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Maryland Court of Special Appeals Holds that the Tolling Provisions of Courts and Judicial Proceedings Section 5-202 Apply to Denial of Discharge in Chapter 7 Bankruptcy

The Maryland Court of Special Appeals recently held in Lowery v. Hoang, __ A.3d __, 2019 WL 965557 (Md. Spec. Ct. App., February 27, 2019) that creditors of debtors whose bankruptcies are dismissed or denied a discharge are entitled to the tolling provisions provided for in Md. Code Cts. & Jud. Proc. §5-202. That section…

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Get in the “Zone,” and Don’t Miss this “Opportunity:” The Emergence of Opportunity Zone Investments as a Tool to Manage Capital Gains Tax

True to their name, Opportunity Zones are creating exciting and emerging investment opportunities for those clients who wish to minimize capital gains taxes. The Tax Cuts and Jobs Act that went into effect on December 22, 2017, allows deferrals on payment of taxes on capital gains, so long as the gains were invested in a…

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Stopped Payments as Avoidable Unauthorized Post-Petition Transfers

YVSM’s Corinne Donohue Adams published an article in the American Bankruptcy Institute Journal entitled “Stopped Payments as Avoidable Unauthorized Post-Petition Transfers.” The article focuses on when liability lies for transfers or transactions under section 549 of the Bankruptcy Code. The article specifically considers In re Essex Constr. LLC, 575 B.R. 648 (Bankr. D. Md. 2017), where…

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YVSM Confirms Chapter 11 Plan for Harborview Towers

YVSM successfully confirmed the Chapter 11 plan of reorganization for the Council of Unit Owners of the 100 Harborview Drive Condominium (“Harborview”) on April 10, 2018, after a four-day contested hearing before the Honorable Michelle M. Harner, U.S. Bankruptcy Judge for the District of Maryland. Both Harborview and its senior secured lender, Howard Bank, proposed…

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Practice Pointers in Drafting LLC Operating Agreement

A limited liability company (“LLC”) is a popular business structure for new businesses. LLCs are formed in accordance with state law and have the benefit of providing limited liability protection for its members while being taxed as a partnership or a corporation if an election is made. The exact rules for setting up an LLC…

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Recent & Upcoming Events – July 2018

Corinne Donohue Adams will speak at the ABI Mid-Atlantic conference on “Consumer and UST Issues: Bankruptcy Billing, Bundling and the Upright Decision” on August 3, 2018.             Lisa Yonka Stevens presented on the topic “Issues Arising in Cases Filed by LLCs or Their Members” at the Bankruptcy Bar Association for the…

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