I love memorizing Flashcards
BK court jurisdiction 28 USC 157
Final order and judgment: cases in Title 11, all core proceedings arising under Title 11 or arising in a case under Title 11.
Proposed finding of facts and laws, or final order with all parties’ consent: a proceeding related to a case under title 11 .
Chapter 11 exclusive period 11 USC 1121
Regular 120 days; small business 180 days.
Court may increase or reduce 120/ 180 days for cause, if party in interest request so.
Definition of a Claim 11 USC 101(5)
A right to payment, whether such right is reduced to judgment (or not), liquidated (unliquidated), contingent (fixed), matured (unmatured), disputed (undisputed), legal (equitable), secured (unsecured).
A right to an equitable remedy for breach of performance if such breach gives rise to a right to payment (same list above)
Definition of Creditor 11 USC 101(10)
Arose pre-petition: Entity that has a claim against the debtor that arose at the time of or before the order for relief concerning the debtor; AND
Arose post-petition but treated as pre-petition: Entity that has a claim against the estate of a kind specified in section 348(d), 502(f), 502(g) (reject exe. K), 502(h)(550 recovery) or 502(i)(post- P unsecured tax) of this title.
Bankruptcy court origin
English Court of Chancery/King when legal remedy is inadequate (debtor has no ability to pay his creditors)
1111(b) election
The CLASS made the election.
At least 2/3 in amount and more than half in number
best interest rule for “each” creditor /equity (11 USC 1129(a)(7))
Impaired class creditor, must either accept the plan or receive no less than in Ch. 7
If class elects 1112(b), impaired class creditor receives no less than the value of its interest in collateral as of effective date
Acceptance of plan 11 USC 1126
Excluding entity voting (or soliciting) in bad faith, at least 2/3 in amount and more than one half in number of allowed claims.
Estimate a claim v. Liqudated a claim
Liquidate or fix a claim is to have exact number, opposite to estimate
Shall Estimate a claim when 502(c)
- Right to payment arises from equitable remedy (e.g. specific performance)
- Liquidating the unliquidated or contingent claim would unduly delay admin.
Ground for disallowance 502(b) to the extent that the claim is for …
- Unenforceable under non -bk law or agreement (other than contingent or unmatured)
- cap for termination of lease, cap for termination of employee K
- Unmatured interest as of petition
- Property tax > property value
- Domestic obligation 523(a)(5) that is unmatured as of petition
Content of plan 1123 Must include
Designate classes of claim and interest (except for admin expense and tax arising post-petition)
Specify classes that are not impaired (no treatment needed)
Specify treatment for impaired classes
Provide adequate means of plan’s implementation
Include in charter provisions that prohibit issuance of non voting equity securities, provide appropriate distribution of voting power among voting classes.
If individual debtor, provide for payment to creditors debtor”s all or such portion of post petition earning as is necessary for execution of the plan.
Allowed claim
Not scheduled as contingent disputed or unliquidated;
Timely filed and no objection to; and
Has been allowed by Court.
Stay as to secured creditor CPE
a stay of any act to Create, Perfect, or Enforce a lien against property of the estate. 362(a)
Shall disallow claim 502(c)
shall disallow claim from avoidable transferees unless the transferee has paid the amount or turned over property it is liable.
