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Chapter 11
When a business becomes unable to meet obligations such as employee salaries, day to day invoices, and bank debt, management may turn to Bankruptcy law to liquidate or reorganize. As a rule, Courts prefer reorganization over liquidation, provided reorganization would be viable, preserve jobs, keep assets productive, and enhance the local economy. To begin with...
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In this case the value of unexpired commercial leases was put to the test. When a popular auto-repair/oil-change franchise went into Chapter 11, its unsecured creditors sought to recoup of the value of 2 unexpired leases it relinquished just before filing. The 7th Circuit analyzed the issue under 2 provisions of the Bankruptcy Code and...
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The “good faith” defense articulated in 11 U.S.C. 550(b)(1) applies as long as the transferee: (1) is an immediate or mediate transferee under §550(a)(2); (2) took the transfers for value; (3) took the transfers “in good faith;” and (4) took the transfers “without knowledge of the voidability of the transfer avoided.”
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Debtor Hospital filed an adversary complaint claiming that a prepetition government claim should be subject to the Automatic Stay. The Bankruptcy Court agreed citing 11 U.S.C. 362(a)(6). District Court reversed in part. The 7th Circuit Reversed again.
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This Opinion from Northern District of Illinois Bankruptcy Judge Jack Schmetterer showcases the interplay of Federal and State law in a complex commercial scenario. It also displays the characteristic desire of Federal Courts to keep things clear and simple: which is unfortunately the opposite of how convoluted factual and legal situations play out in State...
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In the recent case of Beeman et. al. v. Borders Liquidating Trust et al. from the Circuit Court for the Southern District of New York decided on October 29, that Court examined what ought to happen when relief that could be granted, for practical reasons is not. This controversial policy, referred to as "Equitable Mootness"...
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So you're doing business as usual and notice that payments from your customer are getting later and later. Turns out that customer is struggling to navigate in the sputtering economy. Waiting for your money is bad enough; but what if you receive a demand to refund what you've been paid? And not because of anything...
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The hallmark of the Business Opportunity Doctrine is the use of company assets to benefit a fiduciary. For instance the Doctrine would not allow a Director or Officer to profit personally by acquiring property they have reason to know the company will need or intends to acquire. In other words, fiduciaries shouldn't step in to...
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Your customer or borrower has been paying like clockwork and you, the creditor or vendor, have been dispensing goods and services as promised. Then your customer starts to pay a little later, then later still. Why not? Times are tough. So you do the decent thing and take their payments without complaining. Next thing you...
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Small business remains the backbone of the most vibrant economy in the world. America leads in innovation and hard work thanks in large part to small businesses and their owners. But in lean times, business owners need to know they have options. This post is about those options.
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