In the case of In re Vertical Mac Construction, LLC, No. 21-1520 (Bankr. M.D. Fla. July 23, 2021), Vertical Mac Construction, LLC (“Debtor”) ceased operating its business after several lawsuits were filed against it for shoddy construction. The Debtor’s insurance carrier defended the lawsuits, but afterwards, the Debtor was unable to renew its insurance and

The Small Business Reorganization Act/Subchapter V of Chapter 11 of the Bankruptcy Code (“SBRA”) defines a qualified debtor as being, in part, “engaged in commercial or business activities.” Just how “engaged” continued to be disputed. According to Judge Christopher M. Lopez of Houston, Texas liquidating a defunct business qualifies a debtor as being “engaged” in

The case In re Dura Auto. Sys., LLC, No. 19-12378 (KBO), 2021 WL 2456944 (Bankr. D. Del. June 16,2021), is a cautionary tale and reminder that creditors dealing with debtors in bankruptcy should ensure that any purported assumption or assignment of their contracts are in writing and approved by the bankruptcy court. A creditor in

The U.S. Treasury Department announced on May 20, 2021 a proposal as part of President Biden’s American Families Plan, that would require any cryptocurrency transaction of $10,000 or more to be reported to the Internal Review Service (“IRS”)[1]. The proposed plan would require financial institutions, payment settlement entities, and digital asset exchanges, businesses