Search for: "Debtors and Debtors in Possession"
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7 Jun 2020, 12:17 pm
Section 541(c)(1) of the Bankruptcy Code provides that: (1)Except as provided in paragraph (2) of this subsection, an interest of the debtor in property becomes property of the estate under subsection (a)(1), (a)(2), or (a)(5) of this section notwithstanding any provision in an agreement, transfer instrument, or applicable nonbankruptcy law— (A)that restricts or conditions transfer of such interest by the debtor; or (B)that is conditioned on the insolvency or… [read post]
7 Jun 2020, 12:13 pm
Debtor in PossessionSubchapter V provides for the debtor to remain in possession of its assets and to operate his or its business with the rights and powers of a trustee unless the Court orders otherwise. [read post]
5 Jun 2020, 1:33 am
This will affect debtors’ chances of applying for a loan or mortgage in the future. [read post]
4 Jun 2020, 6:25 pm
But it does not grant “any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the limited liability company. [read post]
1 Jun 2020, 7:13 am
Give the small estate affidavit to the person who has possession of the personal property. [read post]
1 Jun 2020, 7:13 am
Give the small estate affidavit to the person who has possession of the personal property. [read post]
29 May 2020, 12:30 pm
After the FBI finds him in Saudi Arabia, he's thrown in debtor's prison there for not paying $26k in hotel charges and other debts. [read post]
28 May 2020, 8:29 am
And as I wrote earlier, one of the tricky issues is that property of the bankruptcy estate can include property that a debtor does not yet control or possess. [read post]
28 May 2020, 7:27 am
It decided that sections 11.2, 11.51 and 11.52 of the CCAA gave a court discretion to grant charges in favour of the Crown relating to claims for debtor-in-possession financing, directors’ indemnification and professional fees in priority to the statutory deemed trusts for unremitted source deductions created by the Fiscal Statutes. [read post]
24 May 2020, 9:18 am
Prior to the May 21 hearing on the application, Levandwoski withdraw the request to retain special criminal counsel to represent both himself personally and as debtor in possession because, according to pleadings, the law is unclear whether counsel could be retained to represent the debtor in possession. [read post]
21 May 2020, 4:35 am
The Financial Costs of Chapter 7 Bankruptcy In bankruptcy cases, the debtor will also have to prepare for legal, court, and counseling fees on top of accepting the loss of personal possessions. [read post]
18 May 2020, 6:45 pm
What really happens is that if you find out your former-spouse-yet-still-co-debtor is not paying your mutual debts on time, you should take them to court on a motion to enforce and hold them in contempt. [read post]
13 May 2020, 3:17 pm
Early in the case, when a debtor is seeking to obtain additional financing (a debtor in possession loan) secured by a lien with priority ahead of existing secured creditors, the debtor bears the burden of proof to demonstrate that the pre-petition secured creditor is adequately protected despite the creation of a senior lien (see 11 U.S.C. [read post]
12 May 2020, 12:23 pm
If instead, the debtor seeks to assume the contract with bankruptcy court approval, the debtor will need to cure any outstanding defaults. [read post]
12 May 2020, 12:23 pm
If instead, the debtor seeks to assume the contract with bankruptcy court approval, the debtor will need to cure any outstanding defaults. [read post]
12 May 2020, 11:50 am
Upon filing the Chapter 11 petition, the company automatically assumes the identity of “debtor-in-possession” (“DIP”) until the debtor’s case is dismissed or converted to a Chapter 7 proceeding (liquidation), or a Chapter 11 bankruptcy trustee is appointed by the court. [read post]
11 May 2020, 9:46 am
— The Dallas Morning News JC Penney to file for bankruptcy soon, sources say — The Plano, Texas-based company, which employs nearly 85,000 people, is in discussions with creditors for a so-called debtor-in-possession loan. [read post]
7 May 2020, 10:58 am
In times of uncertainty and anxiety, it’s always nice for some people to have someone to blame. [read post]
30 Apr 2020, 7:16 am
If this happens, however, creditors can seek to (1) keep the current equity receiver in place rather than allow the debtor to be in possession; or (2) in extreme cases, appoint a Chapter 11 trustee. [read post]
27 Apr 2020, 6:00 am
The debtor has possession of all the labor and material and possession of all the money. [read post]
