On Bankruptcy and Mediation
An unsecured trade creditor? (Photo by Marilyn Swanson) By: Donald L Swanson Here's a question about the new Uniform Assignment for Benefit of Creditors Act (the “Uniform ABC Act”): Is a liquidation under the Uniform ABC Act a good thing or a bad thing for the debtor’s unsecured trade creditors? The answer is easy: it’s a... Continue Reading →
Nation-Wide By: Donald L Swanson I recently ran across an Order from a state court, under that state’s receivership statutes, purporting to create a nation-wide injunction (i.e., a “stay”) against any judicial, administrative or other action by any creditor that would affect any of the debtor’s property. And the debtor’s property spans across state lines. My... Continue Reading →
The new Act By: Donald L Swanson Assignments for benefit of creditors (“ABCs”) and receiverships have been utilized effectively for centuries under the common law, side-by-side as separate and distinct and complementary remedies for liquidating assets. Differences Differences between the two are that: receiverships are a court-supervised process initiated by a creditor to dispossess the debtor... Continue Reading →
The wild west (photo by Grant Showalter-Swanson) By: Donald L Swanson When comparing proceedings under the Bankruptcy Code with receivership proceedings under state law, there is a similarity: both require intensive court supervision. And there is a huge difference: bankruptcy provides precise rules—lots of them—under an extensive Code and accompanying national and local rules and a... Continue Reading →
Built circa 1891 (photo by Marilyn Swanson) By: Donald L Swanson Here is an article from more than a century ago: Jacob Trieber, Abuses of Receiverships,” 37 Yale L.J. 275-279 (1909). What follows is a summary of that article. Receivership—A Judicial Remedy Receivership is a judicial remedy to preserve a fund or property from spoliation, waste... Continue Reading →
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