BUYING AND SELLING ASSETS FROM AN ENTITY IN CHAPTER 11

Size: px
Start display at page:

Download "BUYING AND SELLING ASSETS FROM AN ENTITY IN CHAPTER 11"

Transcription

1 BUYING AND SELLING ASSETS FROM AN ENTITY IN CHAPTER 11 Francis P. Dicello, Esq. I. Sources of Financial Information for Troubled Companies A. Nonbankruptcy Sources 1. Lien Judgment Search 2. Reports to Regulatory Agencies B. Bankruptcy Sources 1. Schedules of Assets & Liabilities Contains debtor company's estimate of the fair market value of each of its assets and the amount of debt owed to each creditor (whether fixed, contingent or disputed) as of the bankruptcy petition date. Also lists secured indebtedness and debtor's estimate of value of secured collateral. 2. Statement of Financial Affairs Contains significant information such as the names, addresses, and compensation of all officers and directors the names of all shareholders owning 5% or more of the voting securities and the accountants and attorneys employed by the corporation during the past two years. This document also contains a statement of the gross income for the two full years preceding the bankruptcy petition, a description of pending lawsuits and administrative proceedings, and any set offs, recoupments or foreclosures which have occurred within one year of filing. It also requires the debtor to list all financial institutions, creditors, or other parties to whom a financial statement was issued within the two years immediately preceding the bankruptcy petition. 3. List of Executory Contracts Lists all leases of nonresidential real property as well as supplier contracts and equipment leases. 4. Monthly Profit and Loss and Cash Flow Statements Normally required by local rule or court order within days of the close of each month. Critical issue is whether there is an administrative insolvency. 5. Court Docket a. Financing Orders Debtor-in-Possession or trustee may incur unsecured credit allowable as an administrative expense in the ordinary course of business. Bankruptcy Code Sec. 364(a). Court may also authorize debtor to incur secured debt with priority over administrative debt and/or existing secured debt in limited circumstances. Bankruptcy Code Sec. 364(b), (c), and (d).

2 Cash collateral, such as accounts receivable, may be used in operations only by providing adequate protection to secured lender. Bankruptcy Code Sec. 363(e). Judicial determinations here may include a post filing valuation of collateral, and highlight any difficulties with collection of receivables. b. Claims Register c. Adversary Proceedings (1) Complaints to Recover or Turnover Property (2) Complaints to Determine an Interest in Property (3) Complaints by Secured Creditors to Lift Stay and Permit Foreclosure C. Creditors' Committee Normally 3 7 of the largest unsecured creditors. D. Rule 2004 Examination The examination may cover any matter relevant to the case or to the formulation of a Plan. II. The Players A. The Debtor-in-Possession In the typical Chapter 11 case, management is permitted to remain in possession and control the debtor entity and operates with substantially all of the powers and duties of a trustee (Bankruptcy Code Sec. 1107) unless the court orders the appointment of a trustee for cause. (Sec. 1104). B. The Trustee If appointed, investigates affairs of debtor and possesses all powers of chief executive officer of company. C. The Unsecured Creditors' Committee The committee generally consists of the largest unsecured creditors of the debtor it investigates and monitors affairs of the debtor while operating in Chapter 11 and may, after termination of the exclusive period, file its own plan of reorganization which may include sale of the debtor or significant assets. Bankruptcy Code, Sec and D. The Secured Lenders III. Sales by Entities in Chapter 11 Proceedings A. Sales of Selected Assets Sales of selected assets out of the ordinary course of business may be made after notification containing the terms of the sale and an opportunity for hearing by a creditor or other parties in interest. Bankruptcy Code Section 363(b)(1). B. Free and Clear of Liens Sales of property subject to an interest such as a lien may be sold free and clear of such interest in the property if: (i) applicable nonbankruptcy law permits sale of

3 such property free and clear of such interest (ii) such entity consents (iii) such interest is a lien and the price at which the property is to be sold is greater than the aggregate value of all liens on the property (iv) such interest is in bona fide dispute or (v) such entity could be compelled in a legal or equitable proceeding to accept a money satisfaction of such interest. Bankruptcy Code Section 363(f). C. Appeals from Sale Authorization Orders The reversal or modification on appeal of an order authorizing a sale outside the ordinary course of business, or of an order recognizing the propriety of a sale made in the ordinary course of business does not affect the validity of the sale or lease under such authorization to an entity that purchased or leased in good faith, whether or not the purchasing entity knew of the appeal, unless the authorization and the sale or lease were stayed pending appeal. Bankruptcy Code Sec. 363(m). D. Sales of Substantially All Assets Outside of Plan In limited circumstances, courts have allowed a sale of substantially all the assets of a debtor outside a plan when there is a sound business reason which is distinct from appeasement of creditors, and which justifies the departure from the plan confirmation process. See In re the Lionel Corporation, 722 F.2d 1063 (1983). IV. ACQUISITION UNDER A PLAN A. Standards for Confirmation of a Plan In negotiating a purchase of the assets of the debtor under a plan, it is important to understand the minimum requirements the debtor will need to confirm a plan. These are summarized in Sections 1123 and 1129 of the Bankruptcy Code and include the payment of all administrative debt (debt incurred since the filing), and priority claims (such as certain taxes, employee wages and benefits, customer deposits and similar items). In addition, secured creditors are entitled to receive a stream of payments equal to the present value of their claims. There must also be one class of impaired creditors who accept the plan. This acceptance must be by two-thirds in amount and half in number of those who actually vote in that class. Bankruptcy Code Sec The court must also find that the plan is feasible and will not be followed by another reorganization. B. Rejection of Plan by Impaired Class Generally a class of claims is impaired if the legal, equitable or contractual right of creditors therein is impaired. Bankruptcy Code Section If an impaired class of interests or creditors rejects the plan, it may still be confirmed if the court finds that the plan has been proposed in good faith, complies with other provisions of the Bankruptcy Code, does not discriminate unfairly and is fair and equitable to the rejecting class. The court must also find that it is unlikely that the plan will be followed by the need for further reorganization or liquidation. C. Assignments of Executory Contracts 1. Subject to court approval, debtor/trustee may assume or reject executory contracts during reorganization or as part of a plan. If default has occurred (other than default predicated on fact of insolvency, bankruptcy filing or appointment of trustee) debtor/trustee must at time of assumption: a. Cure default or give assurance of timely ability to do so

4 b. Provide compensation for pecuniary loss incurred and c. Provide adequate assurance of future performance. D. Provider Agreement as Executory Contract The majority of courts have determined that a provider agreement under the Medicare scheme is an executory contract within the meaning of Section 365 of the Code. In re University Medical Center, 973 F.2d 1065, 1075 n.3 (3d Cir. 1992) In re Consumer Health Services of America, Inc., 171 B.R. 917, 920 (Bankr. D.Dist. Col. 1994) In re Advanced Professional Home Health Care, Inc., 94 B.R. 95 (E.D.Mich. 1988). Compare Lee v. Schweiker, 739 F.2d 870 (3d Cir. 1984) (distinguishing Medicare scheme from social security scheme for purposes of recouping overpayments of social security benefits on basis that Social Security benefits are statutory entitlements rather than contractual right). E. Assumption of Provider Agreements 1. One line of cases provides that performance by the debtor of an executory contract may amount to an assumption carrying with it the burden of recoupment under the contract. See In re Yonkers Hamilton Sanitarium, Inc., 22 B.R. 427 (Bankr. S.D.N.Y. 1982), aff'd, In re Yonkers Hamilton Sanitarium, Inc. v. Blue Cross/Blue Shield of Greater New York, 34 B.R. 385 (D.C. 1983) In re Advanced Professional Home Health Care, Inc., 94 B.R. 95 (E.D.Mich. 1988). 2. Other courts have required court approval for an assumption of a provider agreement to be valid. Absent such assumption, the contractual right of recoupment does not exist. See In re University Medical Center, 973 F.2d 1065 (3d Cir. 1992) In re Consumer Health Services of America, Inc., 171 B.R. 917 (Bankr. D.Dist. Col. 1994) In re Memorial Hospital of Iowa County, Inc., 82 B.R. 478 (W.D.Wis. 1988). 3. Assumption is not a prerequisite to the exercise of the right of equitable recoupment. An equitable right of recoupment exists independent of any contractual right to recoupment. In re University Medical Center, 973 F.2d 1065 (3d Cir. 1992) In re Consumer Health Services of America, Inc., 171 B.R. 917 (Bankr. D.Dist. Col. 1994). If actions of the intermediary fall within the parameters of equitable recoupment, assumption of provider agreement is not required. 4. Exercise of equitable right of recoupment depends upon whether the respective claims of the parties arise out of the same transaction. Hence, the ability of the intermediary to recoup overpayments depends upon whether the overpayments were part of the same transaction as the transactions giving rise to the debtor's claims for reimbursement for postpetition services. In re Consumer Health Services of America, Inc., 171 B.R. 917 (Bankr. D.Dist. Col. 1994). F. Collective Bargaining Agreements 1. The Bankruptcy Code provides for assumption or rejection of collective bargaining agreement. Rejection may occur only if debtor or trustee: a. Makes proposal to authorized agent which is based on most reliable information and which provides for those necessary modifications in employee benefits and protections necessary to permit reorganization of debtor and assure fairness to all parties. b. Subject to applicable protection orders, provides information to employees necessary to evaluate offers.

5 c. Meets with employee representative and negotiates in good faith in an attempt to reach mutually satisfactory modifications to the agreement. 2. The court may authorize rejection only if: a. The trustee or debtor has made the proposal set forth above b. The authorized representative of the employees has refused to accept the proposal without good cause and c. The balance of the equities clearly favor rejection of the agreement. V. Negotiating the Deal A. Break Up Fees Break up fees are sometimes authorized by bankruptcy courts and allow a payment to a potential buyer, if the seller accepts an alternative offer, or for some other reason does not go through with the sale. In deciding whether to approve break up fee, courts will look to see whether allowing such a provision in a contract will discourage bidding, whether the fee is unreasonable, or whether there is any evidence of self-dealing. See In re Integrated Resources, Inc., 135 B.R. 746 (Bankr. S.D.N.Y. 1992). B. Topping Fees A topping fee is a device which allows the bidder for assets who was overbid in the final approval process to recover a percentage of the amount by which his bid was exceeded. Since topping fees will not usually discourage bids which may lead to a higher recovery for the estate, they are generally acceptable as long as they are reasonable. Courts have allowed topping fees in the 20% range. See In re Crowthers McCall Pattern, Inc., 114 B.R. 877 (Bankr. S.D.N.Y. 1990). C. Lockup or Lockout Option This is a procedure sometimes utilized in which the first bidder will make an offer for all assets of a corporation but will be allowed to purchase a significant asset if the sale to the first bidder is not completed. This, of course, can result in no other bidder having the opportunity to acquire all of the assets of the company, including the significant targeted asset, thereby diminishing the prospects for competitive bids. See Revlon, Inc. v. MacAndrews & Forbes Holdings, Inc., 506 A.2d 173 (Del. 1986). VI. Purchaser Liability A. Depreciation Recapture Medicaid intermediaries reimburse health care providers for the costs of the medical services provided to Medicaid-qualified patients. Among the costs reimbursable is the depreciation of a nursing home's tangible assets. Depreciation is calculated according to a standard accounting method, dividing an asset's purchase price by its estimated useful life and reimbursing the facility for the resulting annual depreciation. Upon the sale of the asset, state statute authorizes the intermediary to recapture the depreciation it paid to the extent that the sale price exceeds the depreciated original cost of the asset (i.e. the original purchase price less all depreciation payments made before the sale). See e.g. Va. Code (Michie 1988).

6 1. 11 U.S.C. 363(f) permits the trustee or debtor inpossession to sell property of the estate (either inthe ordinary course of business or outside of theordinary course of business) free and clear of anyinterest in such property of an entity other thanthe estate, only if-- a. applicable nonbankruptcy law permits sale of such property free and clear of such interest b. such entity consents c. such interest is a lien and the price at which such property is to be sold is greater than the aggregate value of all liens on such property d. such interest is in bona fide dispute or e. such entity could be compelled, in a legal or equitable proceeding, to accept a money satisfaction of such interest. 2. The right to recapture depreciation from the provider falls within the category of any interest that is the subject of Section 363(f) of the Code. See In re WBQ Partnership, 27 BCD 1200 (Bankr. E.D.Va. 1995) In re P.K.R. Convalescent Centers, Inc., 1995 Bankr. LEXIS 1772 (Bankr. E.D.Va. 1995). The right of recapture is said to run with the property, so it is more than a mere claim against the debtor. It is an interest in property. 3. Federal law under 11 U.S.C. 363(f) permittingsales free and clear of liens, claims or interests,preempts state law permitting recapture ofdepreciation from subsequent purchaser ofprovider's property. Id. 4. The bankruptcy court may therefore permanently enjoin the intermediary from attempting to recapture depreciation from the purchaser of the provider's assets. Id. B. Plan Provisions A plan may have provisions requiring releases by parties who accept a distribution under a confirmed plan.

United States Bankruptcy Court District of

United States Bankruptcy Court District of B25B (Official Form 25B) (12/08) United States Bankruptcy Court District of In re, Case No. Debtor Small Business Case under Chapter 11 [NAME OF PLAN PROPONENT] S DISCLOSURE STATEMENT, DATED [INSERT DATE]

More information

CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP

CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP BANKRUPTCY 101 BASICS & CONTEXT 1. Guiding Policies a. Equality of Distribution b. Adequate

More information

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization Agricultural Business Management FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 12 Reorganization Phillip L. Kunkel, Jeffrey A. Peterson Attorneys, Gray Plant Mooty INTRODUCTION Chapter 12 was added to

More information

Bankruptcy Basics June 9, 2009

Bankruptcy Basics June 9, 2009 Bankruptcy Basics June 9, 2009 Brooks Hamilton Haynes and Boone, LLP www.haynesboone.com Purposes of bankruptcy Mechanism to allow person or company that cannot pay creditors to resolve debts through division

More information

Sale of Debtor s Property Under Bankruptcy Code section 363

Sale of Debtor s Property Under Bankruptcy Code section 363 Sale of Debtor s Property Under Bankruptcy Code section 363 1 What is a 363 Sale? Bankruptcy Code section 363 provides that a debtor, after notice and a hearing, may use, sell, or lease, other than in

More information

BANKRUPTCY TERMINOLOGY

BANKRUPTCY TERMINOLOGY ADVERSARY PROCEEDING BANKRUPTCY TERMINOLOGY A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court. ASSUME An agreement to continue performing

More information

U.S. Bankruptcy Basics

U.S. Bankruptcy Basics SHEPPARD MULLIN SHEPPARD MULLIN RICHTER & HAMPTON LLP A T T O R N E Y S A T L A W U.S. Bankruptcy Basics Sheppard, Mullin, Richter & Hampton LLP Edward H. Tillinghast, III etillinghast@sheppardmullin.com

More information

THE BASICS OF CHAPTER 11 BANKRUPTCY

THE BASICS OF CHAPTER 11 BANKRUPTCY THE BASICS OF CHAPTER 11 BANKRUPTCY Bankruptcy is a legal proceeding in which a debtor declares an inability to pay consumer or business debts as they become due. Debtors may seek to be excused from continuing

More information

Advanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com

Advanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com Advanced Bankruptcy for Bankers Candace C. Carlyon, Esq. www.sheacarlyon.com 1 Pre Bankruptcy Review loan files, confirm collateral security, obtain as much information as possible Consider timing of remedies

More information

BANKRUPTCY ISSUES RELATED TO MORTGAGE FORECLOSURES

BANKRUPTCY ISSUES RELATED TO MORTGAGE FORECLOSURES TABAS FREEDMAN Attorneys One Flagler Building 14 Northeast First Avenue, Penthouse Miami, Florida 33132 Telephone 305.375.8171 Facsimile 305.381.7708 www.tabasfreedman.com Gary M. Freedman gfreedman@tabasfreedman.com

More information

A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy.

A voluntary bankruptcy under the BIA commences when a debtor files an assignment in bankruptcy with the Office of the Superintendent of Bankruptcy. Bankruptcy and Restructuring 121 BANKRUPTCY AND RESTRUCTURING Under Canadian constitutional law, the federal government has exclusive legislative control over bankruptcy and insolvency matters. Insolvency

More information

ACQUISITIONS OF TROUBLED BUSINESSES: A COMPARISON OF THE BANKRUPTCY AND NON-BANKRUPTCY ALTERNATIVES. James P. S. Leshaw 1

ACQUISITIONS OF TROUBLED BUSINESSES: A COMPARISON OF THE BANKRUPTCY AND NON-BANKRUPTCY ALTERNATIVES. James P. S. Leshaw 1 ACQUISITIONS OF TROUBLED BUSINESSES: A COMPARISON OF THE BANKRUPTCY AND NON-BANKRUPTCY ALTERNATIVES By James P. S. Leshaw 1 August 17, 1995 1 James P. S. Leshaw is a member of the Bankruptcy and Reorganization

More information

Bankruptcy Filing and Federal Employment Taxes. Bad investments, too great an assumption of risk, circumstances beyond their control.

Bankruptcy Filing and Federal Employment Taxes. Bad investments, too great an assumption of risk, circumstances beyond their control. I. What causes someone to file for bankruptcy? Bad investments, too great an assumption of risk, circumstances beyond their control. II. The options A. Individuals Chapter 7, Chapter 11, i Chapter 13 B.

More information

ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE

ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE ASSESSING THE RISK OF A MUNICIPALITY S REORGANIZING UNDER CHAPTER 9 OF THE BANKRUPTCY CODE By John E. Mitchell, Baker & McKenzie, LLP (Dallas) (john.mitchell@bakermckenzie.com) and Angela B. Degeyter,

More information

Overview of U.S. Bankruptcy Law and Procedure: Dealing with Customers in These Troubled Economic Times

Overview of U.S. Bankruptcy Law and Procedure: Dealing with Customers in These Troubled Economic Times Overview of U.S. Bankruptcy Law and Procedure: Dealing with Customers in These Troubled Economic Times By: Richard R. Lury, Partner Benjamin D. Feder, Special Counsel Kelley Drye & Warren LLP During the

More information

Intellectual Property Rights and Strategies in Bankruptcy

Intellectual Property Rights and Strategies in Bankruptcy Intellectual Property Rights and Strategies in April 2009 2009 Morrison & Foerster LLP All Rights Reserved I. Market Overview II. The Rise and Importance of Intellectual Property Rights III. Strategies

More information

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING]

UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING] UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF LOUISIANA CHAPTER 13 PLAN [MOTION FOR FRBP RULE 3012 VALUATION HEARING] Original plan Amended plan -- Date amended: The debtor's future earnings are submitted

More information

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 11 Reorganizations

FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 11 Reorganizations Agricultural Business Management FARM LEGAL SERIES June 2015 Bankruptcy: Chapter 11 Reorganizations Phillip L. Kunkel, Jeffrey A. Peterson Attorneys, Gray Plant Mooty INTRODUCTION Most people assume that

More information

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court.

adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. Terminology adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. assume - An agreement to continue performing duties under

More information

Case 10-32200 Document 33 Filed in TXSB on 04/21/10 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS

Case 10-32200 Document 33 Filed in TXSB on 04/21/10 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS Case 10-32200 Document 33 Filed in TXSB on 04/21/10 Page 1 of 8 IN THE UNITED STATES BANKRUPTCY COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ENTERED 04/21/2010 ) IN RE ) ) SOUTHWEST GUARANTY,

More information

United States Bankruptcy Court District of

United States Bankruptcy Court District of United States Bankruptcy Court District of In re: Case No: Debtor(s) Official Form XXXX Chapter 13 Plan Date: You should read these papers carefully and discuss them with your attorney, if you have one

More information

The Other Estate : A Primer On Bankruptcy for Non-Profits Lawrence G. McMichael Catherine G. Pappas Dilworth Paxson, LLP Philadelphia, PA

The Other Estate : A Primer On Bankruptcy for Non-Profits Lawrence G. McMichael Catherine G. Pappas Dilworth Paxson, LLP Philadelphia, PA The Other Estate : A Primer On Bankruptcy for Non-Profits Lawrence G. McMichael Catherine G. Pappas Dilworth Paxson, LLP Philadelphia, PA A. Eligibility (1) The Bankruptcy Code sets forth certain eligibility

More information

Difficulty in obtaining financing. General recessionary forces.

Difficulty in obtaining financing. General recessionary forces. American Health Lawyers Association Long Term Care and the Law Insolvency and Bankruptcy Proceedings Presented by Jill A Steinberg, Esq. Arent Fox LLP Washington, DC New York, NY Los Angeles, CA Date:

More information

CHANGES IMPACTING CHAPTER 11 CASES

CHANGES IMPACTING CHAPTER 11 CASES CHANGES IMPACTING CHAPTER 11 CASES DAVID T. SYKES AND WENDY M. SIMKULAK EXECUTORY CONTRACTS AND UNEXPIRED LEASES In an attempt to effectively limit the amount of time that the debtor has to decide whether

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF. Case No.

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF. Case No. FORM 10A.71 INTERIM FACTORING FINANCING ORDER IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF In re: In Proceedings Under Chapter 11 Case No. Debtor. INTERIM ORDER APPROVING SECTION 364 FINANCING

More information

ALERT APRIL 25, 2005

ALERT APRIL 25, 2005 919 Third Avenue, New York, NY 10022 n Tel: (212) 756-2000 n Fax: (212) 593-5955 n www.srz.com n e-mail: wwwmail@srz.com ALERT APRIL 25, 2005 2005 BANKRUPTCY CODE AMENDMENTS: QUICK SUMMARY OF BUSINESS

More information

Case 10-33583-bjh11 Doc 31 Filed 12/07/10 Entered 12/07/10 18:18:45 Desc Main Document Page 1 of 10

Case 10-33583-bjh11 Doc 31 Filed 12/07/10 Entered 12/07/10 18:18:45 Desc Main Document Page 1 of 10 Document Page 1 of 10 Eric A. Liepins ERIC A. LIEPINS, P.C. 12770 Coit Road Suite 1100 Dallas, Texas 75251 Ph. (972) 991-5591 Fax (972) 991-5788 ATTORNEYS FOR DEBTOR IN THE UNITED STATES BANKRUPTCY COURT

More information

Restructuring Overview: Chapter 11. Renée M. Dailey June 28, 2013

Restructuring Overview: Chapter 11. Renée M. Dailey June 28, 2013 Restructuring Overview: Chapter 11 Renée M. Dailey June 28, 2013 What is Chapter 11? A chapter contained in title 11 of the United States Code (the "Bankruptcy Code") which provides for the reorganization,

More information

BANKRUPTCY 101 FOR EQUIPMENT LEASING PROFESSIONALS AARON L. HAMMER, ESQ. CYNTHIA A. BERGMANN, ESQ. FREEBORN & PETERS LLP

BANKRUPTCY 101 FOR EQUIPMENT LEASING PROFESSIONALS AARON L. HAMMER, ESQ. CYNTHIA A. BERGMANN, ESQ. FREEBORN & PETERS LLP BANKRUPTCY 101 FOR EQUIPMENT LEASING PROFESSIONALS AARON L. HAMMER, ESQ. CYNTHIA A. BERGMANN, ESQ. FREEBORN & PETERS LLP 2009 TABLE OF CONTENTS Page I. BASICS OF U.S. CHAPTER 11... 1 A. INTRODUCTION...

More information

Case 6:09-cv-06082-HO Document 826 Filed 01/19/2010 Page 1 of 16

Case 6:09-cv-06082-HO Document 826 Filed 01/19/2010 Page 1 of 16 Case 6:09-cv-06082-HO Document 826 Filed 01/19/2010 Page 1 of 16 Albert N. Kennedy, OSB No. 821429 (Lead Attorney) Direct Dial: (503) 802-2013 Facsimile: (503) 972-3713 E-Mail: al.kennedy@tonkon.com Timothy

More information

BANKRUPTCY LAW MANUAL

BANKRUPTCY LAW MANUAL BANKRUPTCY LAW MANUAL FIFTH EDITION THE HONORABLE NANCY C. DREHER CHIEF UNITED STATES BANKRUPTCY JUDGE, DISTRICT OF MINNESOTA MEMBER, UNITED STATES EIGHTH CIRCUIT BANKRUPTCY APPELLATE PANEL (1997-2005)

More information

Mergers & acquisitions a snapshot Changing the way you think about tomorrow s deals

Mergers & acquisitions a snapshot Changing the way you think about tomorrow s deals Mergers & acquisitions a snapshot Changing the way you think about tomorrow s deals Stay ahead of the accounting and reporting standards for M&A 1 November 13, 2014 Companies in distress: Bankruptcy process

More information

Case 15-10197-BLS Doc 1755 Filed 04/09/15 Page 1 of 9 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE : : : : : : : Chapter 11

Case 15-10197-BLS Doc 1755 Filed 04/09/15 Page 1 of 9 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE : : : : : : : Chapter 11 Case 15-10197-BLS Doc 1755 Filed 04/09/15 Page 1 of 9 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re RADIOSHACK CORPORATION, et al., 1 Debtors. Chapter 11 Case No. 15-10197 (BLS) (Jointly Administered)

More information

Chapter 11. Background. A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy.

Chapter 11. Background. A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a reorganization bankruptcy. Chapter 11 The chapter of the Bankruptcy Code providing (generally) for reorganization, usually involving a corporation or partnership. (A chapter 11 debtor usually proposes a plan of reorganization to

More information

American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours

American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours American Bankruptcy Board of Certification Sample Exam General Bankruptcy Multiple Choice Total Time Two Hours NOTE: The Bankruptcy Multiple-Choice exam contains 50 questions. You must correctly answer

More information

CHAPTER 9 Municipality Bankruptcy

CHAPTER 9 Municipality Bankruptcy U.S. COURTS HTTP://WWW.USCOURTS.GOV/FEDERALCOURTS/BANKRUPTCY/BANKRUPTCY BASICS/CHAPTER9.ASPX CHAPTER 9 Municipality Bankruptcy The chapter of the Bankruptcy Code providing for reorganization of municipalities

More information

CORE KNOWLEDGE: BANKRUPTCY

CORE KNOWLEDGE: BANKRUPTCY American Bar Association SECTION OF LITIGATION CORE KNOWLEDGE: BANKRUPTCY The Bankruptcy Code is a Federal statute and is codified under title 11 of the United States Code. The Bankruptcy Code is divided

More information

Chapter 7 Liquidation Under the Bankruptcy Code

Chapter 7 Liquidation Under the Bankruptcy Code From Administrative Office of the United States Courts, Bankruptcy Basics, Public Information Series. Chapter 7 Liquidation Under the Bankruptcy Code The chapter of the Bankruptcy Code providing for "liquidation,"

More information

By John J. Lamoureux Carlton Fields, P.A. Tampa, Florida. On April 20, 2005 President Bush signed into law the Bankruptcy Abuse Prevention and

By John J. Lamoureux Carlton Fields, P.A. Tampa, Florida. On April 20, 2005 President Bush signed into law the Bankruptcy Abuse Prevention and RECENT CHANGES TO THE UNITED STATES BANKRUPTCY CODE WHAT CONSTRUCTION LAWYERS SHOULD KNOW AND THE POTENTIAL IMPACT SUCH CHANGES MAY HAVE ON CONSTRUCTION PROJECTS By John J. Lamoureux Carlton Fields, P.A.

More information

Common Bankruptcy Concerns for Lenders

Common Bankruptcy Concerns for Lenders Types of Bankruptcy, and Eligibility Common Bankruptcy Concerns for Lenders The U.S. Bankruptcy Code is divided into several different chapters. Some chapters are applicable to all types of bankruptcy

More information

BANKRUPTCY ISSUES RELATED TO FORECLOSURE AND REPOSSESSION

BANKRUPTCY ISSUES RELATED TO FORECLOSURE AND REPOSSESSION BANKRUPTCY ISSUES RELATED TO FORECLOSURE AND REPOSSESSION Prepared and Presented by: J. Frasher Murphy Eli O. Columbus WINSTEAD SECHREST & MINICK P.C. Foreclosure and Repossession in Texas Bankruptcy Issues

More information

Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better

Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better Husch Blackwell LLP Ben Mann John Cruciani An Overview of Business Bankruptcy & Creditors Rights Issues June 26,

More information

WHAT EVERY ATTORNEY NEEDS TO KNOW ABOUT BANKRUPTCY

WHAT EVERY ATTORNEY NEEDS TO KNOW ABOUT BANKRUPTCY WHAT EVERY ATTORNEY NEEDS TO KNOW ABOUT BANKRUPTCY 6 Nevada Lawyer March 2014 Where to Look BY CANDACE C. CARLYON, ESQ. AND ADAM BOWLER, ESQ. A great starting point in a search for bankruptcy information

More information

Chapter 7 Commercial Bankruptcy Strategies

Chapter 7 Commercial Bankruptcy Strategies I N S I D E T H E M I N D S Chapter 7 Commercial Bankruptcy Strategies Leading Lawyers on Navigating the Chapter 7 Filing Process, Understanding Bankruptcy Trends, and Advising Clients 2010 EDITION 2010

More information

LIENS. Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt.

LIENS. Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt. LIENS Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt. Mechanic s Lien: A lien on real property to ensure payment for work performed and materials furnished

More information

UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS

UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS Name of Debtor(s): Case No: This Plan, dated, is: the first Chapter 13 Plan filed in this case. a modified

More information

BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY. New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L.

BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY. New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L. BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L. Roth WHAT IS BANKRUPTCY? A process in which individuals and entities

More information

BANKRUPTCY F.A.Q. S WHAT IS CHAPTER 7?

BANKRUPTCY F.A.Q. S WHAT IS CHAPTER 7? BANKRUPTCY F.A.Q. S While the information presented below is accurate as of the date of publication, it should not be cited or relied upon as legal authority. It should not be used as a substitute for

More information

So You Don t Know Much About the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? A Summary of the Significant Business Provisions

So You Don t Know Much About the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? A Summary of the Significant Business Provisions So You Don t Know Much About the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? A Summary of the Significant Business Provisions Written by: R. Spencer Clift III Courtney H. Gilmer Eric

More information

The individual or husband and wife must be engaged in a farming operation or a commercial fishing operation.

The individual or husband and wife must be engaged in a farming operation or a commercial fishing operation. Chapter 12 Background: Chapter 12 is designed for "family farmers" or "family fishermen" with "regular annual income." It enables financially distressed family farmers and fishermen to propose and carry

More information

The Treatment of Mortgage Loan Repurchase Agreements in Chapter 11 Bankruptcy

The Treatment of Mortgage Loan Repurchase Agreements in Chapter 11 Bankruptcy March 2008 / Issue 5 In this issue A legal update from echert s Finance and Real Estate Group p1 Mortgage Loan Repurchase Agreements p2 p3 p4 p5 Safe Harbor and Related Bankruptcy Code Provisions Factual

More information

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 7. STATEMENT OF FINANCIAL AFFAIRS (Revised 2/01) I. INTRODUCTION

INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 7. STATEMENT OF FINANCIAL AFFAIRS (Revised 2/01) I. INTRODUCTION INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 7 STATEMENT OF FINANCIAL AFFAIRS (Revised 2/01) I. INTRODUCTION The Statement of Financial Affairs provides a summary of the debtor's financial history, transactions,

More information

WHAT IS BANKRUPTCY? INTELLECTUAL PROPERTY AND TRANSACTIONAL LAW CLINIC INTRODUCTORY OVERVIEW BANKRUPTCY BASICS

WHAT IS BANKRUPTCY? INTELLECTUAL PROPERTY AND TRANSACTIONAL LAW CLINIC INTRODUCTORY OVERVIEW BANKRUPTCY BASICS INTELLECTUAL PROPERTY AND TRANSACTIONAL LAW CLINIC WHAT IS BANKRUPTCY? INTRODUCTORY OVERVIEW Bankruptcy is a process that protects debtors seeking relief from unmanageable financial responsibilities and

More information

Case 12-18134 Doc 388 Filed 07/08/13 Entered 07/08/13 17:28:28 Desc Main Document Page 1 of 11

Case 12-18134 Doc 388 Filed 07/08/13 Entered 07/08/13 17:28:28 Desc Main Document Page 1 of 11 Document Page 1 of 11 UNITED STATES BANKRUPTCY COURT DISTRICT OF MASSACHUSETTS EASTERN DIVISION ) IN RE: ) ) Chapter 7 THE UPPER CRUST, LLC, et al. 1 ) Case No. 12-18134-HJB Debtors ) (Jointly Administered)

More information

[DISCUSSION DRAFT] H. R. ll

[DISCUSSION DRAFT] H. R. ll F:\JH\BKCY0\SUBCHAPV_00.XML TH CONGRESS D SESSION [DISCUSSION DRAFT] H. R. ll To amend title of the United States Code in order to facilitate the resolution of an insolvent financial institution in bankruptcy.

More information

Thomas M. Gore McCorkle & Johnson, LLP Savannah, Georgia 912-232-6000. Table of Contents. I. Overview of Creditor s Rights...1

Thomas M. Gore McCorkle & Johnson, LLP Savannah, Georgia 912-232-6000. Table of Contents. I. Overview of Creditor s Rights...1 PROTECTING CREDITORS IN BANKRUPTCY Thomas M. Gore McCorkle & Johnson, LLP Savannah, Georgia 912-232-6000 Table of Contents I. Overview of Creditor s Rights...1 A. Overview of Chapters 7, 11, and 13...1

More information

NONBANKRUPTCY ALTERNATIVES. ASSIGNMENTS FOR BENEFIT OF CREDITORS; UCC SALES, AND VOLUNTARY LIQUIDATIONS, by Caroline C. Fuller

NONBANKRUPTCY ALTERNATIVES. ASSIGNMENTS FOR BENEFIT OF CREDITORS; UCC SALES, AND VOLUNTARY LIQUIDATIONS, by Caroline C. Fuller NONBANKRUPTCY ALTERNATIVES ASSIGNMENTS FOR BENEFIT OF CREDITORS; UCC SALES, AND VOLUNTARY LIQUIDATIONS, by Caroline C. Fuller I. Assignment for Benefit of Creditors Colorado and Utah statutes provide for

More information

The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases

The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases May 2005 The New Bankruptcy Law Amendments and their Impact on Business Bankruptcy Cases On April 14, 2005, President Bush signed into law the Bankruptcy Abuse Prevention and Consumer Protection Act of

More information

UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF TEXAS AUSTIN DIVISION STANDING ORDER FOR CHAPTER 13 CASE ADMINISTRATION FOR AUSTIN DIVISION

UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF TEXAS AUSTIN DIVISION STANDING ORDER FOR CHAPTER 13 CASE ADMINISTRATION FOR AUSTIN DIVISION SIGNED this 28th day of February 2003. Larry E. Kelly Chief United States Bankruptcy Judge Leif M. Clark United States Bankruptcy Judge Ronald B. King United States Bankruptcy Judge Frank R. Monroe United

More information

Business Bankruptcy: Executive Summary

Business Bankruptcy: Executive Summary Business Bankruptcy: Executive Summary Business Information for Clients and Friends of Shumaker, Loop & Kendrick, LLP April 2014 Need to Know Bankruptcy Concepts David H. Conaway, Partner Chair, Shumaker

More information

Representing Commercial and Residential Landlords in Tenant Bankruptcies: The Impact of BAPCPA

Representing Commercial and Residential Landlords in Tenant Bankruptcies: The Impact of BAPCPA Representing Commercial and Residential Landlords in Tenant Bankruptcies: The Impact of BAPCPA A. Basic Principles Applicable to All Leases 1. A debtor/tenant s leasehold interest is property of the [debtor

More information

Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Chapter 13 Bankruptcy Individual Debt Adjustment The chapter of the Bankruptcy Code providing for adjustment of debts of an individual with regular income. (Chapter 13 allows a debtor to keep property

More information

Chapter 13 - Bankruptcy Basics. Background. Advantages of Chapter 13

Chapter 13 - Bankruptcy Basics. Background. Advantages of Chapter 13 Chapter 13 - Bankruptcy Basics This chapter of the Bankruptcy Code provides for adjustment of debts of an individual with regular income. Chapter 13 allows a debtor to keep property and pay debts over

More information

CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET

CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET CAMPBELL LAW FIRM, P.A. CLIENT INFORMATION SHEET Please provide us with the following information to help us serve you better (please print). Name: Social Security Number: Date: DOB: Address: City, State,

More information

Third Circuit Approves Use of Escrow Agreements Funded by Acquirers to Pay Junior Creditors Before Senior Creditors

Third Circuit Approves Use of Escrow Agreements Funded by Acquirers to Pay Junior Creditors Before Senior Creditors Alert Third Circuit Approves Use of Escrow Agreements Funded by Acquirers to Pay Junior Creditors Before Senior Creditors September 21, 2015 An asset purchaser s payments into segregated accounts for the

More information

UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN ORIGINAL CHAPTER 13 PLAN

UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN ORIGINAL CHAPTER 13 PLAN UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MICHIGAN In Re: Debtor(s), / Case #: Chapter 13 Hon. Filed: ORIGINAL CHAPTER 13 PLAN Check this box if this plan deviates in any way from the

More information

FARM LEGAL SERIES June 2015 Mortgage Foreclosures

FARM LEGAL SERIES June 2015 Mortgage Foreclosures Agricultural Business Management FARM LEGAL SERIES June 2015 Mortgage Foreclosures Phillip L. Kunkel, Jeffrey A. Peterson, Jason Thibodeaux Attorneys, Gray Plant Mooty INTRODUCTION If a farm debtor is

More information

General Form of Factoring Agreement regarding the Assignment of Accounts Receivable

General Form of Factoring Agreement regarding the Assignment of Accounts Receivable General Form of Factoring Agreement regarding the Assignment of Accounts Receivable Agreement made on the (date), between (Name of Factor), a corporation organized and existing under the laws of the state

More information

Avoiding Forfeiture of Estate Causes of Action Triggered by Conversion to Chapter 7. May/June 2007. Benjamin Rosenblum

Avoiding Forfeiture of Estate Causes of Action Triggered by Conversion to Chapter 7. May/June 2007. Benjamin Rosenblum Avoiding Forfeiture of Estate Causes of Action Triggered by Conversion to Chapter 7 May/June 2007 Benjamin Rosenblum The ability to borrow money during the course of a bankruptcy case is an important tool

More information

BUSINESS BANKRUPTCY AND BANKRUPTCY LITIGATION UNDER THE BAPCPA

BUSINESS BANKRUPTCY AND BANKRUPTCY LITIGATION UNDER THE BAPCPA BUSINESS BANKRUPTCY AND BANKRUPTCY LITIGATION UNDER THE BAPCPA by RICHARD R. GLEISSNER, ESQUIRE GLEISSNER LAW FIRM, L.L.C. 3610 Landmark Drive, Suite G Columbia, South Carolina 29204 (803) 603-2228 The

More information

The Effect of Conversion on a Post-Petition Lender s Superpriority Claim over a Chapter 7 Trustee s Post-Conversion Administrative Expense Claim

The Effect of Conversion on a Post-Petition Lender s Superpriority Claim over a Chapter 7 Trustee s Post-Conversion Administrative Expense Claim 2014 Volume VI No. 14 The Effect of Conversion on a Post-Petition Lender s Superpriority Claim over a Chapter 7 Trustee s Post-Conversion Administrative Expense Claim Michael Foster, J.D. Candidate 2015

More information

Bankruptcy Remote Structuring

Bankruptcy Remote Structuring Bankruptcy Remote Structuring by David W. Forti April 1-3, 2001 Copyright 2001 Dechert. All rights reserved. Materials have been abridged from laws, court decisions and administrative rulings and should

More information

Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy

Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy Income Tax Valuation Insights Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy Robert F. Reilly, CPA, and Ashley L. Reilly Many professional practitioners and small business

More information

Uncharted Waters: Navigating Governmental Entities Creditor s Rights in Bankruptcy Cases By Edmund S. Whitson, III 1 and Nicole C.

Uncharted Waters: Navigating Governmental Entities Creditor s Rights in Bankruptcy Cases By Edmund S. Whitson, III 1 and Nicole C. Uncharted Waters: Navigating Governmental Entities Creditor s Rights in Bankruptcy Cases By Edmund S. Whitson, III 1 and Nicole C. Nate 2 1 Mr. Whitson is a shareholder at Anthony & Partners. He has more

More information

Dirt for Debt Plans in Bankruptcy

Dirt for Debt Plans in Bankruptcy Dirt for Debt Plans in Bankruptcy What are the risks and is there anything you can do about them? Presenter: Stephen E. Gruendel What is a Dirt-for-Debt Plan and Why Should a Secured Lender Care? 1. Debtor

More information

SUMMARY OF CHAPTER 11 PROCEDURES AND PROCESS

SUMMARY OF CHAPTER 11 PROCEDURES AND PROCESS SUMMARY OF CHAPTER 11 PROCEDURES AND PROCESS Presented to The Virginia Bar Association 11th Annual Corporate Counsel Fall Forum By David K. Spiro, Esquire Robert S. Westermann, Esquire Sheila dela Cruz,

More information

Bankruptcy and Restructuring

Bankruptcy and Restructuring doing business in Canada 102 p Bankruptcy and Restructuring 1. Legislation and Court System The Canadian bankruptcy and insolvency regime is divided between the federal and provincial levels of government

More information

EXHIBIT 5 1 Flow Chart for Chapter 7

EXHIBIT 5 1 Flow Chart for Chapter 7 EXHIBIT 5 1 Flow Chart for Chapter 7 The Filing of the Chapter 7 Petition Within 180 days of filing a Chapter 7 petition, an individual debtor must be briefed (including by telephone and on the Internet)

More information

NOTICE TO CREDITORS AND OTHER PARTIES IN INTEREST

NOTICE TO CREDITORS AND OTHER PARTIES IN INTEREST Form SWD12 (01/14) United States Bankruptcy Court Western District of Michigan One Division Ave., N. Room 200 Grand Rapids, MI 49503 IN RE: Debtor (name used by the debtor in the last 8 years, including

More information

AMENDMENTS TO THE FEDERAL RULES OF BANKRUPTCY PROCEDURE. Rule 1014. Dismissal and Change of Venue. (a) DISMISSAL AND TRANSFER OF CASES.

AMENDMENTS TO THE FEDERAL RULES OF BANKRUPTCY PROCEDURE. Rule 1014. Dismissal and Change of Venue. (a) DISMISSAL AND TRANSFER OF CASES. AMENDMENTS TO THE FEDERAL RULES OF BANKRUPTCY PROCEDURE Rule 1014. Dismissal and Change of Venue (a) DISMISSAL AND TRANSFER OF CASES. (1) Cases Filed in Proper District. If a petition is filed in the proper

More information

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION In Re: Jason D. Misleh, Case Number: 15-41721 Debtor. Chapter 13 Honorable Mark A. Randon / I. INTRODUCTION OPINION AND ORDER

More information

THE LEGAL REPORT. Aaron L. Castle. VanOverbeke, Michaud & Timmony, P.C. MUNICIPAL BANKRUPTCY IN MICHIGAN Mapping the Uncharted Waters

THE LEGAL REPORT. Aaron L. Castle. VanOverbeke, Michaud & Timmony, P.C. MUNICIPAL BANKRUPTCY IN MICHIGAN Mapping the Uncharted Waters THE LEGAL REPORT Aaron L. Castle VanOverbeke, Michaud & Timmony, P.C. MUNICIPAL BANKRUPTCY IN MICHIGAN Mapping the Uncharted Waters How many different words can you think of using the letters in the word

More information

I. INTRODUCTION II. APPLICABLE LAW AND RULES

I. INTRODUCTION II. APPLICABLE LAW AND RULES INSTRUCTIONS FOR COMPLETING OFFICIAL FORM 13 ORDER APPROVING DISCLOSURE STATEMENT AND FIXING TIME FOR FILING ACCEPTANCES OR REJECTIONS OF PLAN, COMBINED WITH NOTICE THEREOF I. INTRODUCTION Official Form

More information

HOMEOWNERS ASSOCIATIONS AND BANKRUPTCY - STRATEGIES

HOMEOWNERS ASSOCIATIONS AND BANKRUPTCY - STRATEGIES HOMEOWNERS ASSOCIATIONS AND BANKRUPTCY - STRATEGIES DENNIS J. LeVINE, ESQ. Fla. Bar No. 375993 Dennis LeVine & Associates, P.A. P.O. Box 707 Tampa, Florida 33601 (813) 253-0777 (813) 253-0975 (fax) dennis@bcylaw.com

More information

Chapter 12 is a reorganization for family farmers and fishing families, which is similar to Chapter 13.

Chapter 12 is a reorganization for family farmers and fishing families, which is similar to Chapter 13. GENERAL INFORMATION ABOUT THE BANKRUPTCY SYSTEM INCLUDING THE RIGHTS AND DUTIES OF CHAPTER 13 DEBTORS (and other information necessary to assist a debtor in completion of the chapter 13 plan) WHAT IS BANKRUPTCY?

More information

Business Chapter 13 Cases: The Self-Employed Debtor

Business Chapter 13 Cases: The Self-Employed Debtor Business Chapter 13 Cases: The Self-Employed Debtor (Friday, March 23, 2012, 1:45pm - 2:25pm) Presented by Douglas B. Jacobs, California Consumer Bankruptcy Attorney This presentation will discuss: 1.

More information

Representing Creditors in Consumer Bankruptcy Cases

Representing Creditors in Consumer Bankruptcy Cases 4 Representing Creditors in Consumer Bankruptcy Cases Michael P. Hogan Craig B. Rule Marcy J. Ford John P. Kapitan I. Overview 4.1 II. General Considerations A. Filing Proofs of Claim 4.2 B. The Automatic

More information

A Step-by-Step Look at Chapter 11. Richard L. Wasserman Partner Venable LLP

A Step-by-Step Look at Chapter 11. Richard L. Wasserman Partner Venable LLP A Step-by-Step Look at Chapter 11 Richard L. Wasserman Partner Venable LLP Introduction Chapter 11 bankruptcy practice is a very diverse practice. One day you are a business lawyer addressing the business

More information

How should banks account for their investment in other real estate owned (OREO) property?

How should banks account for their investment in other real estate owned (OREO) property? TOPIC 5: OTHER ASSETS 5A. REAL ESTATE Question 1: (December 2008) How should banks account for their investment in other real estate owned (OREO) property? Detailed accounting guidance for OREO is provided

More information

More Muscle For Medicare In Health Care Bankruptcies

More Muscle For Medicare In Health Care Bankruptcies More Muscle For Medicare In Health Care Bankruptcies By Dawn Messick and Judith Waltz For many health care entities, Medicare payments constitute a large percentage of their dependable revenue. Distressed

More information

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION. MARLON LESHAN FINLEY and Case No. 09-44480

UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION. MARLON LESHAN FINLEY and Case No. 09-44480 UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION IN RE: MARLON LESHAN FINLEY and Case No. 09-44480 LESLEY NICOLE FINLEY, Hon. Marci B. McIvor Chapter 13 Debtors. / OPINION

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF NEW YORK

IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF NEW YORK IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF NEW YORK In re: TETRAGENEX PHARMACEUTICALS, INC. 1 Chapter 11 Case No. 10-78439-reg Debtor RECITALS: ORDER APPROVING THE DISCLOSURE STATEMENT

More information

Supplementary materials

Supplementary materials Supplementary materials XX Merger, transformation and dissolution of business entities The dissolution of business entities is described within the Companies Law. Examples of dissolution provided by the

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND At Greenbelt

IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND At Greenbelt IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MARYLAND At Greenbelt In Re: : : BADTEC, INC. : Case No. 11-33795-TJC : (Chapter 7) : Debtor : TRUSTEE S MOTION TO APPROVE THE SALE OF IMPROVED

More information

BANKRUPTCY BASICS FOR VENDORS AND SUPPLIERS

BANKRUPTCY BASICS FOR VENDORS AND SUPPLIERS BANKRUPTCY BASICS FOR VENDORS AND SUPPLIERS Presented to The Virginia Bar Association 11th Annual Corporate Counsel Fall Forum By David K. Spiro, Esquire Robert S. Westermann, Esquire Sheila dela Cruz,

More information

When Is a Lease Not a Lease? Seventh Circuit Adopts "Substance Over" Form Test for True Lease Determination. January/February 2006

When Is a Lease Not a Lease? Seventh Circuit Adopts Substance Over Form Test for True Lease Determination. January/February 2006 When Is a Lease Not a Lease? Seventh Circuit Adopts "Substance Over" Form Test for True Lease Determination January/February 2006 David A. Hatch and Mark G. Douglas As secured financing and leasing transactions

More information

HOW BANKRUPTCY AFFECTS REAL ESTATE TITLES AND BANKRUPTCY RISKS COVERED BY TITLE INSURANCE

HOW BANKRUPTCY AFFECTS REAL ESTATE TITLES AND BANKRUPTCY RISKS COVERED BY TITLE INSURANCE HOW BANKRUPTCY AFFECTS REAL ESTATE TITLES AND BANKRUPTCY RISKS COVERED BY TITLE INSURANCE BY: JAMES BRUCE DAVIS ABA TORT AND INSURANCE PRACTICE SECTION TITLE INSURANCE LITIGATION COMMITTEE SPRING MEETING

More information

When Bankruptcy May Strike Your Customer, Supplier, or Contractual Counter-Party: Maximizing Your Creditor Rights and Remedies and Minimizing Risks

When Bankruptcy May Strike Your Customer, Supplier, or Contractual Counter-Party: Maximizing Your Creditor Rights and Remedies and Minimizing Risks When Bankruptcy May Strike Your Customer, Supplier, or Contractual Counter-Party: Maximizing Your Creditor Rights and Remedies and Minimizing Risks David McKee, Metaldyne Corporation Jill L. Murch, Foley

More information

15-11804-mg Doc 34 Filed 10/28/15 Entered 10/28/15 08:59:29 Main Document Pg 1 of 7. Debtor in a Foreign Proceeding.

15-11804-mg Doc 34 Filed 10/28/15 Entered 10/28/15 08:59:29 Main Document Pg 1 of 7. Debtor in a Foreign Proceeding. Pg 1 of 7 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK In re: BERAU CAPITAL RESOURCES PTE LTD, FOR PUBLICATION Chapter 15 Case No. 15-11804 (MG) Debtor in a Foreign Proceeding. A P P E

More information

Joseph S.U. Bodoff Bodoff & Associates, P.C. General Concepts. Background and Purpose of the Federal Bankruptcy Laws

Joseph S.U. Bodoff Bodoff & Associates, P.C. General Concepts. Background and Purpose of the Federal Bankruptcy Laws BANKRUPTCY OVERVIEW Joseph S.U. Bodoff Bodoff & Associates, P.C. General Concepts Background and Purpose of the Federal Bankruptcy Laws The federal bankruptcy laws have their roots in Article I of the

More information