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Bankruptcy Court’s Jurisdiction to Resolve Tax Claims

In the wake of the recent economic downturn caused by the COVID-19 pandemic, there will likely be a sharp rise in bankruptcy filings by businesses seeking to obtain relief from the burdens of excessive debt.[1] The bankruptcy code is designed to provide debtors relief and protection from creditors, which includes the Internal Revenue Service (“IRS”).

USA, Insolvency & Restructuring, Tax, Winston & Strawn LLP, Employee Retirement Income Security Act 1974 (USA), Coronavirus, Internal Revenue Service (USA), Title 11 of the US Code
Bankruptcy Court’s Jurisdiction to Resolve Tax Claims

In the wake of the recent economic downturn caused by the COVID-19 pandemic, there will likely be a sharp rise in bankruptcy filings by businesses seeking to obtain relief from the burdens of excessive debt.[1] The bankruptcy code is designed to provide debtors relief and protection from creditors, which includes the Internal Revenue Service (“IRS”).  One of the benefits of bankruptcy court protection is the automatic stay, which will

USA, Insolvency & Restructuring, Tax, Winston & Strawn LLP, Employee Retirement Income Security Act 1974 (USA), Coronavirus, Internal Revenue Service (USA), Title 11 of the US Code
Financial services update, vol. 8, number 21
In a case that should alarm secured creditors who thought they could lawfully exercise their secured creditor rights to foreclose on collateral, the Second Circuit Court of Appeals upheld sanctions against a secured creditor that did exactly that. In 2006, the State Employees Federal Credit Union ("SEFCU") made a loan to Mr. Weber, secured by Mr. Weber’s pick-up truck (the principles in this case apply equally in the corporate finance world). After Mr. Weber defaulted on the loan in 2009, SEFCU legally repossessed Mr.
USA, Banking, Insolvency & Restructuring, Litigation, Winston & Strawn LLP, Bankruptcy, Debtor, Collateral (finance), Secured creditor