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11 Mar 2021, 7:58 am
After it was determined that he was transferring assets and defrauding his creditors a Chapter 11 Trustee was appointed. [read post]
11 Mar 2021, 6:51 am
- Certain types of trusts may be able to safeguard assets and ensure that they will not be seized by creditors. [read post]
11 Mar 2021, 2:29 am
The settlor’s creditors cannot reach the assets subject to such a power: “[T]he creditors of the donee[9] of a nongeneral power of appointment (one that cannot be exercised for the economic benefit of the power holder), whether or not presently exercisable, cannot reach the property subject to the power for the satisfaction of their claims[]. [read post]
10 Mar 2021, 12:23 pm
It’s a liquidation proceeding and your stuff will be sold to pay creditors, goes the lie. [read post]
8 Mar 2021, 11:04 pm
For example, if a creditor fails to file a proof of claim, you may file on behalf of the creditor to settle the debt. [read post]
8 Mar 2021, 12:37 pm
Some creditors do sue to collect on personal guaranties. [read post]
8 Mar 2021, 11:15 am
A sale of assets typically plays out as follows: Mining company files for creditor protection under the CCAA. [read post]
8 Mar 2021, 11:15 am
A sale of assets typically plays out as follows: Mining company files for creditor protection under the CCAA. [read post]
8 Mar 2021, 8:05 am
’ If the lawyer is involved on behalf of the debtor, the Committee, or the Trustee, the Bankruptcy Code also requires that the lawyer meet a standard of disinterestedness; the lawyer/firm cannot itself be a creditor of the debtor, for example. [read post]
8 Mar 2021, 7:24 am
October, 2013: A regulatory disclosure initiated by the State of Michigan alleged that Karandos “omitted information on his U-4 form related to a compromise with a creditor and his criminal history, he is the subject of an order issued by a state securities regulator and has engaged in dishonest or unethical practices in the securities and investment business within the previous 10 years. [read post]
8 Mar 2021, 6:30 am
Therefore, if an employer declares bankruptcy, the retirement funds should be secure from the company’s creditors. [read post]
8 Mar 2021, 6:30 am
Therefore, if an employer declares bankruptcy, the retirement funds should be secure from the company’s creditors. [read post]
8 Mar 2021, 5:23 am
Essentially, discharge means the debt is forgiven or canceled, and the creditor has either agreed to the debt being wiped out or the creditor is prohibited from pursuing future payment. [read post]
8 Mar 2021, 5:13 am
So think twice before declining to provide corporate creditors notice of the entity’s dissolution. [read post]
7 Mar 2021, 10:10 am
An effective homestead exemption protects a debtor’s home and makes it easier for debtors to negotiate with creditors outside of bankruptcy as creditors may not be able to get to equity in a home if the homestead is increased. [read post]
6 Mar 2021, 9:33 am
By law, the most important creditors are paid first; vendors and other creditors get whatever portion of the monthly payments remains after priority creditors are paid. [read post]
6 Mar 2021, 5:18 am
As a refresher, the 341 meeting or meeting of creditors, is a 5-to-10-minute hearing, where the bankruptcy trustee for your case asks you questions. [read post]
4 Mar 2021, 8:21 am
For example, if your executor has creditors breathing down their neck, they may be tempted to skim money from your estate to pay their own bills. [read post]
3 Mar 2021, 11:37 am
Analysis: The first threshold issue before the Court was whether to dismiss the second appeal on grounds of mootness; whether the passage of the valuation process and satisfaction of Continuing Shareholder’s ensuing payment obligations had rendered the controversy moot due to the fact that Aggrieved Shareholder had filed for bankruptcy, making the proceeds subject to claims by creditors and therefore unavailable to repurchase the shares. [read post]
3 Mar 2021, 11:18 am
Any marital debt remaining at the time of the divorce may need to be divided equitably between both spouses, and this can lead to complications with creditors in the future. [read post]
