Blixseth (the "Blixseth Court"), has fleshed out the meaning of a bona fide dispute as to the amount of a petitioning creditor's claim
and serves as a stark warning to creditors contemplating joining an involuntary bankruptcy petition.
Robson, who testified to defend the 'Thriller' singer when he was accused of molestation in 2005, has alleged in a creditor's claim
he was abused by the late singer for a seven-year period from the age of seven, Contactmusic reported.
Fraudulent Conversion and Transfer Laws--Under Florida law, a conversion by a debtor of a nonexempt asset to an exempt asset is a fraudulent conversion as to a creditor, which may be set aside by such creditor "whether the creditor's claim
to the asset arose before or after the conversion of the asset, if the debtor made the conversion with the intent to hinder, delay, or defraud the creditor.
368-1(e)(6)(i), a creditor's claim
against a target corporation may represent a proprietary interest if the target is in a title 11 or similar bankruptcy case or if the target is insolvent immediately prior to the reorganization.
The last day to file a creditor's claim
against the firm is Nov.
One family member may gift assets to another family member who is not likely to be subject to a creditor's claim
Doing so increases the face value of a trade creditor's claim
for a given level of borrowing, th ereby increasing the "liquidation bang" from each trade credit buck, This combined priority structure maximizes social welfare by reducing the firm's overall cost of funding.
Depending on the assets transferred to fund the FLP, the purpose and nature of the transfer of these assets, the applicable state law governing limited partnerships and the court in which a creditor's claim
is brought, the level of protection may be reduced or eliminated.
As a safeguard against spurious creditor's claims
, a grace period should also be established to permit the employer to confirm its solvency or rebut the purported creditor's claim
before the trustee is obliged to suspend payments.
His move came right after news broke that he had filed a creditor's claim
against the legendary musician's estate on May 1 claiming that the King of Pop molested him over a 7-year period when he was a kid.
Now the existence of disputes concerning either liability or the amount of a petitioning creditor's claim
may give rise to a bona fide dispute that would disqualify the petitioning creditor and risk dismissal of the involuntary petition.
On appeal, the appellate court affirmed the lower court's dismissal, ruling the creditor's claim
that ARC was attempting to sustain against Andersen were creditors' personal claims.