The Third Circuit held that a creditors
unpaid administrative expense claim for goods and/or services the creditor
provided to the debtor post-petition cannot be included in determining the creditor
's new value defense, since the petition date is the cutoff date for computing new value.
This is certainly not the situation the trade creditor
envisioned when it originally entered into its supply agreement.
Operational Costs of Deterring Capable Creditors
from Intervening in Failing Firms 2.
The following decision may be adopted in one of three ways under the majority of the creditors
' votes--1) at the first creditors
' meeting of the company, 2) at the major creditors
' meeting equated to the first creditors
' meeting of the company, if the major creditors
represent more than 1/2 of the total amount claimed by the creditors
, or 3) in case a considerable number of the creditors
exists and difficulties arise upon gathering them together--after receiving written consents from the creditors
, the claims of each of them make up more than 1/5 of the total amount of claims drawn into the records, and the total amount of the following claims--no more than 1/2 of the total amount of claims.
While stating that it supports the company's decision to file the reorganization plan, the Committee yesterday said it "will continue to consider potential alternatives in order to maximize the ultimate recoveries" for unsecured creditors
Reaffirming Debts Asking people to recommit to paying debt was once thought of as a tactic creditors
used for people who file for bankruptcy.
In contrast, we argue that bankruptcy law is intended to protect creditors
from one another.
All of this is a necessary precursor to distributing assets equitably among the creditors
(see "In the Public Record," page 62).
the client) were the settlor, the trust would be a "self-settled" trust, (2) and would not protect assets from the client's creditors
in the vast majority of states, regardless of any spendthrift provisions.
Section 411 of the FACT Act also amended the FCRA to limit the ability of creditors
and others to share medically related information among affiliates except as permitted by the statute, regulation, or order.
However, other creditors
are subject to the Bankruptcy Code's "cram down" provisions, forcing them to accept a reorganization plan.
They want to use us to show off to the world that they are meeting with creditors