Criminal defendants facing onerous restitution obligations as part of their sentence might contemplate a bankruptcy filing, in the hope of staving off the restitution obligation. In a case of first impression, the Second Circuit recently considered whether the Bankruptcy Code’s automatic stay provision halts a defendant’s obligation to pay restitution and firmly closed the door on that potential gambit.
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Presumed Reasonable Absent Certain Circumstances
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I just had an interesting discussion with a partner on the subject of the sale of exempt property in bankruptcy. We concluded that even though tenant by the entireties real estate might be exempt from creditor claims in some states, nonetheless in bankruptcy it is still property of the estate under Bankruptcy Code section 541 and subject to the bankruptcy trustee’s general powers of sale under Code section 363(b). The analysis goes like this: section 541 creates a bankruptcy estate that includes all interests of the debtor in property without mention of exemptions, and sec
The PPSA (Personal Property Securities Act) will celebrate its first birthday on 30 January 2013.
The PPSA introduced fundamental changes for business structuring arrangements. Assets that are subject to non-arms’ length lease or hire arrangements can be at risk if the entity that has possession of the property under the lease or hire agreement is placed in liquidation or receivership.
What is a PPS lease?
A ‘PPS lease’ is the lease or hire of property for a period (including options):
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What is the impact of a bankruptcy filing on the ability of a franchisee to continue utilizing the trademarks of the franchisor?