Contract law is about holding people to their promises. Bankruptcy law does just the opposite. Authorized by the Constitution and created by Congress, the U.S. bankruptcy system consists of an entire body of federal statutory law found in Title 11 of the U.S. Code (known as the Bankruptcy Code). The general aim is to give people and
A New York appeals court has affirmed a $1.6 billion award for the developer of a Bahamas mega project against various subsidiaries of China State Construction Engineering Corporation, the world’s largest construction company by revenue (see BML Properties, Ltd. v. China Construction America, Inc. et al., No. 6567550/17, 2025 WL 1033736 (N.Y. App. Div.
Some bankruptcy experts predict an increase in business failures for government contractors in the coming years. Increased demands and constraints on government spending will stress both prime contractors and subcontractors. As federal regulations generally place the burden of compliance on prime contractors, a financially distressed subcontractor is a concern not only for the sub, but