The FDIC is proposing a rule (``Proposed Rule''), with request for comments, that implements section 210(c)(16) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the ``Dodd-Frank Act'' or the ``Act''), codified at 12 U.S.C. section 5390(c)(16), which permits the Corporation, as receiver for a financial company whose failure would pose a significant risk to the financial stability of the United States (a ``covered financial company''), to enforce contracts of subsidiaries or affiliates of the covered financial company despite contract clauses that purport to terminate, accelerate, or provide for other remedies based on the insolvency, financial condition or receivership of the covered financial company. As a condition to maintaining these subsidiary contracts in full forc...
... one-business-day deadline; or provide adequate protection to such contract counterparties. The Pr... a conservator, receiver, trustee in bankruptcy or other legal custodian has been appointed, or wh... with its interpretation under the Bankruptcy Code. II. Proposed Rule. Overview. The Proposed Rul...
... . Section 542(a) of the Bankruptcy Reform Act of 1978 (Act) requires an entity, other... provide the IRS with specified protection for its interests. The District Court reversed, ho... of the property seized, the Internal Revenue Code does not transfer ownership of such property until... and to provide secured creditors with "adequate protection" for their interests. 363(e), quoted in...
The Bankruptcy Code provides that a Chapter 11 plan of reorganiza... basis for a cramdown7 and "ignore the protections for secured creditors recognized in other [Bankrup...'s illustration of permissible types of "adequate protection," and has its roots in a decision that ...
In July 2008, bankruptcy courts across the US prepared themselves for a busy season. As many as 5,664 companies sought to liquidate or restructure that month alone, a 57% increase from the prior year. This Note looks behind the shield of D&O insurance and examines its treatment under the Bankruptcy Code. Part I provides an overview of the duties of directors and officers of a corporation, as well as the protections they receive under the business judgment rule and indemnification contracts. Part II explains the three different "sides" of D&O insurance policies. Part III discusses basic bankruptcy concepts including directors' and officers' duties in bankruptcy, automatic stay, and property of the estate provisions of the Code, as well as the treatment of contracts in bankruptcy....
... ensure that directors and officers are adequately protected in bankruptcy. V. WHO REQUIRES GREATER P...
In these troubled times, more and more trade creditors that have a supply or services agreement with a financially distressed customer in bankruptcy are faced with the following dilemma: the agreement provides for the creditor's extension of credit terms, the creditor decides to switch to cash in advance terms and the customer responds with threats of breach of contract and/or violation of the automatic stay claims. There is little case law that deals with a creditor's obligation to extend credit to a Chapter 11 debtor where the parties' pre-petition contract provides for credit terms. This article discusses the pertinent statutes and few cases that address this issue and the arguments for and against the relief sought by Visteon's trade creditors. Interestingly, one of the creditors wi...
...The Automatic Stay and Adequate Protection. A debtor that files bankruptcy benefit... an automatic stay arising under Bankruptcy Code Section 362(a). The stay bars a creditor from modi...
... of this appeal to consider whether the adequate protection provisions of the Bankruptcy Code of 19...
The Bankruptcy Code provides that a Chapter 11 plan of reorganiza... basis for a cramdown7 and "ignore the protections for secured creditors recognized in other [Bankrup...'s illustration of permissible types of "adequate protection," and has its roots in a decision that ...
...The Bankruptcy Code and the rise of the autonomous bankruptcy court 2....(4) But bankruptcy judges lack those protections, which are the conventional foundations on which a... Congress to "arm" bankruptcy courts with adequate powers. (41) . To that end, the Conference sought ...
... Appeal from the United States Bankruptcy Court. for the Northern District of Illino... of a showing that the debtor can adequately protect the creditor's interest in the asset. In t... creditor that it can provide adequate protection of the creditor's interests. If a dispute ensues, ... that this refusal violated the Bankruptcy Code's stay provisions and moved for sanctions against ...
..., J.), (1) reversing orders of the Bankruptcy Court (Drain, J.) (a) approving the distribution o... Court releasing certain escrowed adequate protection payments to the junior secured credi... reorganization under the Bankruptcy Code. Accordingly, on June 1, 2003, the Debtor comme...
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