Jimerson Firm

FEBRUARY 11, 2022

A construction project to a screeching halt when a property owner files for bankruptcy, creating a serious risk of substantial losses for the contractor, as well as subcontractors and suppliers. The list of creditors receiving the Notice should include the general contractor of an incomplete construction project. See 11 U.S.C.

Construction 98

Construction Bankruptcy Secured Creditor Debtor 98

Hudson Weir

FEBRUARY 28, 2023

Once a firm enters administration, it must pay every creditor group entirely, save for ‘prescribed part’ secured creditors, before funds are distributed to the subsequent creditor. This company property can be anything from equipment and constructions to apparatus, vehicles, and intellectual property.

Unsecured Creditor 52

Unsecured Creditor Secured Creditor Creditors Construction 52

ABI

JANUARY 19, 2024

In evaluating the Texas Business & Commerce Code and title 11 of the United States Code (the “Bankruptcy Code”), the United States Bankruptcy Court for the Southern District of Texas, in In Re Burts Construction, Inc., held that a secured creditor has the right to receive monetary payment for property sales based on its lien on “accounts.”

Secured Creditor 40

Secured Creditor Bankruptcy Debtor Collateral 40

Hudson Weir

SEPTEMBER 11, 2023

What is a secured loan? To reduce the lender’s risk exposure, a secured business loan provides them with collateral – a company asset. Company assets could include anything from equipment and constructions to vehicles and intellectual property. Therefore, secured loans tend to be for larger amounts.

Loans 52

Loans Collateral Secured Creditor Unsecured Creditor 52

Troutman Sanders

APRIL 24, 2023

Despite the liberal construction typically afforded to pleadings filed by pro se litigants, the court dismissed the plaintiff’s complaint sua sponte for failure to state a claim. Application of the auction proceeds in partial satisfaction of the loan was, therefore, no payment at all and the defendant was not required to report it as such.

Loans 52

Loans Repossession Secured Creditor Construction 52

Fraser

JUNE 25, 2020

It is important for creditors and their advisors to carefully review “first day” motions in order to know how their rights may be affected, and take action as appropriate. A creditor may need to file an objection to requested first-day relief to protect its rights. Walton, Jr.’s

Creditors 72

Creditors Bankruptcy Unsecured Creditor Debtor 72

PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing.

Bankruptcy 65

Bankruptcy Debtor Creditors Repossession 65