Key Notes:
A “bankruptcy court has discretion to award the [bankruptcy] trustee the actual [fraudulently transferred] property or its pre-transfer value,” held the U.S. Court of Appeals for the Seventh Circuit on Oct. 23, 2015. Hebenstreit v. Kaur, 2015 WL 6445461, at *2 (7th Cir. Oct. 23, 2015).
“Once again, I’m not quite sure what that means.” – Bobby Boucher, The Waterboy
When an executive and a company enter into a lucrative severance package, those benefits aren’t necessarily ironclad.
As we covered in this June 2014 post, when a company declares bankruptcy, its trustee can ask the court to allow the company to avoid its executives’ severance rights.
All is not lost when a debtor files Chapter 13 Bankruptcy. In addition to teaching the ins and outs of how to collect money and assets in a Chapter 13, the video below discusses the basics of a Chapter 13, motions for relief from stay, co-debtor stay, non-dischargeable claims, and other topics to efficiently and effectively obtain what is rightfully yours in a bankruptcy. View the video below to learn more about Chapter 13 bankruptcy.
A GUIDE TO RESTRUCTURING ISSUES FOR NOT-FOR-PROFIT COMPANIES AND THEIR DIRECTORS 02 | A GUIDE TO RESTRUCTURING ISSUES FOR NOT-FOR-PROFIT COMPANIES AND THEIR DIRECTORS An increasing number of not-for-profit (NFP) entities, including those in the education and healthcare industries, are facing financial challenges that may require restructuring of existing debt loads.
At the most basic level, bankruptcy is all about property. Going out on a limb here, we’d say that it’s a good idea to have a sense of what is and what is not your property before filing for bankruptcy. Of course, this is easier said than done in some cases and can be subject to dispute, as demonstrated by
“[B]ad faith provides an independent basis for dismissing an involuntary [bankruptcy] petition” despite the creditors’ having met all of the “statutory requirements,” held the U.S. Court of Appeals for the Third Circuit on Oct. 16, 2015. In re Forever Green Athletic Fields, Inc., 2015 WL 6080665, at *1 (3d Cir. Oct. 16, 2015). As the court stressed in this rarely litigated type of case, even when creditors file an otherwise valid petition, “that doesn’t mean the bankruptcy court can’t dismiss the case.” Id. at *4.
© Copyright 2015 Jenner & Block LLP. 353 North Clark Street Chicago, IL 60654-3456. Jenner & Block is an Illinois Limited Liability Partnership including professional corporations. Attorney Advertising. Prior results do not guarantee a similar outcome. Recent Developments in Bankruptcy Law, October 2015 (Covering cases reported through 536 B.R.
Whether an insurer can refuse to provide coverage on the grounds that the bankrupt insured has not paid a self-insured retention (SIR) is often litigated during a bankruptcy case. Recently, in Sturgill v.