United States: Insolvency/Bankruptcy

In a decision discussing the scope of the automatic stay to third parties, on June 22, 2026, the Ninth Circuit Bankruptcy Appellate Panel (the B.A.P. or the Court) affirmed a decision from the Central District...

A bankruptcy filing can preempt state law, permitting termination of a General Partner’s management right. Generally speaking, partnership agreements provide and state laws provide for the removal of a General Partner’s management rights when a General Partner files bankruptcy. But, what happens when the General Partner files bankruptcy and such management rights become property of the estate?

Ankura's Featured Insights page showcases the firm's latest thought leadership across restructuring, sports infrastructure, cybersecurity threats, joint ventures, and financial operations. The collection spans critical analysis of Australian insolvency data, emerging AI-powered cyber attacks, and strategic guidance for navigating complex commercial conflicts and value creation in high-growth environments.

Sheppard’s Restructure THIS! podcast explores the latest trends and controversies in Chapter 11 bankruptcy, commercial insolvency and distressed investing.

U.S. companies are increasingly turning to foreign restructuring venues like the U.K., Canada, and the Netherlands to surgically address specific balance sheet problems—particularly unsecured debt tranches—while avoiding the cost, complexity, and post-Purdue limitations of Chapter 11. These targeted international proceedings offer speed, precision, and the ability to secure third-party releases that are no longer readily available in U.S. bankruptcy courts, then return home for enforcement under

Delaware has become the sixth state to adopt the Uniform Assignment for Benefit of Creditors Act, creating a more streamlined framework for distressed companies. This new legislation offers an alternative to Chapter 11 bankruptcy for Delaware-organized companies lacking liquidity, featuring assignee independence, structured claims administration, and Court of Chancery oversight. The Act's implications are significant given that over 60% of publicly traded U.S. companies are organized in Delaware.

Cannabis companies had long been shut out of the U.S. bankruptcy system because federal courts refused to administer assets derived from or connected to federally prohibited activity.

A federal bankruptcy court in Delaware has made a groundbreaking decision by recognizing a foreign insolvency proceeding for a cannabis company, marking the first time a U.S. federal court has acknowledged such proceedings despite marijuana's continued federal prohibition. This development opens new restructuring pathways for distressed cannabis operators who were previously limited to state-law remedies like receiverships and out-of-court restructuring.

New York LLCs without operating agreements are as common as noodles in Naples. Most function just fine without one. Their members just rely upon the statutory default rules found in the New York Limited Liability...