In addition, it was emphasized that significant amounts had been transferred from the company to another company belonging to the director, as well as other selected creditors
- at the expense of the company's other creditors
Paul Hammer is a Senior Attorney within the nationally ranked Bankruptcy, Insolvency & Creditors
' Rights Practice Group of Kane Russell Coleman Logan PC, an elite, full service Texas law firm.
The Powertrain dividend of 4.74p in the pound is being returned to around 1,700 unsecured creditors
, including 1,200 former employees.
On that note, I will offer some of the rules of the road that I think all debtors and creditors
should know about the bankruptcy process:
are using Kumho Tire's 1.3 trillion won ($1.1 billion) debt as a weapon against Park.
If the court finds the petition sufficient in form and substance, it shall issue an order which, among others, generally prohibits the creditors
from collecting their claims against the debtor during the proceedings.
The troubled company announced to the Hong Kong Stock Exchange a proposal to issue no more than 17.1 billion new shares to the creditors
at HKD1.2 per share.
As a precursor, trade creditors
must understand the interplay between their supply agreement and the immediate consequences arising from the debtor's bankruptcy filing.
The Chairman of the Amending Scheme Meetings will address Scheme Creditors
generally on the AmendingScheme Scheme and and on issues relevant relevant to voting on the Amending Scheme at the commencement of the Amending SchemeMeetings.
have a right to attend creditors
meetings and ask questions, but too many just throw the notice in the bin and write off the debt.
This concession entitles a creditor
the right of priority to approach and obtain his claim from his debtor's money before any other creditors
A safe harbor for creditors
is plausible--if courts could reduce the extent of creditor
conflict for critical decisions--and would both encourage constructive creditor
intervention and discourage detrimental, value-shifting creditor