created a loan in favor of Precision secured by the debtor’s real estate sales commissions, and that Precision was not a “factor” that owned the debtor’s right to receive the commission. Read more
The Ninth Circuit Bankruptcy Appellate Panel (“BAP”) affirmed a non-dischargeable judgment where the creditor did not receive notice of the bankruptcy in time to file a proof of claim in a chapter 7 asset case. Read more
This webinar will discuss the benefits and pitfalls of stalking horse purchases and/or sales in bankruptcy proceedings.   Read more
In a split decision, the Fourth Circuit Court of Appeals (the Court) ruled that the bankruptcy court had related to jurisdiction to issue a preliminary injunction which prohibited asbestos claimants from pursuing non-bankruptcy court litigation against a non-debtor affiliate of the debtor.  Read more
The California Supreme Court recently ordered the approval of new Rule 8.3 (Reporting Professional Misconduct), sometimes referred to (perhaps derogatorily) as the “snitch rule.” This new Rule of Professional Conduct became effective on August 1, 2023. Read more
The Insolvency Law Committee (ILC) of the Business Law Section of the California Lawyers Association filed an amicus curiae brief in the Supreme Court of the United States in William K. Harrington, United States Trustee, Region 2, v. Purdue Pharma L.P., et al., a case arising out of the bankruptcy of Purdue Pharma, the manufacturer of OxyContin, in which Purdue Pharma and related entities filed for bankruptcy. Read more

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