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This edition retains the structure of the casebook's earlier editions, but expands its focus to capture the ways that current bankruptcy practice has been reshaped by lawyers and judges. The book reflects a continued commitment to the casebook's original account of bankruptcy law's logic and limits for individual debtors under Chapters 7 and 13 and for corporate debtors under Chapter 11. The updated material takes the book beyond this fundamental approach and adds a focus on modern practice, including new sections that address reorganization plan negotiation, gifting, structured dismissals, and third-party releases, among other important developments. In these ways, the new edition looks backwards and forwards simultaneously toward a more complete understanding of the subject. ; https://scholarship.law.columbia.edu/books/1280/thumbnail.jpg

Legal acts governing bankruptcy legal relationships may be considered amongst the most important legislation that regulates mutual relationships between economic entities under market economy conditions. First of all, bankruptcy of any company is associated with numerous requirements of the creditors, that why liquidation of a bankrupted enterprise makes a direct impact on civil turnover in process of the state. Second, bankruptcy proceedings executed in an intense, effective and economical manner ensure protection not only of the interests of creditors of the enterprise-debtor that is under bankruptcy but also the interests of the enterprise itself and social interests of the state. Complexity of bankruptcy cases' investigation is reasoned by frequent change of legal acts ruling bankruptcy legal relationships, the need to protect public interest, specific structure of bankruptcy procedure. Because of the listed reasons research of bankruptcy procedure becomes extremely vital. The object of this research – bankruptcy legal relationships and specific features of judicial investigation of bankruptcy cases, historical origin, development, legal origin, objectives and the essence of bankruptcy procedures. This research seeks to study in a complex manner specific features of investigation of bankruptcy cases in courts, to detect drawbacks of the existing legal regulations and to make proposals and recommendations for their improvement. Also the author of this research analyses the origin and the development of rudiments of bankruptcy proceedings in the Roman law, evolution of bankruptcy relationships in Middle Ages, New and Modern times. Further the author analyses the concepts of bankruptcy procedure and insolvency, examines the objectives of bankruptcy procedure and possibilities to choose one or another bankruptcy procedure regulation model, specifies the essence of bankruptcy procedure models existing in other foreign countries. Also the author analyses framework of operation of general principles of civil procedure in bankruptcy cases, the legal status of the participants of bankruptcy procedure, deals with the basics of filing a petition to initiate a bankruptcy case, also specific features of preparation for judicial investigation of a bankruptcy case, basis for initiating a bankruptcy case and legal outcomes. Considerable attention is also paid to highlight the basis and peculiarities of the closure of a bankruptcy case when the decision is not taken on the termination of the enterprise.

Legal acts governing bankruptcy legal relationships may be considered amongst the most important legislation that regulates mutual relationships between economic entities under market economy conditions. First of all, bankruptcy of any company is associated with numerous requirements of the creditors, that why liquidation of a bankrupted enterprise makes a direct impact on civil turnover in process of the state. Second, bankruptcy proceedings executed in an intense, effective and economical manner ensure protection not only of the interests of creditors of the enterprise-debtor that is under bankruptcy but also the interests of the enterprise itself and social interests of the state. Complexity of bankruptcy cases' investigation is reasoned by frequent change of legal acts ruling bankruptcy legal relationships, the need to protect public interest, specific structure of bankruptcy procedure. Because of the listed reasons research of bankruptcy procedure becomes extremely vital. The object of this research – bankruptcy legal relationships and specific features of judicial investigation of bankruptcy cases, historical origin, development, legal origin, objectives and the essence of bankruptcy procedures. This research seeks to study in a complex manner specific features of investigation of bankruptcy cases in courts, to detect drawbacks of the existing legal regulations and to make proposals and recommendations for their improvement. Also the author of this research analyses the origin and the development of rudiments of bankruptcy proceedings in the Roman law, evolution of bankruptcy relationships in Middle Ages, New and Modern times. Further the author analyses the concepts of bankruptcy procedure and insolvency, examines the objectives of bankruptcy procedure and possibilities to choose one or another bankruptcy procedure regulation model, specifies the essence of bankruptcy procedure models existing in other foreign countries. Also the author analyses framework of operation of general principles of civil procedure in bankruptcy cases, the legal status of the participants of bankruptcy procedure, deals with the basics of filing a petition to initiate a bankruptcy case, also specific features of preparation for judicial investigation of a bankruptcy case, basis for initiating a bankruptcy case and legal outcomes. Considerable attention is also paid to highlight the basis and peculiarities of the closure of a bankruptcy case when the decision is not taken on the termination of the enterprise.

In November 2019, the U.S. First Circuit Court of Appeals decided in In re Palladino, No. 17‐1334 (11/12/19, U.S. 1st Circuit Court of Appeals), that a bankruptcy trustee may claw back from a college or university tuition payments by the parents of an adult child if the payments were made within two years of the filing of a bankruptcy petition and the parents were insolvent at that time. The court specifically refused to address whether it would reach the same outcome if the child was a minor at the time the payments were made.

Introduction: the article considers features of carrying out a procedure of restructuring a debt of a citizen who is not an individual entrepreneur in bankruptcy case. Purpose: to study the rehabilitation nature of the structuring procedure based on distinguishing its stages. Methods: analytical and system methods, comparative and legal, technical and legal methods are used. Results: legal consequences of introducing the procedure of restructuring a debtor 's debt allow him to stabilize his financial position and to save his property to meet creditors ' requirements. Actions of a financial manager, first of all, are aimed at providing creditors with a right to take part in the case of the debtor's bankruptcy. In their turn, creditors are recommended to act with due care and discretion to keep an opportunity to participate in settling the debtor's legal destiny. The law has additional provisions protecting rights of creditors of the first and second order, and also creditors' rights referring to the current liabilities, the debt to which shall be repaid before the approval of the debt restructuring plan. Conclusions: having introduced the institute of citizens' debts restructuring, the Russian legislation legally enables debtors to pay debts during a long term and to keep their property at the same time. Giving an opportunity to choose a bankruptcy procedure applied to debtors-consumers depending on their liabilities, income and size of debts, the legislator purposes to protect the debtor from loss ofproperty and from psychological stress, thereby strengthening social and economic infrastructure.

AbstractAs bank loans fell in the 2008 crisis, business bankruptcy increased. To study how bank loans affect business balance sheets and bankruptcy, we use new data on bankrupt businesses in Missouri between 1898 and 1942. We confirm that when banks curtail loans, courts see more bankruptcies among businesses with high exposure to bank debt. To reduce real volatility, policy‐makers can set tough bank liquidity requirements in the upswing of business cycle but allow weaker requirements in the downswing. We also find that between 1914 and 1933, businesses in St. Louis were more sensitive to changes in bank loans than businesses in Kansas City, probably due to the tight monetary policy conducted by the conservative St. Louis Fed. The Glass‐Steagall Act weakened the relationship between bank loans and business debt structure. The takeaway is that lender‐of‐last‐resort practices stabilize both the financial sector and the real economy.

The state's privilege right to tax receivables in bankruptcy cases is regulated differently under various laws and court decisions in Indonesia. In general, tax receivables in bankruptcy have privilege position over other creditors, including secured creditors such as banks, mortgage holders, fiduciary guarantees and finance companies, preferential creditors and concurrent creditors. The creditor's tax debt to the state should be paid first before any payment to other creditors. However, the Director General of Tax under the Ministry of Finance of the Republic of Indonesia often faces problems in claiming the payment as the Ministry claims for the payment are always rejected by the Court. Each of the existing legal rules and decisions provides different answers to this problem, resulting in legal uncertainties. This research is conducted using the normative juridical approach and supported by the empirical analysis. The data collection is conducted by document studies and supported by court decisions. This research aims to inquire and analyse the position of tax receivables in the distribution of bankruptcy estate of debtors among other creditors, the role of the curators, both state and private curators, in the bankruptcy estate distribution in order to find a legal solution to the aforementioned issue according to the normative legal provisions that apply.

The purpose of this study is to look for the efforts that can be made by debtors to have their cases of bankruptcy resolved peacefully and to examine the procedures to be undertaken by Curator to achieve peace in the efforts of settling the case of so bankruptcy. This type of research is normative legal research done with a statute approach, conceptual approach, and case approach to legislation. The legal materials were collected by applying the method of library research. The results of data analysis show that in order to achieve peace in the settlement of the cases of bankruptcy, a a debtor needs to immediately make a rational peace plan that is acceptable to the creditors. In achieving this, the curator takes a key role to convice the debtors to make a good decision in preparing a plan of peace. The implication is the prepapred peace plan should be made sure capable of assuring the creditors to take. Thus, it is the curator's responsibility to also convince the creditor to accept the plan of peace made by the bankrupt creditors. Keywords: Bankruptcy; Curator

Mediation in Court is regulated in Supreme Court Regulation Number 1 Year 2016 including the exception. This article aims to examine cases with exception of mediation procedure based on PERMA Number 1 Year 2016 and to identify why Bankruptcy Application in Commercial Court is one of cases with exception. This study finds that PERMA (Supreme Court Regulation) Number 1 Year 2016 exempts cases in Commercial Court, Industrial Relation Court, Objection to the Decision of the Indonesia Competition Commission, Decision of Information Commission and Decision of Consumer Dispute Settlement Agency, Application for Annulment of Arbitration Award, Political Party Dispute, Small Claim Court and Cases with time frame. Bankruptcy Application according to Laws of Bankruptcy in Commercial Court is carried on using speedy procedure, a direct legal remedy to the Supreme Court. Its Application and resolution are within limited time period.

This comparative case study explores the capital budgeting before, during, and after municipal bankruptcy in three U.S. local governments: Jefferson County, AL; Central Falls, RI; and Vallejo, CA. This in-depth examination of capital budgeting challenges reveals a pattern across all cases—a significant decrease in capital spending on infrastructure and maintenance before and during municipal bankruptcy. In fact, the mismanagement and underinvestment in capital infrastructure were some of the causes of municipal bankruptcy in all three local governments. The comparison of the reforms adopted after the bankruptcy shows that all three local government went through a similar two-stage process of recovery and restructuring, employing the emergent strategy to exit the bankruptcy and the problem-oriented innovative strategy to recover. These results show that even though all three local government significantly decreased spending on capital investments and maintenance as part of the emergent strategy, investment in public infrastructure during the recovery, and reconstructing became a priority across all selected cases.