On Oct 3, 2005, the US Supreme Court refused to hear an appeal from the Ninth Circuit Court of Appeal's decision in Sherwood Partners v. Lycos Inc. The Ninth Circuit had ruled that the Bankruptcy Code preempts Sherwood's exercise of preference avoidance powers under California's assignment for the benefit of creditors (ABC) law as inconsistent with the federal bankruptcy law's tougher standards and procedural court-supervised protections that are intended to ensure fair treatment of both debtors and creditors. The US Supreme Court's decision not to review the Ninth Circuit's ruling will encourage parties defending ABC preference claims in California, and in other states with preference statutes similar to California's, to make similar preemption arguments that will defeat state law pref...
... a fiduciary duty of care or loyalty to creditors. In so ruling, California joins Delaware in clarif...'s directors elected to enter into an assignment for the benefit of creditors (ABC) under Californi...
...Avtel has made a general assignment to another party to liquidate its assets and distrribute the proceeds to creditors and admits that it does not have the resources nec... claims upon the Assignment for the Benefit of Creditors under California law. The claims of a...
... a fiduciary duty of care or loyalty to creditors. In so ruling, California joins Delaware in clarif...'s directors elected to enter into an assignment for the benefit of creditors (ABC) under Californi...
... care so insignificant as to provide no benefit to the crop, or failure to harvest in a timely man...Assignment of indemnity. A transfer of policy rights, made on... payment for the crop year only to creditors or other persons to whom you have a financial debt... For example, if two grape varieties in California are insured under the Catastrophic Risk Protection...
Financially distressed businesses, especially in California, are increasingly using assignments for the benefit of creditors (ABCs) to liquidate their assets as an alternative to filing a chapter 7 bankruptcy. ABCs are more efficient, less costly, and minimize negative publicity for management. Recently, several courts considered whether the California preference statute, which gives a state assignee, but not creditors generally, the power to recover preferences, is preempted by the Bankruptcy Code. The decision to file for bankruptcy or to initiate ABC proceedings is predominantly a creditor concern. The decisions of the California Court of Appeals and the Ninth Circuit have substantial impact on creditors because a preemptiomst resolution to the debate at hand would result in a tradeo...
...California four Justices were prepared to rely on the clause... law restricted the level of welfare benefits available to Californians who have been residents ... . Banking, Wage Assignments and Garnishment .-Regulation of banks and banking ... and pro rata distribution to all creditors, the dissenters are unable to show any taking with...
... in holding that directors do not owe creditors a fiduciary duty, even when the corporation is ope...when Pluris did an assignment for the benefit of creditors under California law ...
... in holding that directors do not owe creditors a fiduciary duty, even when the corporation is ope...when Pluris did an assignment for the benefit of creditors under California law ...
... Avtel has made a general assignment to another party to liquidate its assets and distrribute the proceeds to creditors and admits that it does not have the resources nec... claims upon the Assignment for the Benefit of Creditors under California law. The claims of ...
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