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Third Circuit Affirms Dismissal of Good Involuntary Petition for Bad Faith
Fall/Winter 2015
“[B]ad faith provides an independent basis for dismissing an involuntary [bankruptcy] petition” despite the creditors' having met all of the “statutory requirements,” held the U.S. Court of Appeals for the Third Circuit recently. As the court stressed in this rarely litigated type of case, even when creditors file an otherwise valid petition, “that doesn't mean the bankruptcy court can't dismiss the case.” In this article, SRZ partner Michael L. Cook discusses this Third Circuit decision, which held that bad faith can be an independent basis for dismissing an involuntary petition, even when the creditors have met all of the statutory requirements.
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The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]
Alerts
The US Securities and Exchange Commission (“SEC”) and the Commodity Futures Trading Commission (“CFTC”) have overhauled Form PF and private fund managers have until March 12, 2025, to begin reporting on the new Form. The changes to the reporting requirements mandated by the amendments to the Form (“Form PF Amendments”) will require substantial preparation by many managers.[1]