Third Circuit Rules Successor Liability Claims Are “Generalized Claims,” and Therefore, Property of Bankruptcy Estate – Not Individual Creditors
Bankruptcy creditors who are contemplating the filing of a claim against non-debtor third parties will want to consider the Third Circuit’s decision in In re Emoral, Inc., — F.3d —, (3d Cir 2014). The Third Circuit recently determined that personal injury causes of action asserted against a third-party non-debtor corporation on a “mere-continuation” theory of […]
Business Owner Personally Liable To Company Creditor: Paid Himself Before Satisfying Creditor’s Judgment
Business owners of insolvent companies should be careful about who gets paid and, more importantly, who does not. The New Jersey Appellate Division recently upheld a $78,333.91 fraudulent transfer judgment against the owner of a construction company after the owner ignored a bankruptcy trustee’s judgment against his company and then used company funds to pay […]
Supreme Court Stops Bad Faith Chapter 7 Debtor’s Conversion to Chapter 13
After the 2005 Bankruptcy Abuse Prevention and Consumer Protect Act (BAPCA), the U.S. Supreme Court’s recent decision in Marrama v. Citizens Bank of Mass., et. al., 549 U.S. (2007) will add a chilling effect to an already frigid court. On February 21, 2007, the Court ended the long-standing practice of debtors invoking an “automatic right” […]
Can Unsecured Creditors File Claims for Legal Fees Incurred Post-Petition, Based Upon a Pre-Petition Agreement?
On March 20, 2007, the Supreme Court, in Travelers Casualty and Surety Co. of America v. PG&E Co., 549 U.S. (2006), found that Bankruptcy law does not prevent unsecured creditors from claiming post-petition legal fees otherwise reimbursable pursuant to terms of a pre-petition contract. In Travelers, PG&E filed a Chapter 11 Bankruptcy in April of […]
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