In In re Fairfield TIC, LLC, Case No. 18-73744-VJ (Bankr. E.D. Va. Nov. 20, 2018), the Bankruptcy Court for the Eastern District of Virginia dismissed a single asset real estate case, pursuant to section 1112(b) of the Bankruptcy Code, on “bad faith” grounds, based on the holding in Carolin Corp. v. Miller, 886 F.2d 693 […]
Read MoreValuation Generally The valuation of assets plays a central role in most business bankruptcies. Among other things, a proponent of a chapter 11 plan must establish an accurate value of the debtor’s business, as such valuation is often tied to distributions to creditors, who are voting to approve the plan. Valuation is also important in determining the amount of a secured […]
Read MoreThe notion of being insolvent or being bankrupt dates back numerous centuries. In Ancient Greece, where bankruptcy did not exist, if a man owed a debt and he could not pay, he and his wife, children or servants were forced into “debt slavery,” until the creditor recouped losses via their physical labour. In the Old […]
Read MoreGenerally The purpose of an involuntary bankruptcy, where a company is forced into bankruptcy by its creditors, is to invoke the broad jurisdiction of the Bankruptcy Code over the company’s assets and liabilities. The benefits include, among other things: Marshalling and preserving the company’s assets; Controlling the use and disposition of the company’s property, through court supervision; […]
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