Introduction
Facts Facts
Decision
Comment
Introduction
Japan, Insolvency & Restructuring, Litigation, Jones Day, Surety, Debtor, Fraud, Liability (financial accounting)
Japan, Banking, Insolvency & Restructuring, Litigation, Jones Day, Debtor, Clearing house (finance), Debt
On March 1 2011 Tokyo District Court issued a decision which admitted the right of avoidance exercised by the court-appointed administrator of a corporate debtor in possession under civil rehabilitation proceedings, where the debtor company had settled a mortgage for a financing company as the real guarantor of its parent company.
As many creditors have unfortunately discovered, the Bankruptcy Code allows a debtor to sue the creditor for certain payments – called preferences – that the creditor received from the debtor prior to the bankruptcy.
USA, Texas, Insolvency & Restructuring, Litigation, Haynes and Boone LLP, Bankruptcy, Credit (finance), Debtor, Collateral (finance), Foreclosure, Default (finance), Title 11 of the US Code