Agentis

Happy Thanksgiving from the Agentis team!

Join us as we celebrate #TeamTuesday and wish very Happy Birthdays to Mel and Julie. Wishing you another year full of success, love and making memories. #Agentis #HappyBirthday

Congratulations to our client, stucco contractor Edgewater Construction, in its dispute with giant contractor Balfour Beatty. Bankruptcy Judge Laurel Isicoff first found that Balfour Beatty bypassed the rules when it took possession of Edgewater’s equipment and materials without seeking approval from the court. Now she’s ordered the company to pay $1.2 million in damages and legal fees.

The automatic stay of the bankruptcy code is real, and failing to abide by it can have serious consequences. Last Friday U.S. Bankruptcy Court Judge Laurel Isicoff levied a $1.2 million sanction against building giant Balfour Beatty Construction. Our client, Edgewater Construction, one of Balfour’s subs, was in the midst of its Chapter 11 reorganization proceeding when Balfour declared Edgewater had defaulted and retained Edgewater’s scaffolding and materials. Balfour Beatty acted without seeking relief from the Bankruptcy Court from the automatic stay that arose once Edgewater was under the protection of the Bankruptcy Court. Judge Isicoff ordered Balfour Beatty to pay actual damages, punitive damages and legal fees.

Happy Halloween from Agentis! Wishing everyone a safe and enjoyable Halloween! #Agentis #HappyHalloween

The quick Tupperware sale agreement in bankruptcy court highlights the worth of an iconic brand. In just five weeks since Tupperware filed under Chapter 11, listing $818 million in debt, the company agreed to a purchase by its major creditors for $23.5 million in cash and forgiving $63 million of debt. Tupperware announced it is seeking court approval of the agreement “to protect its iconic brand and further advance Tupperware's transformation into a digital-first, technology-led company."

Small business bankruptcy filings under the less expensive, more efficient version of Chapter 11, Subchapter V, were up 41 percent through September of this year but have slowed down considerably after the debt limit was reset in June to $3 million, according to the American Bankruptcy Institute. In 2023 Congress had temporarily increased the debt limit to $7.5 million.

Bankruptcy filings across the board are up in the first nine months of 2024, according to the American Bankruptcy Institute. There have been 22,550 commercial filings-up 20 percent from 2023. Chapter 11 commercial bankruptcies increased at an even higher rate-up by 36 percent to more than 6,067. Individual filings went up by 15 percent to 360,632. Epic AACER, an industry provider of bankruptcy data, expects that trend to continue going forward.

Happy Columbus Day! Today, we take a moment to reflect on exploration, discovery, and the rich tapestry of history that shapes our nation. #ColumbusDay #Agentis

Our best wishes go to the people of Asheville, N.C. for a quick recovery and reconstruction from the damage brought by Hurricane Helene. We were scheduled to attend the Primerus law firms meeting in Ashville, which has been canceled. In light of these circumstances, Agentis is making a contribution to relief efforts by the Asheville Dream Center. To join in relief efforts, you can make a contribution by going to: https://lnkd.in/eP6hRqHS