Bankruptcy code


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Bankruptcy code

Laws governing bankruptcy proceedings for corporations, municipalities, and individuals. Enacted through the U.S. Federal Bankruptcy Reform Act of 1978.

Bankruptcy Code

A comprehensive law governing bankruptcy in a country or other jurisdiction. In the United States, the Bankruptcy Reform Act of 1978 forms the current bankruptcy code. It provides for three main types of bankruptcy. Chapter 7 provides for liquidation of a business and discharge of debts. Chapter 11 allows corporations to continue operations after reorganization. Chapter 13 restructures debt but does not forgive it.
References in periodicals archive ?
Bankruptcy Code with the Bankruptcy Court for the District of Colorado.
RAIT Financial Trust (OTC Pink:RASF) revealed on Saturday that it signed an Equity and Asset Purchase Agreement (the purchase agreement) to sell most of its assets to an entity owned by funds managed by affiliates of Fortress Investment Group LLC, in a sale process under Section 363 of the US Bankruptcy Code, as amended (the Bankruptcy Code).
Summary: New Delhi [India], July 29 (ANI): Union Finance Minister Nirmala Sitharaman on Monday the Insolvency and Bankruptcy Code Amendment Bill 2019 contains measures to dispel concerns over extensive litigation causing undue delays in insolvency proceedings.
The treatment of unexpired leases and executory contracts (which encompasses equipment leases) is codified in Section 365 of the Bankruptcy Code. Section 365 provides, in relevant part, that a Chapter 11 debtor-lessee is required to perform under the equipment lease after 60 days from entry of the order of relief until the lease is assumed or rejected.
It sets a high bar for considering local government tax-supported debt to be secured by special revenues, which provide security that survives the filing of a municipal bankruptcy (in preservation of the lien) and benefit from relief from the automatic stay provision of the bankruptcy code. Fitch gives credit to special revenue status only if, in its view, the overall legal framework renders remote a successful challenge to the status of the debt as secured by special revenues under Section 902 (2) (e) of the U.S.
The trigger : the Reserve Bank of India's (RBI) decision to fast track bankruptcy proceedings against them under the new Insolvency and Bankruptcy Code 2016.
and its wholly-owned subsidiaries, Dakota Plains Transloading LLC, Dakota Plains Sand LLC, Dakota Plains Marketing LLC, DPTS Marketing LLC, DPTS Sand LLC and Dakota Petroleum Transport Solutions LLC (together with the company, the debtors), filed a voluntary petition for reorganization under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Minnesota.
This Study opens a window on Supreme Court review practices by examining the context in which the Court's Bankruptcy Code decisions have come before the Court.
Global credit rating agency Moody's Investors Service on Thursday said India's bankruptcy code boosts creditors bargaining power against big borrowers.
Meanwhile, there is generally a separation between the applicability of the Bankruptcy Code and debt collection laws, such as the Fair Debt Collection Practices Act (FDCPA), 15 U.S.C.
Unfortunately, the Bankruptcy Code fails to specifically address the rights and obligations of a trade creditor facing this dilemma, resulting in a tug-of-war created by the debtor's need for continued goods and services and the creditor's need for assurance of payment.