Lawyers at Jackson Walker never told lawyers at Kirkland & Ellis that one of its bankruptcy partners was having a secret romantic relationship with former Houston Bankruptcy Judge David Jones and that Kirkland would have taken action to make the couple’s cohabitation public if he had known about it, one of Kirkland’s top bankruptcy lawyers told the U.S. Trustee’s office in a recent deposition.
Texas Business Bankruptcies Skyrocket in DFW, Decline Slightly in Houston
For the fifth consecutive year, Texas led the nation in business bankruptcy filings, cementing its position as the premier destination for corporate restructurings. However, Delaware closed the gap significantly in 2024, surpassing Texas’ Southern District as the top venue for business bankruptcies.
Despite a tumultuous year marked by scandal in the Southern District, Texas’ three other federal court districts experienced significant increases in bankruptcy filings, ensuring the state maintained its dominance in this critical legal sector. The Northern District, in particular, emerged as a rising star, with its Chapter 11 caseload more than doubling.
The Texas Lawbook’s Mark Curriden has the details on these trends and more.
Texas Bankruptcy Expert: ‘Conditions Seem Ripe for Substantial Restructuring Activity in 2025’
The corporate bankruptcy practice faced some headwinds in 2024, including higher interest rates, an unsettled political environment and the judicial romance scandal that rocked the complex bankruptcy panel in the Southern District of Texas.
The Texas Lawbook talked with Haynes Boone corporate bankruptcy and restructuring partner Ian Peck about trends in the world of complex business Chapter 11s in Texas.