Sentences with phrase «benefit of creditors»

A term of the proposal could be that the house is sold and the proceeds be paid to the administrator for the general benefit of the creditors under the consumer proposal.

The trustee could then complete the sale with any joint owners, with the bankrupt's share of equity being directed to the trustee for the general benefit of his creditors.

When you file an assignment in bankruptcy you sign over to the trustee for the general benefit of the creditors everything that you own have a right to or an interest in with the exception of any assets that qualify for a provincial or federal exemption.

Any unexpected windfall of money during a bankruptcy is considered a non-exempt cash asset of the estate that vests in the Trustee for the general benefit of creditors.

This restructuring — an Assignment for the Benefit of Creditors, or ABC — is a complex set of gymnastics to basically avoid going under completely.

Even Geoff Berman, whose company, Development Specialists Inc., sold off the stores» assets for the benefit of creditors, couldn't help reminiscing about its better days: «My wife bought my first pair of boots at Howard & Phil's.»

I have not checked to see if Vantage or their sister companies have filed (they would presumably file in a federal district for their area in Great Barrington, Mass.) A bankruptcy attorney in that area could better answer your question about those publishing contracts as bankruptcy estate assets that a Trustee would «recall» (or «garner for the bankruptcy estate) under a preference rule and make a part of Vantage's «bankruptcy estate» for the benefit of creditors.

The debtor obtains debt relief through judicially supervised reorganizations or liquidation of his or her assets for the benefit of creditors.

In a chapter 7 you are allowed to keep only exempt property and non-exempt property would be sold for the benefit of the creditors.

Otherwise the Trustee will take the refund for the benefit of your creditors.

These are assets assigned to the Bankruptcy Trustee and sold for the benefit of creditors.

In bankruptcy, mediation is available to resolve two types of disputes: disagreements over the amount of money the bankrupt will pay to the trustee for the benefit of the creditors during the bankruptcy (called surplus income payment); and disagreements regarding the conditions that the trustee has recommended for bankruptcy discharge.

The trustee is required to value that business and sell it for the benefit of your creditors.

Explain your situation and propose a plan that highlight s the benefits of the creditors.

In a bankruptcy the more you earn, the more you are required to contribute to your estate for the benefit of your creditors.

Bankruptcy in Canada is a legal process in which a debtor assigns non-exempt assets for the benefit of his creditors in exchange for which he will be discharged from most debts.

The trustee examines all of the bankruptcy forms and looks for nonexempt property to sell for the benefit of creditors.

In the bankruptcy assignment you state that you are handing over all of your property to the bankruptcy trustee for the benefit of your creditors.

Once you have transferred your assets to your trustee, it becomes their duty to sell them for the benefit of your creditors.

The Trustee would take the unprotected portion of your assets and «liquidate» or sell it then use the proceeds for the benefit of the creditors.

This is a legal agreement in which you transfer your property to a trustee for the benefit of your creditors.

As a Century client, you will receive the benefits of their Creditor Intervention Program.

Lottery winnings and similar windfalls received during your bankruptcy also vest in the trustee for the benefit of your creditors.

Chapter 7 bankruptcy is sometimes called «liquidation» bankruptcy because it cancels your debts in exchange for allowing the bankruptcy court liquidate (sell) some of your property for the benefit of your creditors.

~ Trustees in bankruptcy may pursue claims on behalf of the bankrupt estate, including those brought by creditors that accrue to the benefit of all creditors, but may not pursue the claims of individual creditors that benefit them individually.

If successful, the recovered property would have accrued to the benefit of the creditors of the bankrupt.

In pursuing such claims, care must be taken to distinguish between claims of individual creditors and claims for the benefit of creditors generally.

At Lipson Neilson, we have represented a wide variety of business restructuring scenarios including debtors, pre - and post-bankruptcy lenders, trade creditors, landlords, public bondholders, trustees, official committees, liquidating trustees, assignees for the benefit of creditors, and asset purchasers.

We have decades of experience in providing routine and complex in - court and out - of - court reorganizations, workouts, and assignments for the benefit of creditors.

Representing the Unsecured Creditors» Committee in the bankruptcy of a major auto dealership, including the auction liquidation of its assets to the benefit of creditors.

Our objective is to source the most cost effective funding and / or litigation insurance package we can from the market, which assists the IP in satisfying their duties to achieve the maximum potential recovery for the benefit of their creditors.

He has also served as both a liquidating trustee for a corporation with assets valued in excess of $ 100 million and, on several occasions, as an assignee for the benefit of creditors.

Mr. Arrow regularly represents secured and unsecured creditors, creditors» committees, franchisors, trustees, assignees for the benefit of creditors, debtors, and other parties in a variety of matters throughout the United States.

On the plus side (as voiced by many insolvency practitioners) a pre-pack may protect the value of a business» assets for the benefit of the creditors.

TheJudge can help insolvency practitioners satisfy their duties to creditors by running an auction involving several funders, in order to achieve the maximum potential price for the benefit of creditors.

Control of a bankrupt's assets passes to an insolvency practitioner (or the Official Receiver) who can sell them for the benefit of creditors — including victims of fraud.

James represents creditors, debtors, secured, lenders, mortgage companies, landlords, franchisors, bankruptcy trustees and other business enterprises in chapter 7 and chapter 11 bankruptcy cases and in assignment for the benefit of creditors cases.

debtor obtains financial relief and undergoes a judicially supervised reorganization or liquidation of the debtor's assets for the benefit of creditors; a case under the Bankruptcy Code.»

If the case is followed, then where a company that holds assets requiring environmental clean - up becomes insolvent, it will be open for a Trustee to disclaim those assets, resulting in greater recovery of proceeds for the benefit of creditors.

In addition, Mr. Spector handles receiverships, provisional directorships and assignments for the benefit of creditors.

We represent debtors and creditors workouts, receiverships, assignments for the benefit of creditors, and other non-bankruptcy insolvency proceedings.

On a bankruptcy order, all of the bankrupt's assets vest in a «trustee in bankruptcy», who is likely to be an insolvency practitioner and who is required to realise the bankrupt's assets for the benefit of the creditors.

Chapter 7 bankruptcy is known as liquidation because any non-exempt assets the debtor has may be liquidated (sold) by the trustee for the benefit of creditors.

Diakoumakis has represented secured creditors, landlords, equipment lessors, indenture trustees, Chapter 11 trustees, unsecured creditors, and liquidating trustees in all aspects of corporate restructuring matters, including chapter 7, 11 and 13 proceedings, out - of - court workouts, and assignments for the benefit of creditors.