Second Annual Bankruptcy Conference October 3, 2019 Mission of - - PowerPoint PPT Presentation
Second Annual Bankruptcy Conference October 3, 2019 Mission of the Court To serve the public by providing fair and impartial justice through the prompt and efficient resolution of disputes Remember Federal Rule of Bankruptcy Procedure
through the prompt and efficient resolution of disputes— Remember Federal Rule of Bankruptcy Procedure 1001
Procedures
cases continue to encounter difficulty in successfully
with an aggregate of noncontingent liquidated secured and unsecured debt of not more than $2,725,625.00
individual to serve as the trustee, who would perform many of the same duties required of a chapter 12 trustee; (2) requiring such private trustee to monitor the debtor’s progress toward confirmation of a reorganization plan; and (3) authorizing the court to confirm a plan over the objection of the debtor’s creditors, providing such plan does not discriminate unfairly, and is fair and equitable, with respect to each class of claims or interests that is impaired under and has not accepted the plan.
business Chapter 11 cases, pertaining to preferential transfers. It specifies an additional criterion that a trustee must consider before commencing a preferential action (i.e., reasonable due diligence, venue).
11, Subchapter V:
(similar to Ch 12 Standing Trustee) largely to assist Debtors in complying with the Code.
a Chapter 11 case filed by a small business debtor, and the trustee will have the same duties as a chapter 12 trustee. Pursuant to § 1183, the trustee must participate in certain conferences and hearings concerning matters pertaining to the value of property subject to a lien, confirmation of a reorganization plan and its modification post‐confirmation, and the sale of property of the estate. Among other duties, the trustee must ensure that the debtor commences making timely payments required under a confirmed plan. The trustee's service terminates upon substantial consummation of the plan.
debtor in possession.
a hearing if the Court finds fraud, dishonesty, incompetence, or gross mismanagement of affairs.
property acquired by the debtor after commencement of case but before the case closes or is converted.
clarifies that the separate disclosure statement exemption applies unless the Court orders otherwise.
than 60 days from commencement of the case. No later than 14 days before the status conference, the debtor must file and serve on all parties a report that details efforts to attain a consensual reorganization plan.
reorganization plan under subchapter 5, but the plan must be filed no later than 90 days after the case is commenced, unless the court extends the time for cause
does not discriminate unfairly, is fair and equitable to impaired classes who reject the plan). Regarding a class
holders of the claims retain their liens and that they receive deferred cash payments 2) provide that the liens attach to the proceeds of any sale of property securing the claims, or 3) provide that the secured creditors receive the equivalent of their claims.
the debtor and that is not reasonably necessary to be expended for: (1) maintenance or support of the debtor or a dependent of the debtor; (2) a domestic support obligations that first becomes payable after the date of the filing of the case; or (3) the payment of expenditures necessary for the continuation, preservation, or operation of the business of the debtor.
likelihood that the debtor will be able to make plan payments and that the plan provides appropriate remedies to protect claim holders in the event of default.