Jimerson Firm

FEBRUARY 11, 2022

A construction project to a screeching halt when a property owner files for bankruptcy, creating a serious risk of substantial losses for the contractor, as well as subcontractors and suppliers. The list of creditors receiving the Notice should include the general contractor of an incomplete construction project. See 11 U.S.C.

Construction 98

Construction Bankruptcy Secured Creditor Debtor 98

Fraser

JUNE 25, 2020

Creditors of a bankrupt company must be aware of the various deadlines and procedures that govern the chapter 11 process in order to protect and enforce their rights. For creditors to maximize their recoveries, they must stay informed and take action during a bankruptcy proceeding. First Day” Motions. Proof-of-Claim Bar Date.

Creditors 72

Creditors Bankruptcy Unsecured Creditor Debtor 72

Hudson Weir

FEBRUARY 28, 2023

Those the business owes money to are known as creditors. In this blog, let’s look at which creditors are paid first if the organisation ultimately becomes insolvent and its assets are sold to repay the balance due (a winding-up or liquidation). Secured creditors include leasing companies and banks.

Unsecured Creditor 52

Unsecured Creditor Secured Creditor Creditors Construction 52

PBWT

JANUARY 29, 2023

A big question in these cases is whether there will be any money to satisfy unsecured creditor claims. If there are funds to distribute, then the creditors’ claims will become more valuable, and the cases will become even more interesting. In 2022, there were several high-profile crypto bankruptcy filings.

Bankruptcy 65

Bankruptcy Debtor Creditors Unsecured Creditor 65

Hudson Weir

SEPTEMBER 11, 2023

Company assets could include anything from equipment and constructions to vehicles and intellectual property. Once a business is insolvent, directors’ duty must shift towards the company creditors – that includes any providers of unsecured or secured loans. What is a secured loan?

Loans 52

Loans Collateral Secured Creditor Unsecured Creditor 52

Debt Recoveries

NOVEMBER 27, 2022

The client might not have the cash on hand to pay right away (this is a concern in the construction sector where milestone payments are typical or in the rural / farming sector where income is dependant on seasonal crop harvesting). . As a result, it is significantly safer than an unsecured creditor in the case of insolvency. .

Debt collector 52

Debt collector Unsecured Creditor Retrieval Debt Recovery 52

ABI

JANUARY 19, 2024

In evaluating the Texas Business & Commerce Code and title 11 of the United States Code (the “Bankruptcy Code”), the United States Bankruptcy Court for the Southern District of Texas, in In Re Burts Construction, Inc., held that a secured creditor has the right to receive monetary payment for property sales based on its lien on “accounts.”

Secured Creditor 40

Secured Creditor Bankruptcy Debtor Collateral 40