Keyword Analysis & Research: chapter 11 bankruptcy clawback

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Frequently Asked Questions

What is a clawback in bankruptcy?

A "clawback" allows a trustee to void (undo) a transaction and get the money or property back for the benefit of your unsecured creditors. A trustee will use the clawback provision if you pay a preferred creditor or transfer property out of your name before filing for bankruptcy.

What is a Chapter 11 bankruptcy?

A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains “in possession,” has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.

What is section 1107 of the Bankruptcy Code?

Section 1107 of the Bankruptcy Code places the debtor in possession in the position of a fiduciary, with the rights and powers of a chapter 11 trustee, and it requires the debtor to perform of all but the investigative functions and duties of a trustee.

How does a stay of creditor actions work in Chapter 11 bankruptcy?

As with cases under other chapters of the Bankruptcy Code, a stay of creditor actions against the chapter 11 debtor automatically goes into effect when the bankruptcy petition is filed. 11 U.S.C. § 362 (a). The filing of a petition, however, does not operate as a stay for certain types of actions listed under 11 U.S.C. § 362 (b).

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