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Trusts and insolvency - a guide

Private wealth structures are not immune from insolvency. Here we examine the Jersey and Guernsey position from the trustee's perspective and consider the issues with which a trustee needs to be familiar.

Test for insolvency

Guernsey, Jersey, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Ogier
Sixth Circuit rules in favor of bank and resolves conflict among bankruptcy courts concerning whether the arrearage amount on mortgages includes fees and costs permitted by the contract terms and non-bankruptcy law

Deutsche Bank held an under-secured home mortgage from a Chapter 13 debtor. The debtor was in arrears, but wanted to retain possession and control of her home. Thus, in her Chapter 13 plan, the debtor proposed to cure the arrearage, as required by 11 U.S.C. § 1322(e). The problem, however, was that the parties could not agree on the arrearage amount.

USA, Banking, Insolvency & Restructuring, Litigation, Frost Brown Todd LLP, Bankruptcy, Costs in English law, Debtor, Collateral (finance), Statutory interpretation, Federal Reporter, Mortgage loan, Attorney's fee, US Congress, Deutsche Bank, Westlaw, US Code, United States bankruptcy court, Sixth Circuit