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Alternatives to Chapter 7 Bankruptcy
The term "workout" is used to describe a non-bankruptcy negotiated modification of debt. More simply stated, a workout is an out-of-court agreement between a debtor and his or her creditors for repayment of the debts between them, which is negotiated without all the procedural complications — and perhaps the stigma — of the bankruptcy process.
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What are the Alternatives to Chapter 7 Bankruptcy?
The term "workout" is used to describe a non-bankruptcy negotiated modification of debt. More simply stated, a workout is an out-of-court agreement between a debtor and his or her creditors for repayment of the debts between them, which is negotiated without all the procedural complications — and perhaps the stigma — of the bankruptcy process.
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Case Summaries
[09/03]
Official Comm. of Unsecured Creditors v. Anderson Senior Living Prop., LLC.
In an appeal from the Bankruptcy Appellate Panel's (BAP) grant of debtors' motion to dismiss as moot pursuant to 11 U.S.C. section 363(m), plaintiffs' appeal of the bankruptcy court's authorization of the sale of debtors' interests in seven co-owned properties as well as the undivided interests of the tenants in common (TIC), is affirmed as the BAP properly determined that section 363(m) moots the appeal because, even though the bankruptcy court approved the sale of the TIC property interests pursuant to section 363(h), the debtors ultimately sold the properties pursuant to section 363(b) and that sale was never stayed.
[09/02]
US v. Ritchie Special Cred. Invs., Ltd.
In intervenor's application to intervene in an adversary proceeding initiated by the government pursuant to 18 U.S.C. section 1345 against the alleged author of a Ponzi scheme, the denial of the application is affirmed where: 1) the
litigation progressed substantially between the initiation of these proceedings and intervenor's second motion to intervene; and 2) intervenor had knowledge of all the facts surrounding the district court's injunction, and failed to take issue with it when first presented with an opportunity to do so.
[09/02]
Ritchie Special Cred. Invs., Ltd. v. US Trustee
In a creditor's objection to the appointment of a bankruptcy trustee, arguing that the trustee did not qualify as a “disinterested person” as required by 11
U.S.C. section 1104(d), the denial of the objection is affirmed where: 1) the
bankruptcy court did not abuse its discretion in concluding that the trustee's role and interests as a receiver did not predispose him towards forfeiture or amount to a disqualifying material adverse interest; and 2) there was no abuse of discretion in the bankruptcy court’s determination that creditor failed to show that it would be prejudiced by the trustee's appointment as trustee in the jointly administered estates.
[08/27]
Paloian v. Lasalle Bank, N.A.
In a debtor-hospital's trustee's action to recover, as fraudulent conveyances, some loan payments made during the last years before hospital entered bankruptcy, judgment of the district court is vacated and remanded where: 1) LaSalle Bank is an "initial transferee" as an entity that receives funds for use in paying down a loan, or passing money to investors in a pool, is an "initial transferee" even though the recipient is obliged by contract to apply the funds according to a formula; 2) because the hospital was solvent in August 1997, the ensuing months' debt service cannot be recaptured as a fraudulent conveyance; and 3) on remand, the bankruptcy court is instructed to determine whether the transfer of the accounts receivable to MMA Funding was a true sale, such that MMA Funding served as the bankruptcy-proofing intermediary that the lenders desired.
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