Fewer businesses filed for bankruptcy protection during 2011 than they did the year before, reflecting a shift toward out-of-court restructurings using high-yield debt financing — and bearing repercussions for the legal profession. Luckily for most bankruptcy lawyers, there are still enough existing cases to get them through a lean season. Plus, a look at the largest corporate bankruptcies of 2011.


Bankruptcy cools off
With filings down, bankruptcy practices live off their existing cases.


Appointing an examiner is not a simple task
Three cases provide examples of situations in which the courts considered an outside overseer.

Fresh guidance from Ninth Circuit about insurers’ rights
The court didn’t reject ‘insurance-neutrality’ doctrine — it merely objected to one plan.

A sticking point for international bankruptcies
The courts disagree about the ‘recognition date’ for overseas proceedings.