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More Popular Related Articles on Insolvency/Bankruptcy, Re-structuring from USA
One of the most significant tools of federal
bankruptcy law is the authority
of a trustee or debtor-in-possession
to conduct a "free and clear" sale of a bankruptcy
Thompson Coburn LLP
What is the legal, political, and financial fallout of Detroit’s highly publicized Chapter 9 bankruptcy?
Section 553 of the Bankruptcy Code provides, subject to cer¬tain exceptions, that the Bankruptcy Code "does not affect any right of a creditor to offset a mutual debt owing by such credi¬tor to the debtor that arose before the commencement of the case under this title against a claim of such creditor against the debtor that arose before the commencement of the case."
The Third Circuit recently held that claims purchased from trade creditors by a claims trader will be disallowed under section 502(d) of the Bankruptcy Code when the seller of the claim received, and did not repay, a preference.
Hughes Hubbard & Reed LLP
Another wrinkle has emerged in the ever-evolving business of buying creditors’ claims against bankrupt entities.
Cadwalader, Wickersham & Taft LLP
On December 5, 2013, the U.S. Bankruptcy Court for the Eastern District of Michigan released its 143 page decision upholding the City of Detroit’s eligibility to be a debtor under chapter 9 of the United States Bankruptcy Code. In re City of Detroit, Michigan, Case No. 13-53846 (Bankr. E.D. Mich. Dec. 5, 2013).
On Nov. 27, 2013, a U.S. bankruptcy judge overseeing a bankruptcy proceeding involving AMR Corp. approved a settlement with the federal government allowing AMR to complete its merger with US Airways Group Inc.
Fox Rothschild LLP
It has been more than two years since the U.S. Supreme Court's decision in Stern v. Marshall,and the New York courts and litigants are still struggling with the extent of Stern's application to the bankruptcy court's jurisdiction and constitutional authority to render final orders in adversary proceedings.