This document addresses the question of Bankruptcy in pre-1989 agrements, stating specifically that the granting of relief under the Bankruptcy Code to any Party to this Agreement as debtor, this Agreement should be held to be an executory contract under the Bankruptcy Code, then any remaining Party shall be entitled to a determination by debtor or any trustee for debtor within thirty (30) days.
New York Bankruptcy Pre 1989 Agreements
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Multi-State
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US-OG-696
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How to fill out Bankruptcy Pre 1989 Agreements?
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FAQ
The debtor (except for a "small business debtor") has a 120-day period during which it has an exclusive right to file a plan. 11 U.S.C. § 1121(b). This exclusivity period may be extended or reduced by the court.
The trustee has the authority to void or ?clawback? certain payments made by the debtor in the 90 days before bankruptcy. This includes payments to friends, family, and businesses owned or controlled by the debtor within the last year. The trustee can also recover assets transferred by the debtor during this period.
Congress' first law on the subject was the Bankruptcy Act of 1800, which was limited to traders and provided only for involuntary proceedings. This was repealed in 1803.
Bankruptcy Act of 1867 The Act notably foreshadows today's debtor-friendly Chapter 12 and 13 provisions by introducing the ?compo- sition agreement? allowing debtors and creditors to negotiate repayment?often for less than full compensation.
The Bankruptcy Reform Act of 1978 (P.L. 103-394, 107 Stat. 4106), as amended, governs the relationship between creditors and debtors when debtors can no longer pay their debts. Ordinarily, people and businesses have a legal obligation to pay their debts.
Modern Bankruptcy Act - Nelson Act The current Bankruptcy Code was enacted in 1978 by § 101 of the Bankruptcy Reform Act of 1978, and generally became effective on October 1, 1979. The current Code completely replaced the former Bankruptcy Act, the ?Chandler Act? of 1938.
Authority to Take a Rule 2004 Exam: FRBP 2004 provides parties with the opportunity to conduct an examination of a person and/or documents, even though an adversary proceeding has not been filed. This is called a "Rule 2004 Examination".
An Act to establish a uniform system of bankruptcy throughout the United States. Its popular name is a homage to the role of Senator Knute Nelson in its composition. It was significantly amended by the Bankruptcy Act of 1938 and was superseded by the Bankruptcy Act of 1978.
