Liquidating trustee statute of limitations
§ 544(b) to reach back 10 years to unwind the fraudulent transfer. The court expressed its concern that since the IRS is a creditor in nearly all of these cases, permitting the Chapter 11 trustee to use 11 U. For creditors and trustees, assuming the IRS is not a creditor, it is worthwhile to determine if any other governmental agency holds an unsecured claim that the trustee can step into the shoes of (i.e., a claim held by the United States Department of Health and Human Services (HHS) in a case where the debtor is a hospital, or a claim held by the Department of Education in a case where the debtor is a for-profit institution).
§ 544(b) to circumvent the state’s statute of limitations would lead to a dramatic change in the law. For debtors, to defend against a trustee in a similar situation, a successful objection to the IRS’s unsecured claim under 11 U. If one employs either of these tactics, the IRS will have no unsecured claim and the trustee will be precluded from stepping in its shoes.
The Chapter 7 Trustee sold the accounts receivable to someone we’ll call, Doug. How long does Doug have to bring suit on the accounts receivable he purchased from the Trustee? Section 108(a) gives the Trustee 2 years from the petition date to commence an action.
It also seems to extend the statute of limitations by some period, which I used to assume was the pendency of the bankruptcy case, ending when it closed.
The court may deny allowance of compensation for services or reimbursement of expenses of the trustee if the trustee failed to make diligent inquiry into facts that would permit denial of allowance under section 328(c) of this title or, with knowledge of such facts, employed a professional person under section 327 of this title. The percentage limitation on the fees of a trustee contained in the House bill is retained, but no additional percentage is specified for cases in which a trustee operates the business of the debtor.
Section 326(a) of the House amendment modifies a provision as contained in H. Section 326(b) of the Senate amendment is deleted as an unnecessary restatement of the limitation contained in section 326(a) as modified.
If only Aaron Burr had resolved his dispute with Alexander Hamilton through litigation.
Does there need to be a formal suspension, or is it automatic, and if so, for how long?
At the risk of gross oversimplification, we can think of noncriminal law as a mechanism for resolving competing interests.
But now that I read the language, it is not at all clear.
Section 108(a)(1) has the statement: “[I]ncluding any suspension of such period occurring after the commencement of the case…”; What the heck does that mean? If you are considering purchasing an asset from a Chapter 7 Trustee and need representation, or if you are a debtor facing overwhelming debt and need bankruptcy protection, contact an extremely knowledgeable and highly skilled bankruptcy attorney to guide you through the process.