President George W. Bush s recent tweaks to the bankruptcy code have shifted power from debtors to creditors.
Second, as far as the rest rules go, the Bankruptcy Code provides a road map to get taxes discharged.
Legal changes, such as a revision to the bankruptcy code that allowed judges to reduce mortgage debt, could help.
Section 1113 of the Bankruptcy Code enables reorganizing companies to improve their post-bankruptcy competitiveness by renegotiating union contracts to competitive rates.
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Although the bankruptcy code is written at the federal level, individual states set the type and value of the assets that may be shielded from creditors.
The other is to force the banks' hand, for instance, by changing the bankruptcy code to allow judges to restructure mortgages in the same way as other loans.
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.
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The new GM commenced operations on July 10, 2009 after it completed the acquisition of substantially all of the assets and assumed certain liabilities of the old GM through a 363 Sale under the Bankruptcy Code.
Viable resolution plans will require systemic institutions to conduct a strategic analysis on how they could be resolved under the Bankruptcy Code as well as evaluate significant credit exposures and other key information across the entities and their affiliates.
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Curiously, the proposed reforms do not address the abuse of the bankruptcy code for which there is most evidence the ability of the wealthy to buy mansions in states such as Florida which their creditors cannot touch should they declare bankruptcy.
In accordance with section 1144 of the Bankruptcy Code, any reversal, stay, modification, or vacatur of this Order shall contain such provisions as are necessary to protect the Purchaser as the Purchaser acquired the New Interests in good faith reliance on this Order.
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They were established under a special provision of the bankruptcy code Congress passed just to deal with the millions of lawsuits filed by people who claim to have been exposed to the substance, which can cause lung disease and a rare cancer of the chest wall lining called mesothelioma.
For one, Chrysler sought bankruptcy protection under Chapter 11 of the federal bankruptcy code.
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Eastman Kodak, which continues to operate under the protection of Chapter 11 of the federal bankruptcy code, announced this morning that as part of its ongoing restructuring, it will wind down the sale of consumer inkjet printers.
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The company has been operating under the protection of Chapter 11 of the federal bankruptcy code.
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Filing for protection under Chapter 9 of the federal bankruptcy code is your easy way out.
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Kodak has been operating under the protection of Chapter 11 of the federal bankruptcy code since January.
Kodak, which is currently operating under Chapter 11 of the federal bankruptcy code, said it wil focus on brand licensing and seek licensees in those areas.
As U.S. equity markets and corporate balance sheets continue their remarkable comeback from the financial crisis that began in 2008, the recently announced merger between American Airlines and US Airways reminds us of the critical role that U.S. bankruptcy law, represented by Chapter 11 of the U.S. Bankruptcy Code, has played in the ongoing economic recovery.
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"This case is worthy because of the conflict between the U.S. Bankruptcy Code and the state statutes governing CalPERS and the importance of the issue being decided, " said attorney Karol Denniston, a municipal restructuring expert who monitored the trial.
Smith is not generally paying his debts as they come due within the meaning of Bankruptcy Code section 303(h).
Under current law, while municipalities are permitted the bankruptcy option through Chapter 9 of the U.S. Bankruptcy Code, there is no provision whereby a state can voluntarily opt to put itself into bankruptcy.
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The Adversary Action alleged fraudulent transfers under both Bankruptcy Code section 548 and the Colorado Uniform Transfer Act.
Eastman Kodak, which continues to operate under Chapter 11 of the U.S. bankruptcy code, this morning said it expects to reduce staff by about 1, 000 more people by the end of 2012.
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Although not widely-reported, for decades U.S. banks and other legally-favored institutions have been exempt from the U.S. Bankruptcy Code.
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The company said that it may not have enough cash to fund operations, may seek protection from creditors under the U.S. bankruptcy code.
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Like America's bankruptcy code, the new law aims to give companies a chance to trade on, sort their problems out, preserve jobs and even help capitalists get some money back.
Since cities can't be liquidated, Stockton has attempted to restructure some debt by renegotiating labor contracts and cutting the health benefit for retirees, but creditors argued that by ignoring bond debt they haven't created a plan that shares the pain equitably, as required under bankruptcy code.
Such a tax reform will help us forestall bankruptcy as a nation and make the tax code fairer and more conducive to economic growth.
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Attorneys watching the case expect that this first-ever Chapter 9 bankruptcy case questioning state pension obligations will be appealed to decide whether the 10th Amendment giving rights to states is more powerful than federal bankruptcy code.
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