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Involuntary Bankruptcy Standard
A judgment creditor that is considering filing an involuntary bankruptcy petition against a debtor should consult venue-specific controlling law if the debtor has appealed the judgment. Depending on the jurisdiction, the debtor's appeal may or may not be a factor for the bankruptcy court to consider in determining whether the creditor's claim meets the involuntary petition requirements of the Bankruptcy Code.
Generally, to be eligible as a petitioning creditor in an involuntary bankruptcy case, a creditor must hold a claim against the debtor that, among other things, “is not contingent as to liability or the subject of a bona fide dispute as to liability or amount.” 11 U.S.C. ' 303(b)(1). Under the approach of certain courts, when the creditor's claim is based on a state court judgment from which the debtor has appealed, and the judgment is not stayed during the appeal, the appeal could be deemed a “bona fide dispute” rendering the judgment claim ineligible to support the involuntary petition.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
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Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.