Many technology companies found that they cannot survive as independent companies and may not be able to reorganize even under the auspices of the Bankruptcy Code and so must liquidate their assets. If they must liquidate, then liquidation under with the debtor in possession is preferable over either under the...
Prepare a Notice and Tender by Debtor with this easy-to-use template. With this notice, a debtor notifies a secured party that it intends to redeem certain collateral tendered as security under a loan agreement or other debt instrument and is tendering payment, in accordance with the Uniform Commercial Code.
Readers of The Secured Lender have been repeatedly warned that Revised Article 9 requires filers of financing statements to get the debtor name right, particularly when the debtor is a "registered organization," which has an established and objectively verifiable name.' Under Revised Article 9, where the debtor is a registered...
A basic tenet of federal bankruptcy law is that the automatic stay suspends creditor collection efforts and litigation against a debtor that files for bankruptcy protection, but does not apply to actions directed toward non-debtor third-parties. Still, there are exceptions to the rule. Under the right circumstances, the scope of...
This is a template for notice to debtor of assignment of debt. This form of notice would be given by a creditor to a debtor, stating that the debt has been assigned to a third party.
The paper discusses that the problem with many bankruptcy filings is that the debtor is not being set up to get genuine relief. The debtor becomes a repeat customer because the debtor is not forced to make the hard decisions up-front. If a bankruptcy is unavoidable, then the attorney should...
Prepare a notice of auction of collateral with this easy-to-use template. This template of notice is given to a debtor by a secured party, advising the debtor that certain collateral pledged as security by the debtor will be sold at public auction by the secured party to cover all or...
Prepare a notice of private sale of collateral with this easy-to-use template. This template of notice is given to a debtor by a secured party, advising the debtor that certain collateral pledged as security by the debtor will be privately sold by the secured party to cover all or part...
The intersection of Bankruptcy and environmental law frequently presents especially complex issues, whether representing the debtor or a creditor. This is because of the inherent conflict between federal and state and Superfund-type laws, each of which has as its goal requiring parties responsible for environmental contamination to clean up sites...
This is a template for settlement offer on disputed amount. The purpose of this for is to resolve an account in dispute between a creditor and a debtor. Debtor agrees to pay to creditor and creditor agrees to accept from debtor a certain sum of money as a complete and...
A discharge of an individual's debt is a release of an individual's liability from certain specified types of debt. The discharge is a permanent order to the individual's creditors that they refrain from taking legal, collection, written or verbal communication with a debtor regarding the collection of unpaid dollars. This...
If a customer / borrower debtor owes you money and you are willing to accept payment of a lesser sum in order to settle the debt, you can sign this Agreement to Compromise Debt with the debtor.
This is a template for agreement to compromise debt. If a customer / borrower debtor owes you money and you are willing to accept payment of a lesser sum in order to settle the debt, you can sign this Agreement to Compromise Debt with the debtor. Under the Agreement, the...
The article discusses the bankruptcy code for sale process in Chapter 11. The principal purpose of the Bankruptcy Code is to maximize the value of a debtor’s estate and protect the interests of the creditors, equity holders and other interested parties. The Bankruptcy Court is...
In order to increase certainty and to decrease the cost of borrowing, lenders have increasingly sought to prevent borrowers from filing bankruptcy petitions by including “bankruptcy remote provisions” in their borrowers’ bylaws. Bankruptcy remote provisions are designed to make bankruptcy unavailable to a borrower without the affirmative consent of the...
Morse gets debtor financing approval NEW YORK -- Morse Shoe Inc. recently received final bankruptcy court approval for $140 million debtor-in-possession financing from several banks led by The First National Bank of Boston. Morse gets debtor financing approval NEW YORK -- Morse Shoe Inc. ...
Bankruptcy is a federal procedure that provides relief to debtors who are insolvent and cannot pay their creditors. Debtors choosing ‘liquidation’ are required to sell their non-exempt property as a way to pay off their creditors. In reorganization, debtor and creditors formulate a plan under which the debtor...
A preference or preferential transfer under Section 547b of the federal bankruptcy code is: A payment or transfer of an interest in property received by a creditor within a defined period prior to the payor debtor filing bankruptcy. The purpose of the law is to discourage disparate treatment of creditors...
This paper argue that the international debt crisis can best be understood as a prolonged negotiation between commercial banks and their own governments over who would bear the economic losses generated by loans made to developing countries. This interpretation of the debt crisis is contrasted with the more familiar approach...
The article explains bankruptcy code for foreign proceedings. Section 304 of the United States Bankruptcy Code, 11 U.S.C. § 304, enables the representative of a foreign debtor an expeditious mechanism to protect, preserve, and gather assets located in the United States for ultimate distribution to the creditors of such debtor...
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