Addressing a matter of first impression, the bankruptcy appellate panel for the U.S. Court of Appeals for the Ninth Circuit (BAP) recently held that fully secured, nonrecourse creditors qualify as “countable” creditors for purposes of determining the viability of an involuntary bankruptcy petition under Section 303(b) of the U.S. Bankruptcy Code.
Ninth Circuit: Fully Secured, Nonrecourse Creditors Qualify As ‘Countable’ Creditors
Addressing a matter of first impression, the bankruptcy appellate panel for the U.S. Court of Appeals for the Ninth Circuit recently held that fully secured, nonrecourse creditors qualify as “countable” creditors for purposes of determining the viability of an involuntary bankruptcy petition under Section 303(b) of the U.S. Bankruptcy Code.
By
Lawrence J. Kotler and Geoffrey A. Heaton
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