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

PBWT

JANUARY 29, 2023

A big question in these cases is whether there will be any money to satisfy unsecured creditor claims. If there are funds to distribute, then the creditors’ claims will become more valuable, and the cases will become even more interesting. In 2022, there were several high-profile crypto bankruptcy filings.

Bankruptcy 65

Bankruptcy Debtor Creditors Unsecured Creditor 65

Debt Recoveries

NOVEMBER 27, 2022

The client might not have the cash on hand to pay right away (this is a concern in the construction sector where milestone payments are typical or in the rural / farming sector where income is dependant on seasonal crop harvesting). . As a result, it is significantly safer than an unsecured creditor in the case of insolvency. .

Debt collector 52

Debt collector Unsecured Creditor Debt Recovery Retrieval 52

Hudson Weir

SEPTEMBER 11, 2023

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

Loans 52

Loans Collateral Secured Creditor Unsecured Creditor 52

Fraser

JUNE 25, 2020

Such relief may include a request to pay some unsecured creditors (such as employees or “critical vendors”) ahead of others. Most unsecured creditors won’t have their pre-petition claims paid until after a debtor’s plan of reorganization is submitted to and approved by the bankruptcy court. Plan Confirmation Issues.

Creditors 72

Creditors Bankruptcy Unsecured Creditor Debtor 72