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ISBN: 9781520466248
Publisher: Independently published
Publication Date: 2017-01-27
Number of pages: 590
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  • Regular price $36.99

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THIS CASEBOOK contains a selection of U. S. Court of Appeals decisions that analyze and discuss issues which arise in bankruptcy proceedings. The selection of decisions spans from 2014 to the date of publication. When a bankruptcy action is filed, any "action or proceeding against the debtor" is automatically stayed by Section 362(a). The purpose of the stay is "to protect creditors as well as the debtor," Ostano Commerzanstalt v. Telewide Sys., Inc., 790 F.2d 206, 207 (2d Cir.1986) (per curiam), by avoiding wasteful, duplicative, individual actions by creditors seeking individual recoveries from the debtor's estate, and by ensuring an equitable distribution of the debtor's estate. See In re McMullen, 386 F.3d 320, 324 (1st Cir.2004) (noting that Section 362(a)(1), among other things, "safeguard[s] the debtor estate from piecemeal dissipation ... ensur[ing] that the assets remain within the exclusive jurisdiction of the bankruptcy court pending their orderly and equitable distribution among the creditors"). Although fraudulent conveyance actions are against third parties rather than a debtor, there is caselaw, [ ] stating that the automatic stay applies to such actions. [Footnote omitted.] See In re Colonial Realty Co., 980 F.2d 125, 131 (2d Cir.1992). In re Tribune Co. Fraudulent Conveyance Litigation, 818 F. 3d 98 (2nd Cir. 2016). The Bankruptcy Code empowers a bankruptcy court to release parties from the automatic stay "for cause" shown. In re Bogdanovich, 292 F.3d 104, 110 (2d Cir.2002) (quoting 11 U.S.C. § 362(d)(1)). Once a creditor obtains "a grant of relief from the automatic stay" under Section 362(d), it may "press its claims outside of the bankruptcy proceeding." St. Paul Fire & Marine Ins. Co. v. PepsiCo, Inc., 884 F.2d 688, 702 (2d Cir.1989), disapproved of on other grounds by In re Miller, 197 B.R. 810 (W.D.N.C. 1996). In re Tribune Co. Fraudulent Conveyance Litigation, ibid.

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