Companies and firms began to bounce back in 2021 after being caught off guard by the COVID-19 pandemic last year, which led to far fewer bankruptcies in North Texas.
The first 10 months of the year saw a little less than half as many Chapter 11 filings in the U.S. Bankruptcy Court for the Northern District of Texas, according to court data posted on Nov. 15. …
Haynes and Boone bankruptcy lawyer Ian Peck said 2020 was the busiest 20-year career. Peck, who worked on the Tuesday Morning case, also said that case timelines have been consistently speeding up over the past decade.
“Judges, particularly those in Dallas and Fort Worth, are appreciating that need for moving quickly and are reacting with deals that are approved on a much quicker basis than in the past,” Peck said. “So, 10 or 20 years ago, you might have an average bankruptcy case last between six months to a year plus. Now, you’re seeing cases last much shorter, and in fact, some cases last less than 60 days.”Peck said a committee of bankruptcy lawyers and professionals is currently putting together a plan to update the Northern District of Texas court’s procedures for complex cases to streamline Chapter 11 processes.
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