The Bankruptcy Code is a balancing act with each section promoting one or more of three competing principles: the protection of a secured creditor's property rights, equitable and equal distribution to unsecured creditors or...more
Law360, New York (December 03, 2012, 7:05 PM ET) -- An American Bankruptcy Institute commission designed to take stock of the state of Chapter 11 anticipates that any changes to the Bankruptcy Code would likely focus on the...more
Originally Publish in Pratt's Journal Of Bankruptcy Law, February/March 2013.
Thousands of wrongful foreclosure lawsuits are filed each year in Georgia against banks, lenders, servicers, foreclosure firms, and other...more
Consider the following scenario: A prime contractor with a financially-shaky subcontractor agrees with the subcontractor's secured lender to make payments directly to the lender, but the word is not passed along to the...more
Following a foreclosure sale, a secured creditor may seek a monetary judgment for the deficiency amount that remains owed to it by the borrower. If the creditor was the successful bidder at the foreclosure sale, it has the...more
A secured creditor who obtains a foreclosure judgment has the ability to “credit bid” at the foreclosure sale up to the full amount indicated in the judgment, without being required to deposit any funds with the Clerk of the...more
In this Issue:
- Lenders Beware
- International Insolvency Laws: Will One Size Fit All? The Debate Continues
- ‘Fair and Equitable’ Means More Than Amortization Schedule
- Pre-Petition Security License...more
Last year, we alerted to you to a ruling by the Georgia Court of Appeals that altered the notice requirements for non-judicial foreclosure in Georgia. In that case, Reese v. Provident Funding Associates, the Georgia Court of...more
“When a business becomes insolvent, many interests are at risk. Creditors may not be able to recover their debts, investors may lose their investments and employees may lose their jobs. If the business is the sponsor of an...more
Like a low budget horror film, the Alfa v Cukurova litigation seems to have an inexhaustible supply of sequels. However, beyond a propensity for repetition, there the end of parallels to low budget horror films ends (or low...more
QUESTION: Can a receiver be appointed at the request of a secured creditor holding a lien on accounts receivable for the limited purpose of collecting the receivables?...more
QUESTION: In an operating receivership with an impaired secured creditor, where there is no possibility of payment to unsecured creditors, is it necessary to notice unsecured creditors on motions?
ANSWER: The answer is...more
On May 29, 2012, the United States Supreme Court decided Radlax Gateway Hotel, LLC v. Amalgamated Bank, ruling that secured creditors cannot be denied the right to credit-bid on the sale of property or assets in the context...more
May a Chapter 11 plan permit a debtor to auction property free and clear of a creditor’s lien while preventing that creditor from credit-bidding the amount of its debt? A question that split the U.S. Circuit Courts was...more
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