The newsletter of the ISBA’s Commercial Banking, Collections, and Bankruptcy Section
Browse articles by year: 2014 (5)
Newsletter articles from 2012
7th Circuit successor liability law as extended by Ordonez v. Akorat
In Ordonez, et al v. Akorat Metal Fabricators, Inc., et al, the Northern District provided a roadmap of the federal doctrine of successor liability and gives asset-purchasers guidance on how not to plead a Motion for Summary Judgment asserting that successor liability is inapplicable as a matter of law.
Bankruptcy issues relating to personal injury cases
In the recent case of Berge v. Kuno Mader and DMG America, Inc., the First District found that the doctrine of judicial estoppel bars a plaintiff from proceeding with a cause of action in state court where the plaintiff fails to disclose the action as an asset in a bankruptcy petition.
Banks are still making loans
Utilizing the United States Small Business Administration loan programs, in the fiscal year running from October 1, 2010 through September 30, 2011, 222 different lenders had SBA loans approved for business within Illinois.
Creditors’ rights against a member’s interest in an LLC
Effective January 1, 2012, the Code of Civil Procedure was amended to add a new provision by which the remedy of a charging order could be obtained, inter alia, by serving a citation to discover assets, either on the judgment debtor or against any third party who possesses property belonging to the judgment debtor.
A summary of the recent case of TH Davidson and Company vs. EIDOLA Concrete and Thomas Kilbride.
Illinois debtor prisons
The author has been a collection attorney in Illinois for 35 years specializing in enforcing judgments, and has never heard of any consumer sentenced to jail for not paying a bill. There are likely no consumers in an Illinois jail on such a charge. Then why all the media noise about debtor prisons?
The nightmare scenario
Rather than trying to “get one by” the judge and hope that s/he does not notice that we forgot something, we should strive to prove that we have done all that could possibly be required of us and that when we ask for relief from the court the judge will know that we are entitled to such relief.
Piercing the corporate veil in Illinois: A tool for lenders
In Wachovia Securities, LLC v. Banco Panamericano, the Seventh Circuit Court of Appeals considered what must be established under Illinois law to impose liability on corporate insiders for indebtedness incurred by the corporation.
Piercing the corporate veil; When?
It seems clear, under Illinois law, that corporate veil piercing is not permitted in supplementary proceedings, and if the federal courts are to follow the rule, there should be no veil piercing in federal supplementary proceedings based upon Illinois law either.