How are bankruptcy laws essential to innovation

I.              IntroductionOn February 5, 2015, Congressman Robert Goodlatte re-introduced his patent reform bill known as the Innovation Act in the United States House of Representatives. (H.R. 9.) The February 5 bill is identical to the Innovation Act passed by the House of Representatives on December 5, 2013, by a vote of 325-91. (113th Congress, H.R. 3309.) That bill stalled in the Senate, eventually being removed from the Senate Judiciary Committee’s agenda in May 2014. In the last Congress, more than a dozen other patent reform bills also were introduced in the House and the Senate. None of those bills, however, received a vote on the floor of either chamber of Congress.Congressman Goodlatte’s Innovation Act stands a good chance of being approved by both the House and the Senate in the new Congress. Moreover, President Obama previously expressed a willingness to sign such patent reform legislation. In … [Read more...] about Innovation Act Update

Today is a historical day for economic reforms in India when the Rajya Sabha passed the major economic reform Bill moved by the Government i.e. ‘Insolvency and Bankruptcy Code, 2016’. This is considered as the biggest economic reform next only to GST. The Lok Sabha had earlier passed the Bill on 5th May, 2016.In India, the legal and institutional machinery for dealing with debt default has not been in line with global standards. The recovery action by creditors, either through the Contract Act or through special laws such as the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 and the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, has not had desired outcomes. Similarly, action through the Sick Industrial Companies (Special Provisions) Act, 1985 and the winding up provisions of the Companies Act, 1956 have neither been able to aid recovery for lenders nor aid restructuring of firms. Laws dealing with … [Read more...] about Parliament passes the Insolvency and Bankruptcy Code

ENERGY AND CLIMATE DEBATEIn times of such partisan politics, several energy bills continue to work their way through the legislative process.  On May 8, the Senate Energy and Natural Resources Committee approved five bills—four related to hydropower and the fifth involving energy efficiency—that will now be considered by the full Senate.  The House Transportation and Infrastructure Committee was to have marked up H.R. 3, the Northern Route Approval Act, last Thursday.  However, the committee rescheduled the mark up to be this Thursday.  The bill has already been approved by the House Energy and Commerce and Natural Resources Committees. As for Cabinet nominations, the nomination of Dr. Ernest Moniz to be Energy Secretary is expected to be approved this week, while the nomination of Gina McCarthy to be Environmental Protection Agency (EPA) Administrator continues to be delayed.  Senate Majority Leader Harry Reid (D-NV) will likely schedule a … [Read more...] about Energy & Environmental Law Update May 13, 2013

For Andrea, a past decision to ensure her future in law has left her in a stressed and distressful present. Concerned over how it might affect her job prospects, she would not allow use of her real name. And there is reason for concern: She’s been laid off twice since her 2009 law school graduation, including from a position where she earned $20 an hour at a small firm practicing as a licensed attorney. For the 29-year-old, who’s supported herself since college, the financial repercussions of law school may amount to the worst investment of her life, despite a degree from a second-tier school and a resumé that boasts a position on law review and coveted summer associate positions.“I deferred my loans because of economic hardship the first time,” says Andrea, who borrowed nearly $110,000 to finance her education. “After that,” she falters, “they might be in forbearance … accruing interest … I just don’t … [Read more...] about The Law School Bubble: How Long Will It Last if Law Grads Can’t Pay Bills?

After being in the insurance industry for several decades in a variety of roles, I frequently get asked which insurtechs I think are going to be successful. In sum, I believe the insurtechs best positioned for success are those that are unlocking entirely new markets, thinking past the standard producer model, adding additional revenue streams, and utilizing distribution channels that allow them to efficiently reach more customers. Here are some of the topics our panel discussion focused on at InsureTech Connect 2017.       The insurance market is largely split into two segments. There is admitted coverage, which includes the vast majority of all personal lines insurance (e.g., homeowners, auto, and life), and then there is non-admitted or surplus lines coverage, which includes specialty risks (e.g., professional liability insurance).An admitted insurance company is one that is “admitted” by a particular state to do business as an insurance company. … [Read more...] about InsureTech Connect 2017 Panel Discussion: Maximizing Profits via Products and Alternative Business Model Innovation