Over the past few months the media has reported extensively on the State’s use of tax incentives to induce high-profile companies to remain in Illinois and not depart for other locales courting these businesses and the many jobs they sustain.
The single-asset chapter 11 debtor sought approval from the Bankruptcy Court to borrow funds from a new lender, and grant the new lender superpriority status over the liens of the debtor’s pre-petition secured lender.
On November 4, 2010, the United States Bankruptcy Court for the Northern District of Illinois certified the appeal of debtors River Road Hotel Partners, LLC, et al. of the court’s Order Denying Debtors’ Bid Procedures Motion (the Order) entered October 5, 2010.
Illinois law now prohibits most employers from using credit history or a credit report in any employment decision.
An action to recover payment on a defaulted loan recently brought renewed vitality to the affirmative defense of commercial impracticability.
Effective January 1, 2011, Illinois employers who perform background checks or otherwise inquire about credit history as part of the recruitment process or in making other employment decisions must comply with the Illinois Employee Credit Privacy Act (IECPA), which generally prohibits inquiry into and consideration of an applicant or employee's credit history to make decisions concerning employment, including with respect to recruiting, discharge, compensation and other terms and conditions of employment.
In the River Road Hotel Partners, LLC chapter 11 proceeding, a bankruptcy judge in the Northern District of Illinois rejected an attempt to restrict the secured lender’s ability to credit bid at a sale of the debtors’ assets.
On October 5, 2010, Judge Bruce Black of the United States Bankruptcy Court for the Northern District of Illinois (the “Bankruptcy Court”) issued a ruling in the River Road Hotel Partner LLC, et. al. (the “Debtors”) bankruptcy cases denying the Debtors’ bid procedures motion incident to plan confirmation.
A recent decision of the Illinois Appellate Court could affect consumer lenders who obtain authorizations from their borrowers for loan payments to be made through electronic fund transfers (EFTs).
Illinois recently enacted the Employee Credit Privacy Act.