Webwere viewed by many as being an abuse of the bankruptcy system. In response, in 2005, Congress added Section 503(c) to the Bankruptcy Code. Section 503(c) was designed … WebIn a recent published opinion, the Seventh Circuit Court of Appeals (the Court) reversed its own precedent in ruling that federal, not state law, defines the meaning of “transfer” in § 547 of the Bankruptcy Code, the statutory authority which allows a trustee to recover preferential transfers for the benefit of the estate. Warsco v Creditmax Collection Agency, …
Recent Developments in Bankruptcy Litigation 2024
WebA Section 503(b)(9) claim can have value greater than its face dollar amount, even where there is administrative insolvency, in negotiating the resolution of potential preference claims. The way the strategy works is described in detail in our post “Best, Worst Examples of Using 503(b)(9) Claims to Settle Bankruptcy Preference Claims.“ WebIn re Braymer, 126 B.R. 499, 503 (Bankr. N.D.Tex 1991). ... Since many documents--e.g., the bankruptcy petition, schedules of assets and liabilities, and statement of affairs--in a bankruptcy case are submitted under penalty of perjury as permitted under Section 1746, ... rick lechner springfield mo
Demystifying Administrative Expenses in Bankruptcy - DailyDAC
WebThe Third Circuit’s decision is noteworthy in light of the value of an administrative expense claim in a bankruptcy case. Section 503(b)(9) of the Bankruptcy Code is intended to … WebAug 20, 2024 · After the debtor filed bankruptcy, the financing company filed a motion to compel payments owed under the Conditional Sales Agreements, arguing that missed post-petition payment were (a) “actual and necessary” costs of preserving the debtor’s business, in accordance with section 503(b)(1)(A) of the Code, and (b) entitled to administrative … WebMar 21, 2014 · In re Upper Crust, LLC, 502 B.R. 1 (Bankr. D. Mass. 2013) – In a bankruptcy case that was converted from chapter 11 to chapter 7, a landlord sought immediate payment or administrative priority for postpetition rents and rejection damages. The trustee objected and sought court approval for retroactive rejection of a lease. The debtor operated a chain… red snappers fireworks