The Trustee also alleges, under bankruptcy and debtor and creditor theories, fraudulent transfers, and turnover and accounting.
The AiB said that the drop between July to September was "mostly attributable to a fall in the number of awards of bankruptcy by debtor application".
Much would depend on whether the debtor was in bankruptcy or the lender.
Despite a sovereign immunity defense from the IRS, the Bankruptcy Court held that the debtor corporation could recover the extra funds on fraudulent transfer grounds.
Indeed, some economists argue that America's relatively debtor-friendly bankruptcy laws explain why it has a more entrepreneurial culture than countries where the law provides greater protection to creditors.
Banks and other deposit institutions, insurance companies, railroads, and certain other financial institutions and entities regulated by the federal and state governments cannot be a debtor under the Bankruptcy Code.
FORBES: Bankruptcies, Bail-Outs & Bail-Ins: The Good, Bad & Ugly Of Bank Failure Resolution
Citing the well-established principle that the trustee stood in the shoes of the debtor, the bankruptcy judge agreed with the victims, noting that the trustee had argued that the schemer had committed securities fraud under Alaska securities statutes.
Work is now in hand which should make emerging-market defaults more manageable in the future, by a system of bankruptcy proceedings which would enable a debtor to negotiate with its creditors and restructure its debts once a majority of them agree.
With no new Fox deal, sources say McCourt is going to seek debtor in possession financing and voluntary bankruptcy protection like the Texas Rangers did prior to the sale of the team to a group led by Nolan Ryan and Chuck Greenberg from Tom Hicks.
Of the 3, 047 debtor applications received by the Accountant in Bankruptcy in the second quarter, 2773 had met the 'Low Income, Low Asset' (LILA) criteria outlined by the Act.
But the debtor probably could have done this without a bankruptcy, by contacting creditors and working out compromises.
Bankruptcy law does not require insolvency, only that the debtor be unable to pay debts as they come due.
The bankruptcy trustee can seize the house, sell it, and pay the debtor the understated value he claimed for it.
Next, filing for voluntary bankruptcy relief after engaging in fraudulent transfers was probably the dumbest thing the Debtor could have done.
Some of my previous articles have pointed out that another significant downside of being caught in a fraudulent transfer is that a bankruptcy court can (and often do) use that to deny a debtor a discharge.
"No one else could have provided the debtor-in-possession financing" to allow the companies to emerge from bankruptcy, he said.
Borders is nearing a deal for so-called debtor-in-possession financing, which would keep the company operating in bankruptcy, the people said.
In America, debtor-in-possession financing, which helps firms that have entered Chapter 11 bankruptcy protection to meet their cash needs while they reorganise, has dried up.
Following the arbitration ruling, James filed for bankruptcy on May 27, 2009, one day before he was to sit for his Judgment Debtor's Examination, according to Nicholas' complaint.
There has, however, been general agreement that whether or not Affidavits of Solvency protect the debtor, they can still be very useful to protect the planner from such claims as the Bankruptcy Trustee asserted here.
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