“(b) Duties.—The [Subchapter V] trustee shall— . . . (7)facilitate the development of a consensual plan of reorganization.”
- From 11 U.S.C § 1183(b)(7)(emphasis added).
Facilitation is, by statute, a duty of every Subchapter V trustee—something a Subchapter V trustee must do. But the nature and boundaries of the facilitation role have always been fuzzy and, therefore, misunderstood.
Divorce and Family partner Lisette Dupré and Commercial Litigation partner Elaina Bailes were among 500 lawyers from more than 50 countries who gathered for the AIJA International Young Lawyers’ Congress in Rio between 20 and 26 August. This year’s theme was rethinking the law in four dimensions, which called upon speakers to think more about how the law may develop in the next five years than simply looking at how it stands today.
“(b) Duties.—The [Subchapter V] trustee shall— . . . (7)facilitatethe development of a consensual plan of reorganization.”
- From 11 U.S.C § 1183(b)(7)(emphasis added).
Facilitation is, by statute, a duty of every Subchapter V trustee—something a Subchapter V trustee must do. But the nature and boundaries of the facilitation role have always been fuzzy and, therefore, misunderstood.
My purpose in this multi-part series is to provide observations on the facilitation role.
“Notwithstanding the court of appeals’ error, this case does not warrant this Court’s review.”
“(b) Duties.—The [Subchapter V] trustee shall— . . . (7)facilitatethe development of a consensual plan of reorganization.”
- From 11 U.S.C § 1183(b)(7)(emphasis added).
Facilitation is, by statute, a duty of every Subchapter V trustee—something a Subchapter V trustee must do. But the nature and boundaries of the facilitation role have always been fuzzy and, therefore, misunderstood.
My purpose in this multi-part series is to provide observations on the facilitation role.
“(b) Duties.—The [Subchapter V] trustee shall— . . . (7)facilitatethe development of a consensual plan of reorganization.”
- From 11 U.S.C § 1183(b)(7)(emphasis added).
Facilitation is, by statute, a duty of every Subchapter V trustee—something a Subchapter V trustee must do. But the nature and boundaries of the facilitation role have always been fuzzy and, therefore, misunderstood.
My purpose in this multi-part series is to provide observations on the facilitation role.
“Learn something new every day,” is a well-worn adage.
And it’s mostly true (I only question giving a literal meaning to the “every day” part).
Nevertheless, I’m embarrassed to acknowledge learning only recently of the existence of a noteworthy, bankruptcy-related statute: 28 U.S.C. § 959(a). Such statute reads in part (emphasis added):
Section 423 of the Insolvency Act 1986 (s423) provides for the avoidance of transactions intended to put assets out of the reach of creditors or otherwise prejudice their interests. It is one of the most effective weapons in global asset recovery scenarios and is widely used. Partner Tim Symes, associate Jack Barlow and paralegal Bruno Ponte consider the proof needed to get home on an s423 claim, consider some recent caselaw and provide examples of what a court might order if a claim is successful.
Excluded from Subchapter V eligibility is a “single asset real estate” debtor.
We have a recent opinion on a Subchapter V debtor who beats that exclusion: In re Evergreen Site Holdings, Inc., [Fn. 1]
What follows is a summary of that opinion.
Eligibility Issue & Standards
The Evergreen issue is this:
In a mass-tort bankruptcy, when 95% of 120,000 creditors vote to accept a mediated plan paying over $7 billion to creditors, shouldn’t the plan be confirmed?