However, after Friedman's, this common argument from
bankruptcy trustees is probably a loser in courts in the Third Circuit.
3/31/99)] involved a debtor who, after claiming that no equity existed in his residence, filed a motion to compel the Chapter 7
bankruptcy trustee to abandon the estate's interest in his residence.
Under HR 3150, the
bankruptcy trustee is required to file a report on each debtor's eligibility to file under Chapter 7.
Ironically, trying to obtain delinquent payments may make it easier for a
bankruptcy trustee to recapture those funds later.
While most
Bankruptcy Trustees are also accountants, it is not a prerequisite.
The Ministry of Economy says that the main reasons why firms are so long in receivership is the fact that the court procedures led by the
bankruptcy trustees take very long, that there are no interested buyers for the bankrupt company's assets, that the bankruptcy judges and trustees are replaced very often and that the
bankruptcy trustees are disinterested in seeing fast resolution of the bankruptcy proceedings.
Wendy Haines, 43, is battling with
bankruptcy trustees in a case which has implications for orders made in the divorce courts.
The
bankruptcy trustees argued the gain from the sale was nontaxable under the newly enacted IRC section 121 and, therefore, the estate should not release the residence.
Bigger protection for creditors in bankruptcy proceedings, shorter deadlines in the bankruptcy proceedings, electronic sale of the assets of the bankrupt firms and electronic appointment of
bankruptcy trustees are some of the novelties in the modifications to the Bankruptcy Law, which Economy Minister Valon Saraqini presented at a press conference Thursday.
The
bankruptcy trustees claimed the section 4971 liability was not an excise tax but a disguised penalty and thus not entitled to priority under section 507(a)(7)(E) of the Bankruptcy Code.
