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Bankruptcy Courts Are Largely Unavailable To Cannabis-Related Debtors But Not Off-Limits, Cameron Purcell
Bankruptcy Courts Are Largely Unavailable To Cannabis-Related Debtors But Not Off-Limits, Cameron Purcell
Bankruptcy Research Library
(Excerpt)
Although title 11 of the United States Code (the “Bankruptcy Code”) does not explicitly prohibit cannabis businesses from filing for bankruptcy, there are many hurdles that continue to preclude cannabis industry participants from obtaining bankruptcy relief. Chapter 11 of the Bankruptcy Code provides a debtor with an opportunity to reorganize its financial affairs in order to continue to operate while providing the fair and equitable distribution among creditors. When the continuation of the debtor’s business is not viable, chapter 7 of the Bankruptcy Code provides a court-supervised procedure for liquidating the debtor’s assets to pay creditors. Under both forms …
Does Section 329 Grant Exclusive Jurisdiction To Bankruptcy Courts?, Samantha M. Tusa
Does Section 329 Grant Exclusive Jurisdiction To Bankruptcy Courts?, Samantha M. Tusa
Bankruptcy Research Library
(Excerpt)
Fee agreements between bankruptcy debtors and their counsel must often be settled in court. In which court those fee disputes can be heard is a question that is not yet settled. One court has looked to section 329 of the Bankruptcy Code for the answer. Section 329 states that if the compensation agreed upon by the debtor and attorney exceeds a reasonable value for the services rendered, “the court” may cancel the agreement or return some of the payment. In re Piccinini is the first case to hold that the phrase “the court” in section 329 confers exclusive jurisdiction …
A Bankruptcy Court’S “Preference” Towards Mandatory Mediation, Seth Meyer
A Bankruptcy Court’S “Preference” Towards Mandatory Mediation, Seth Meyer
Bankruptcy Research Library
(Excerpt)
Mediation has gained general acceptance in the legal community but has been slow to take root in bankruptcy. See generally Geetha Ravindra, Reflections on Institutionalizing Mediation, 14 DISP. RESOL. MAG. 28, (Spring/Summer 2008). Over the past 20 years, mandatory bankruptcy mediation has become a feasible alternative to traditional litigation of adversary proceedings. In the beginning, creditors and debtors would mediate only if they agreed to mediate. As statutory authority for court ordered mediation strengthened, bankruptcy courts ordered parties to mediate with more regularity. Presently, mandatory mediation is statutorily authorized and bankruptcy courts have institutionalized the use of mandatory bankruptcy …