On Bankruptcy and Mediation
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 →
By: Donald L Swanson A receiver is appointed for Debtor. Then Debtor’s board of directors puts Debtor into bankruptcy, Litigation ensues, resulting in this appellate opinion from the U.S. Third Circuit Court of Appeals: In re Whittaker Clark & Daniels, Inc., Case Nos. 24-2210 & 24-2211 (3rd Cir., decided September 10, 2025).## One of the Q... Continue Reading →
Maximizing value (photo by Marilyn Swanson) By: Donald L Swanson I’m in a discussion, recently, about this question: What are the best ways to maximize value of the assets of a failing business, from the perspective of a debtor’s primary secured creditor? The short answer is this: the best ways—by far—are debtor initiated processes; and the... Continue Reading →
By: Donald L Swanson I’m serving on a Drafting Committee of the Uniform Law Commission for a uniform law on assignment for benefit of creditors (“ABC”). A draft of such a uniform law is coming together, with lots of input from many people and organizations. But we are always looking for more input. So, if you'd like to participate... Continue Reading →
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