A debtor could not obtain a bankruptcy discharge of a state judgment entered against him for breaching his duties as trustee of his father's trust, the 11th Circuit has ruled in affirming judgment. A state court entered a $285,000 judgment against the debtor after determining that he had engaged in self-dealing as the trustee of his father's trust. Specifically, the state court found that the debtor had breached the terms of the trust by making loans to himself from trust assets. In an effort to discharge the judgment debt, the debtor filed for bankruptcy under Chapter 7.
... a receiver who was ultimately appointed trustee in bankruptcy after he filed a voluntary petition ... within the scope of their corporate duties. See Brief for Petitioner 11; Tr. of Oral Arg. 26....
... tasks as confirming the appointment of a trustee to take charge of the debtor's assets and initiati... view bankruptcy matters as central to the duties of the life-tenured judiciary. . Further evidence ...
...PART 58: REGULATIONS RELATING TO THE BANKRUPTCY REFORM ACTS OF 1978 AND 1994. 58.6 - Procedures f...(2) Failure to perform duties in a timely and consistently satisfactory manner;....
...KENNETH A. RUSHTON,. Trustee,. Intervenor -. Ap... Bankruptcy Appellate Panel of the Tenth Circuit. ... [within the bankruptcy context] whose duties most closely resemble those of management should c...
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....
... Chapter 7 liquidation cases, a bankruptcy trustee takes possession of the property and becomes the r...
... order entered by the United States Bankruptcy Court for the. Southern District of New York (L... The Trustee, Irving H. Picard, concluded that the investors'. ... trustee, as well as additional duties, specified by the Act, related to recovering a...
... tasks when respondent filed a personal bankruptcy petition. Seeking to require part of respondent's ... an injunction against the bankruptcy trustee to restrain him from pursuing any action to recove... trustee had been designated with the usual duties of a bankruptcy trustee.[Footnote 12] Fourth, we d...
... . Before 1994, §330(a) of the Bankruptcy Code authorized a court to "award to a trustee, t... the trustee in carrying out the trustee's duties under this title"); §327(e) (authorizing an appoi...
The fiduciary duties of a bankrupt debtor in possession have not been discussed in detail by the courts. This Note makes a simple and original claim about such duties: that the fiduciary duties of a bankrupt debtor in possession are too low and should be reformed to comport with fiduciary duty standards in related areas of the law, most notably corporate law. In particular, the Note advocates a duty to disclose relevant information about the value of assets dispersed in a bankruptcy proceeding. In coming to this conclusion, the Note considers relevant sections of the Bankruptcy Code, legal precedent, economic analysis, and other bankruptcy policy considerations such as preventing fraud and protecting the honest but unfortunate debtor. Focusing on one important aspect of bankruptcy law, ...
... envisions that either the debtor or a trustee will manage the estate once the debtor has filed f...
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