The lawyers representing the railroad (including the same partner from the precursor to Davis Polk who defended the reorganization plan in Paton) urged that the general creditor
had not been harmed by the reorganization, as the assets were insufficient to pay the senior creditors in full.
"This case requires us to answer a question of first impression in this circuit - a question involving the relative priority, as between the government and a general creditor
, with respect to claims relating to assets forfeited as the proceeds of criminal activity," Selya wrote.
The rehabilitation team has given claims secured by MEWA assets top priority, the remaining provider claims second priority, some federal government claims third priority, and general creditor
claims fourth priority, Farmer says.
Continue to treat claims arising from repurchase and reverse repurchase agreements as general creditor
I would have the FDIC declare that we are in a financial emergency and during this period of crisis, the FDIC will not allow any general creditor
of a bank to suffer a loss when the bank fails.
It usually hires an attorney or accountant to assist it in these efforts and these professionals and the committee members are made privy to information not otherwise made available to the general creditor
If the solvent counterparty is a net creditor, the solvent counterparty becomes a general creditor
for the net amount.
Whether the creditor is asserting rights as a general creditor
, insolvency creditor, or bankruptcy creditor, ERISA's and-alienation protections are extensive.
Turning back to the Bankruptcy Act, initially, the trustee "merely stood in the shoes of the bankrupt." (24) To the extent the trustee had rights akin to those of a creditor, moreover, they were merely the rights of a general creditor
, significantly limiting the authority of the trustee.
Part I examines how the prototypical general creditor
(161) Employee entitlements and personal injury claims have been given priority ranking in insolvency above other general creditor
claims: Corporations Act 2001 (Cth) ss 556, 560.
The CEO's contract proposal specified that he would receive no preference; he'd just be a general creditor
. With Sklover's counsel, the CEO negotiated something a little better: The company's owners agreed to hold his deferred compensation funds in escrow.