Facciano serves as a member of the American Bankruptcy Institute (ABI), the National Association of
Bankruptcy Trustees (NABT), the National Association of Federal Equity Receivers (NAFER), and the Turnaround Management Association (TMA).
While the new designation changes the name from
Bankruptcy Trustee to Licensed Insolvency Trustee, it does not change the duties, responsibilities and code of ethics that LIT's must adhere to in order to be licensed.
If a
bankruptcy trustee or chapter 11 debtor in possession elects to reject an unexpired lease, the tenant has the option under section 365(h) of the Bankruptcy Code of: (1) treating the lease as terminated; or (2) remaining in possession of the premises for the remaining term and any extensions or renewals.
Bankruptcy trustees usually argue that critical vendor status (and the associated payment of pre-bankruptcy invoices) negates the subsequent new value defense.
The suggested modifications also set terms within which action has to be taken within the framework of the bankruptcy proceedings and that in case of unjustified delays the
bankruptcy trustee may be relieved of duty.
Most of the
bankruptcy trustees energy has been spent on going after the victims of the scheme--hard-money lenders who had thought that that their investments were going to specific commercial loans backed by real property.
Bankruptcy trustees come into play if a state court receivership moves into the federal court system because a defendant files for bankruptcy protection.
Like
bankruptcy trustees, Fed Chairman Ben Bernanke and Treasury Secretary Henry Paulson should focus on keeping the system operating while it's under government protection.
The struggles of a Worcestershire woman to keep the value of the family home awarded to her in a divorce settlement from the clutches of her ex's
bankruptcy trustees highlights the need for clarification of the insolvency laws, claims a Midlands lawyer.
Wendy Haines, 43, is battling with
bankruptcy trustees in a case which has far-reaching implications for orders made in the divorce courts, the judges were told.
The high court ruled in favour of
bankruptcy trustees which could lead to a divorced wife having to give back her husband's share of the house which she was granted in a 2003 settlement after her former partner filed for bankruptcy in 2005.
Equity tolerates in
bankruptcy trustees no interest adverse to the trust.
