American Bankruptcy Institute Update

March 29, 2005

In This Issue


Half of Consumers Using Tax Refund to Pay Down Debt, According to NRF

According to the National Retail Federation (NRF) 2005 Tax Returns Consumer Intentions and Actions Survey, half of those who expect a tax refund plan to use it to pay down debt (49.9 percent), while more than a third also hope to put some of the money into savings (39.0 percent). Some consumers also plan to use a portion of their refund for everyday expenses (24.1 percent), vacation (13.4 percent), or a major purchase (9.1 percent). Young adults are the most likely to plan to pay down debt, with 59.6 percent of 18-24 year-olds planning to use a portion of their return to pay down credit cards and other debts, up 8.9 points over last year. The survey found that more than two-thirds of consumers (67.3 percent), or 147.7 million people, expect to receive a tax refund this year.

Consumer Confidence Slips for Second Month in a Row

U.S. consumer confidence inched lower for the second straight month in March, the Conference Board announced today in a press release. The Conference Board’s Consumer Confidence Index, which had declined in February, lost more ground in March. The Index now stands at 102.4 (1985=100), down from 104.4 in February. The Present Situation Index dipped to 115.6 from 116.8. The Expectations Index declined to 93.7 from 96.1 last month. Read the full release.

Audioconference Tomorrow to Address Strategies for Prosecuting and Defending Preferences

ABI will present the first in a series of “Best of ABI” audioconferences tomorrow. The “Best of ABI” series brings the highest rated sessions from each ABI conference right to your office. The original speakers will present the highly acclaimed session again, complete with the original educational materials. CLE/CPE credit will be available in certain states.

Register for the Best of the 2005 Rocky Mountain Bankruptcy Conference live audioconference, "Strategies for Prosecuting and Defending Preferences: 'Pouring Salt or Salve on the Wound,'" tomorrow, March 30, 2005, at 3 pm (ET). Issues, strategies and practice tips on prosecuting and defending preference actions will be presented from various viewpoints, including those of the debtor-in-possession, the trustee and creditors. For more information about the program or to register, click here.

New ABI Publication on Professional Retention Available Online

ABI has just released a new book “Getting Paid: Retention and Compensation in Bankruptcy Cases: A Guide for Non-attorney Professionals.” The book includes coverage of the coming new bankruptcy law. This ABI publication discusses the various aspects of the professional retention process of 11 U.S.C. §§327 and 1103 and the fee payment procedures of 11 U.S.C. §§330 and 331. The handbook was written by six experienced bankruptcy practitioners with the non-attorney professional and their counsel in mind and provides practical advice on a wide range of issues from the question of who is a professional to the drafting of an engagement agreement to the filing and defense of interim and final fee applications. Member price is $9, non-member price is $16. For additional information, click here.

Register for the Annual Spring Meeting by Friday and Save $30

Register by this Friday, April 1, for the Annual Spring Meeting in Washington, D.C. , April 28–May 1, and save $30 off the late registration rate. The coming new bankruptcy law will be featured. Leading bankruptcy judges and nationally acclaimed practitioners will convene in the Nation’s Capital for four days of networking, CLE/CPE programming and top-notch entertainment. George Will of ABC’s This Week and Newsweek will keynote the Friday Luncheon. Comedian Richard Jeni and ABI’s house band, the Indubitable Equivalents, are highlights of the Final Night Gala Dinner. Register online today.

Unsecured Trade Creditors Committee Now Online

The March issue of ABI’s Unsecured Trade Creditors Committee e-newsletter is available online. Read an article on two recent decisions in the U.S. Bankruptcy Court for the District of Delaware addressing both the ordinary course and new value defenses to unsecured creditors faced with preference liability. Learn about the committee’s meeting at the 2005 Annual Spring Meeting, which will focus on recent successful challenges to debtor insolvency in the course of preference litigation.

New Articles at Global Insolvency

Canadian-American Symposium on Cross-border Insolvency Law

Freshfields Bruckhaus Deringer Restructuring and Insolvency Update: London Restructuring and Insolvency Contacts

New OpinionS Posted Online

In re Anthony Alston - March 2005  

In re Donald Insley - March 2005

In re Laurie A. Ali - March 2005


Latest Job Postings at ABI Career Center

Check out the ABI Career Center. The Center is a one-stop site for job seekers and employers in the insolvency community. Career Center resources are available free to both employers and job seekers. New positions are featured daily. The latest listings include: