BANKRUPTCY – CREDITORS RIGHTS

Marks & Sokolov attorneys have handled numerous bankruptcy and insolvency matters.  We have represented trustees for debtors in Chapter 15 proceedings and a wide range of creditors filing proofs of claims and litigating adversary proceedings and turnover actions to set aside fraudulent transfers and preferences. We are committed to delivering timely, practical and cost-effective solutions to the challenges facing creditors and financially distressed companies.   Our aim is to assist our clients in finding solutions and preserving value.

SIGNIFICANT MATTERS INCLUDE:

• Represented Yuri Vladimirovich Rozhkov as the Trustee and Foreign Representative for Foreign Debtor Larisa Markus and obtained an order under Chapter 15 of the U.S. Bankruptcy Code recognizing a Russian insolvency proceeding as a “main proceeding” in the U.S. Bankruptcy Court allowing collection of U.S. based assets; and, obtained an order denying a motion to vacate.  In re Foreign Econ. Indus. Bank, Case No. 19-10096, 607 B.R. 160 (Bankr. S.D.N.Y. Oct. 8, 2019).

• Represented Russian State Corporation “Deposit Insurance Agency” as the Trustee and Foreign Representative of Foreign Economic Industrial Bank Limited “Vneshprombank” Ltd. and obtained an order under Chapter 15 of the U.S. Bankruptcy Code recognizing a Russian insolvency proceeding as a “main proceeding” in the U.S. Bankruptcy Court allowing collection of U.S. based assets; and, obtained an order denying a motion to vacate.  In re Foreign Econ. Indus. Bank, Case No. 16-13534, 607 B.R. 160 (Bankr. S.D.N.Y. Oct. 8, 2019).

• Represented Yuri Vladimirovich Rozhkov as the Russian Trustee and Foreign Representative for Foreign Debtor Larisa Markus and obtained a turnover order which dissolved the Larisa Markus Revocable Trust and subjected its assets, including $4 million, to the administration of the Foreign Representative pursuant to section 11 U.S.C. §1521(a)(5); and, obtained a ruling denying a motion to vacate an order that required the disclosure and freezing proceeds of real property in the U.K. In re Markus, 610 B.R. 64 (Bankr. S.D.N.Y. Oct. 23, 2019).

• Represented Yuri Vladimirovich Rozhkov as the Trustee and Foreign Representative for Foreign Debtor Larisa Markus and obtained contempt sanctions and attorney fees against personal counsel for the debtor for flagrantly disregarding discovery orders in a Chapter 15 proceeding.  Markus v. Rozhkov, 2020 U.S. Dist. LEXIS 59604 (S.D.N.Y. April 3, 2020).

• Represented unsecured creditor with a multi-million claim in an avoidance action on behalf of debtor’s bankruptcy estate regarding an $11 million dollar loan that rendered a debtor related to the Reliance Insurance Company insolvent.  Obtained an order from the bankruptcy court granting the creditor derivative standing to bring the avoidance action on behalf of the bankruptcy estate.  In re Sandenhill, Inc., 304 B.R. 692 (E.D. Pa. 2004).

• Represented owner of a warehouse leased to a bankruptcy debtor and obtained an order compelling the Chapter 11 trustee to pay rent.  In re MGL Corp., 2000 Bankr. LEXIS 344 (Bankr. E.D. Pa. Apr. 6, 2000), affirmed, In re MGL Corp., 2000 U.S. Dist. LEXIS 13252 (E.D. Pa. Sep. 6, 2000), affirmed without opinion, In re MGL Corp., 265 F.3d 1056 (3d Cir. 2001).