By Posted in News and CommentsThe Bankruptcy Section of the Atlanta Bar Association enthusiastically announces the commencement of monthly Breakfast Meetings in Year 2011. Please save the dates listed below and come join your colleagues for delicious food, collegiality and entertaining speakers. All meetings will from 7:30 am to 9:00 am. January 27 – Breakfast Meeting – The Buckhead Club "History… Continue Reading
By Posted in News and CommentsAs many business bankruptcy lawyers understand, there has not been a groundswell of real estate and single asset bankruptcy cases, as predicted during the beginning of the current economic downturn. The latest edition of the Georgia Bar Journal has an article entitled "What Happened to Real Estate Bankruptcies?" by Al Adams and Jason Kirkham, and… Continue Reading
By Posted in News and CommentsLawyers who handle Chapter 11 Bankruptcy cases for small to medium size businesses usually address these questions in the initial conversation with potential clients. "How much is a Chapter 11 case?" "Why is it so expensive?" "I just want to stop the foreclosure/lawsuit/collection, then we can dismiss." "Can’t I pay a little over time?" While… Continue Reading
By Posted in News and CommentsBankruptcy and Commercial Law Year in Review (Click Here for detailed Brochure). Tuesday, December 07, 2010 (9:00 AM – 3:30 PM) The Commerce Club at 191 Peachtree 49th Floor 191 Peachtree Street NE Atlanta, GA United States AGENDA and FACULTY 8:30a – Registration and refreshments 9:00a – Bankruptcy Law Year in Review, Part 1… Continue Reading
By Posted in News and CommentsI rarely go off-topic in this Blog, and have not used it to promote personal causes, but I am compelled to add this note about Haiti. I just returned this past Thursday from my second trip to Haiti this year. Most of the trip was spent in the community of Bohoc, Haiti which is about… Continue Reading
By Posted in News and Comments Wednesday, October 6, 2010 – 5:30 pm Meet and greet Judge Wendy Hageanu, recently appointed Bankruptcy Judge for N.D. GA. and toast the 5th anniversary of surviving BAPCPA. Location: No Mas! Cantina 180 Walker Street Atlanta, GA 30313 404.574.5678 Cost: Section Member – $10 Non-Section Member – $20 FREE for non-members who join the Bankruptcy… Continue Reading
By Posted in News and CommentsThe Seventh Annual Emory Bankruptcy Developments Journal Symposium will be held on March 4, 2010. The schedule for the event is below. You can register by clicking here. Symposium Schedule 8:00 am – 8:45 am Registration and Breakfast 8:45 am – 8:50 am Welcome Dean David Partlett 8:50 am – 9:50 am Panel Discussion… Continue Reading
By Posted in Miscellaneous Cases,News and Comments,Small Business BankruptcyIt is not uncommon for financially distressed businesses to get behind on payroll taxes, especially when the company does not have a payroll service that handles the payment of all taxes and automatically deducts the full amount from the company’s bank accounts. Chapter 11 cases often have significant unpaid payroll taxes scheduled as a priority… Continue Reading
By Posted in News and CommentsCarrie Teegardin of the Atlanta Journal published a story yesterday about the rising rate of personal bankruptcy cases in Georgia for 2009. Click here for the story. It certainly is not a surprise that the numbers are rising, given the significant drop-off after the 2005 amendments and the general state of the economy. According to… Continue Reading
By Posted in News and CommentsYesterday, Friday December 4, 2009, three more Georgia Banks failed. This makes a total of 24 failed banks in Georgia for 2009, and 29 failures since August 2008. The latest victims are: 1. Buckhead Community Bank was seized and sold by the FDIC to State Bank & Trust. 2. First Security National Bank of Norcross was… Continue Reading
By Posted in News and Comments,Northern District CasesOn December 1, 2009, several amendments to the Federal Rules of Bankruptcy Procedure will take effect. You can see the Public Notice by clicking here. Please note that several time periods are shortened under the new Rules. A summary of the Rules is available here, and new forms are available here. New Local Rules for the… Continue Reading
By Posted in Consumer Bankruptcy Guide,Miscellaneous Cases,News and CommentsSection 529 Plans are tax advantaged savings plans intended to encourage saving for future college costs. There are two types of qualified tuition programs: a prepaid tuition plan or a college savings plan They are authorized under Section 529 of the Internal Revenue Code (26 U.S.C. § 529). Click here for a basic summary of 529 Plans. Are… Continue Reading
By Posted in News and CommentsIf you have have had the bad luck to deal with customers or clients who have filed a bankruptcy case, chances are good that you have or will receive a demand letter to return money paid to you by the customer or client in the months leading up to the filing of the bankruptcy case. … Continue Reading
By Posted in News and CommentsTwo more Georgia banks were shut down yesterday, making them the 17th and 18th Georgia bank failures in 2009. Ebank, the Vinings-based thrift founded in 1998 as Commerce Bank, was closed by the Office of Thrift Supervision and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. Its one branch and deposits were acquired by… Continue Reading
By Posted in News and CommentsAs more and more companies seek bankruptcy protection, we may see more bankruptcy cases involving officer and director liability during the "zone of insolvency" preceding the filing. Since most states look to Delaware for guidance on matters of corporate law, it is important to keep up with the significant decisions of Delaware courts. Francis… Continue Reading
By Posted in News and CommentsI was recently asked to look into a Chapter 11 case by a company that licensed software to the debtor company. The client had a significant pre-petition debt, and was not being timely paid in the Chapter 11 even though the debtor (a very large technology company) continued to use the software. Coincidentally, Bob Eisenbach… Continue Reading
By Posted in News and CommentsSecurity Bank Corp. was shut down yesterday by the Georgia Department of Banking and Finance, and the FDIC. Pinehurst-based State Bank and Trust Co. will assume all of the deposits of Security Bank’s six subsidaries and will acquire $2.4 billion of the banks’ assets. The subsidiary banks are: Security Bank of Bibb County Security Bank… Continue Reading
By Posted in News and CommentsFirst Piedmont Bank, based in Winder, Georgia, became the state’s 15th bank failure in the last year. Its assets were purchased by Athens-based First American Bank and Trust. A total of four banks nationwide were shuttered on Friday. A total of 58 federally insured banks nationwide have been shut down in 2009. From the Atlanta… Continue Reading
By Posted in News and CommentsLender CIT has been a business lender for 100 years, and is (at least for now) a Fortune 500 company. It is mainly a lender to small to middle market businesses and according to its website has $60 billion in financing and leasing assets. Lawyers who handle Chapter 11 cases have undoubtedly crossed paths with… Continue Reading
By Posted in News and CommentsFriday afternoon in Georgia often means a bank gets the final visit from the FDIC. Today, two were shut down. Community Bank of West Georgia, based in Villa Rica, was seized. No buyer was found, so the bank will be closed. Click here for the article in the Atlanta Business Chronicle. Neighborhood Community Bank of… Continue Reading
By Posted in News and CommentsThe Atlanta Journal Constitution has an article today entitled "Cornerstone Ministries betrayed them by straying from mission, investors say," by Christopher Quinn. You can read a little more about the Cornerstone Chapter 11 case by clicking here. Cornerstone filed for Chapter 11 protection in 2008 and is beginning to liquidate assets. Meanwhile, the… Continue Reading
By Posted in News and CommentsSouthern Community Bank, based in Fayetteville, Georgia, was closed by the Georgia Department of Banking and Finance and the FDIC on Friday. Its assets were taken over by United Community Bank. It is the 12th Georgia bank failure in less than a year. Click here for information from the FDIC. From the Atlanta Business Chronicle: Last… Continue Reading
