Bankruptcy Blogs

The failure of directors to notify the company, in accordance with Paragraph 26, Schedule B1, Insolvency Act 1986, of their intention to appoint administrators does not necessarily render the administrators' appointment invalid.

In two carefully considered judgments in cases heard on consecutive days in November 2011, the most recent of which was handed down on 21 December:

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Last year St. Louis bankruptcy attorney Wendell Sherk published his riff on a popular Christmas song – Do You Owe What I Owe?  We thought it worthy of sharing it with you again this holiday season. (To the tune of “Do You Hear What I Hear?”) Said the neighbor to the young man, “Do you [...]

In cases where a homeowner is drastically underwater, the Bankruptcy Code gives chapter 13 debtors the ability to forcibly modify a second mortgage and thereby reduce their housing costs. As the real estate crisis continues to linger, many consumer advocates have been vocal in supporting proposed legislation that would extend bankruptcy’s mortgage modification power to [...]

"In a single declarative sentence, U.S. bankruptcy court judge Dennis Montali captured the essence of what was at issue during a nearly two-hour hearing Wednesday over professional fee applications in the Howrey bankruptcy: 'This is not an ATM machine.' That...

Letter 1058 Precedes an IRS Levy The IRS seizes or levies property from taxpayers who owe back taxes. It is through the levy process that the IRS garnishes wages, seizes a car or attaches other items of property. Many taxpayers are frightened by notice of an IRS lien, however, tax liens only serve to put the world [...]