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....
In the People Place Auto Hand Carwash LLC v. Commr. case, the limited liability company was owned and operated by a husband and wife. When the petitioner filed the action for redetermination of employment status, the husband and wife were debtors in bankruptcy. The Tax Court held that, because the proceeding concerns the petitioner's employment tax liabilities and not the tax liabilities of the husband and wife, the automatic stay provision of 11 USC sec. 362(a)(8) does not apply to the proceeding. Consideration of equitable relief pursuant to 11 USC sec. 105(a) properly lies with the Bankruptcy Court rather than the Tax Court.
... to terminate such relief "shall operate as a stay" of that relief beginning 30 days after the motion... moved to enjoin the operation of the automatic stay, arguing that § 3626(e)(2) violates due proc... operation of the PLRA's automatic stay provision mandatory, precluding courts from exercising their...
... States Code or with the mandatory provisions of this part; or. (4) An order of a court of compe... garnishment proceedings affected by the automatic stay provision, section 362(a) of title 11. Upon f...
... agreed to, then reconsidered, and the provision for inferior tribunals stricken out, it being argu... under which increases went automatically into effect on a specified date. Four years runnin... the Prison Litigation Reform Act's automatic stay of ongoing injunctions remedying violations of pri...
... it was entered in violation of the automatic stay triggered by the filing of HOP's Chapter 11 b... injunction or the automatic stay provision. . The district court's holding with respec...
... sought an order from the Fourth Circuit staying his removal to Cameroon while his petition for rev... appealed such a decision were given an automatic stay of the removal order pending judicial review,... stay was repealed and replaced with a provision stating that [s]ervice of the petition does not s...
... for the Judiciary in enacting the automatic stay provision of the Prison Litigation Reform Act...
... may also restate the language from the automatic stay provision to emphasize that the notice is not...
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