Navigating Chapter 9 of the Bankruptcy Code
Editat de Federal Judicial Centeren Limba Engleză Paperback – 16 noi 2017 – vârsta de la 18 până la 75 ani
- Part II summarizes the history of Chapter 9 and discusses constitutional challenges to the original municipal bankruptcy laws enacted in 1934 and the structural and constitutional issues analyzed by lower courts in the context of Chapter 9.
- Part II presents and overview of the Chapter 9 process, contrasting it with the Chapter 11 process and providing several primers on issues unique to a Chapter 9 case. This section also includes basic information on matters, such as municipal accounting, the municipal bond market, and public pension obligations.
- Part IV identifies key administrative matters for the judge and the clerk of court in a Chapter 9 case.
- Part V explains what transpires after the filing of a Chapter 9 petition and appointment of the bankruptcy judge. It follows not only the legal steps required at the beginning of the case and eligibility determination, but also covers questions, issues, and information the judge may want to consider as the case starts down the Chapter 9 path.
- Part VI discusses the administration of the case -- i.e. what happens after the order for relief but before the plan confirmation process.
- Part VII covers the end of a case: it examines the plan, the disclosure statement, and the confirmation process. it includes information on postconfirmation jurisdiction and implementation issue. You will also find information about modification of the plan or if the debtor is unable to confirm a plan within a reasonable time, or dismissal of a case.
- Part VII is devoted to smaller municipal cases and cases involving special purpose entities or instrumentalities of a state.
- Part IX focuses on larger municipal cases. These cases can present factors and considerations unique to the size of, and stakeholders, in these cases.
- Part X summarizes key takeaway points for judges and clerks of the court handling Chapter 9 cases.
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Specificații
ISBN-13: 9780160942112
ISBN-10: 016094211X
Pagini: 105
Greutate: 0.2 kg
Editura: Us Independent Agencies and Commissions
Colecția US Independent Agencies and Commissions
ISBN-10: 016094211X
Pagini: 105
Greutate: 0.2 kg
Editura: Us Independent Agencies and Commissions
Colecția US Independent Agencies and Commissions
Cuprins
Contents
Preface, vii
I. Introduction, 1
A. Goals for this Manual, 1
B. Some Chapter 9 Basics, 1
C. Structure of the Manual, 2
II. History of Chapter 9, 4
III. Overview of the Chapter 9 Process, 7
A. The Role of the Bankruptcy Code in Chapter 9 Cases, 8
B. The Role of the Chapter 9 Debtor, 12
C. The Role of the Judge, 12
D. The Role of the State, 12
E. Other Major Stakeholders, 13
F. Key Differences Between Chapter 9 and Chapter 11 Cases, 14
1. Political Aspects of the Case, 14
2. Municipal Accounting, 15
3. Municipal Bonds, 16
4. Restricted Funds and Payment of Expenses, 19
5. Commencement of the Case, 20
6. Oversight of the Case, 20
7. Creditors’ Committees, 21
8. No Trustee, Examiner, or Receiver, 21
9. No Liquidation or Conversion, 21
10. Pension and Labor Issues, 21
11. Plan Process, 23
IV. General Administrative Matters, 23
A. Appointment of the Bankruptcy Judge, 23
B. Potential Resource Issues, 24
1. Dedicated Staff, 24
2. Courtroom Space and Access to the Proceedings, 25
3. Website Issues, 26
4. Teleconferencing or Videoconferencing for Hearings, 26
5. Media Communications, 27
6. Coordination with the District Court, 28
7. Security Issues, 29
8. Claims Agent, 29
9. Noticing Agent, 30
C. Required Notices in Chapter 9 Cases, 30
D. Electronic Filing and Docket Issues, 31
V. The Beginning of the Case, 33
A. Commencement of the Case, 33
B. Order for Relief or Dismissal of the Petition (Including for Lack of Good Faith), 33
C. Eligibility Issues, 34
1. Meet the Definition of a Municipality (§ 109(c)(1)), 35
2. Be Specifically Authorized (§ 109(c)(2)), 35
3. Be Insolvent (§ 109(c)(3)), 37
4. Desire to Effect a Plan (§ 109(c)(4)), 38
5. Demonstrate Progress (§ 109(c)(5)), 38
D. Objections to the Petition, 39
E. Standing Issues, 40
F. Other Issues in the Beginning of the Case, 41
1. Understanding Events Leading up to the Filing, 41
2. Understanding the Debtor’s Objectives for the Case, 42
3. Payment of Prepetition Claims, 43
4. Payment of Postpetition Claims and Administrative Expenses, 43
5. Identifying Key Stakeholders and Potential Conflicts of Interest, 43
6. “First-Day” Orders, 44
G. Retention and Payment of Professionals, 45
H. Potential Tools for Managing the Case, 46
1. Case-Management Orders, 47
2. Scheduling Orders and Status Conferences, 47
3. Discovery Issues and Pretrial Orders, 47
4. Mediation, 48
VI. The Administration of the Case, 50
A. The Automatic Stay, 50
B. The Lack of an Estate, 51
C. The Continued Operation of the Debtor, 51
1. The Debtor as Limited-Purpose Trustee, 51
2. Obtaining Postpetition Credit, 52
3. Postpetition Effect of a Security Interest; Special Issues with Special Revenue Bonds and Statutory Liens, 52
4. Limitation on Recourse; Special Issues with Special Revenue Bonds, 53
5. Sales of Assets, 53
6. Executory Contracts and Unexpired Leases, 54
7. Collective Bargaining Agreements and Retiree Benefits, 54
8. Pension-Specific Issues, 56
9. Settlements, 57
D. The Chapter 5 Avoiding Powers, 57
E. The Claims Process, 58
1. List of Creditors, 58
2. Creditors Affected by Adjustment of Assessments, 58
3. Proofs of Claim, 59
4. Claims Bar Date, 59
5. Notice and Discharge, 59
VII. The End of the Case: Plan Confirmation, Postconfirmation, and Dismissal Issues, 60
A. The Plan Proponent, 60
B. The Disclosure Statement, 61
C. Objections to Confirmation, 61
D. The Confirmation Process, 62
1. Classification of Claims, 63
2. Good Faith, 64
3. Not Prohibited by State Law, 65
4. Regulatory or Electoral Approval, 65
5. Best Interests and Feasibility Requirements, 65
6. Cramdown, 67
7. Use of Court-Appointed Experts, 68
E. Implementation and Postconfirmation Issues, 69
1. Scope of Discharge, 69
2. Continuing Jurisdiction of Court and Closing of Case, 70
3. Postconfirmation Modification of the Plan, 70
4. Revocation of Confirmation Order, 71
5. Application of Equitable Mootness in Appeals, 71
F. Dismissal of the Case, 72
VIII. Issues Common in Smaller and Special Purpose Entity Cases, 73
A. Resources and Scaling Case to Size of Debtor, 73
B. Importance of Status Conferences and Timelines, 73
C. Issues Specific to State-Owned or State-Controlled Entities or Districts, 74
1. Eligibility Issues, 74
2. Authorization, 75
3. Financing Issues, 75
D. Issues Specific to Hospital Bankruptcies, 75
1. Treatment of Patient Information, 76
2. Appointment of a Patient Care Ombudsman, 76
3. Sales of Hospitals in Chapter 9, 77
IX. Issues Common in Larger Cases, 77
A. Logistical Issues, 78
B. Coordination Issues, 80
C. Intercreditor Issues, 80
X. Key Takeaways, 80
Appendix A: Comparison of Chapter 9 and Chapter 11 of the U.S. Bankruptcy Code, 83
Appendix B: Chapter 9 Cases Filed During Fiscal Years 2008–2016, 91
Preface, vii
I. Introduction, 1
A. Goals for this Manual, 1
B. Some Chapter 9 Basics, 1
C. Structure of the Manual, 2
II. History of Chapter 9, 4
III. Overview of the Chapter 9 Process, 7
A. The Role of the Bankruptcy Code in Chapter 9 Cases, 8
B. The Role of the Chapter 9 Debtor, 12
C. The Role of the Judge, 12
D. The Role of the State, 12
E. Other Major Stakeholders, 13
F. Key Differences Between Chapter 9 and Chapter 11 Cases, 14
1. Political Aspects of the Case, 14
2. Municipal Accounting, 15
3. Municipal Bonds, 16
4. Restricted Funds and Payment of Expenses, 19
5. Commencement of the Case, 20
6. Oversight of the Case, 20
7. Creditors’ Committees, 21
8. No Trustee, Examiner, or Receiver, 21
9. No Liquidation or Conversion, 21
10. Pension and Labor Issues, 21
11. Plan Process, 23
IV. General Administrative Matters, 23
A. Appointment of the Bankruptcy Judge, 23
B. Potential Resource Issues, 24
1. Dedicated Staff, 24
2. Courtroom Space and Access to the Proceedings, 25
3. Website Issues, 26
4. Teleconferencing or Videoconferencing for Hearings, 26
5. Media Communications, 27
6. Coordination with the District Court, 28
7. Security Issues, 29
8. Claims Agent, 29
9. Noticing Agent, 30
C. Required Notices in Chapter 9 Cases, 30
D. Electronic Filing and Docket Issues, 31
V. The Beginning of the Case, 33
A. Commencement of the Case, 33
B. Order for Relief or Dismissal of the Petition (Including for Lack of Good Faith), 33
C. Eligibility Issues, 34
1. Meet the Definition of a Municipality (§ 109(c)(1)), 35
2. Be Specifically Authorized (§ 109(c)(2)), 35
3. Be Insolvent (§ 109(c)(3)), 37
4. Desire to Effect a Plan (§ 109(c)(4)), 38
5. Demonstrate Progress (§ 109(c)(5)), 38
D. Objections to the Petition, 39
E. Standing Issues, 40
F. Other Issues in the Beginning of the Case, 41
1. Understanding Events Leading up to the Filing, 41
2. Understanding the Debtor’s Objectives for the Case, 42
3. Payment of Prepetition Claims, 43
4. Payment of Postpetition Claims and Administrative Expenses, 43
5. Identifying Key Stakeholders and Potential Conflicts of Interest, 43
6. “First-Day” Orders, 44
G. Retention and Payment of Professionals, 45
H. Potential Tools for Managing the Case, 46
1. Case-Management Orders, 47
2. Scheduling Orders and Status Conferences, 47
3. Discovery Issues and Pretrial Orders, 47
4. Mediation, 48
VI. The Administration of the Case, 50
A. The Automatic Stay, 50
B. The Lack of an Estate, 51
C. The Continued Operation of the Debtor, 51
1. The Debtor as Limited-Purpose Trustee, 51
2. Obtaining Postpetition Credit, 52
3. Postpetition Effect of a Security Interest; Special Issues with Special Revenue Bonds and Statutory Liens, 52
4. Limitation on Recourse; Special Issues with Special Revenue Bonds, 53
5. Sales of Assets, 53
6. Executory Contracts and Unexpired Leases, 54
7. Collective Bargaining Agreements and Retiree Benefits, 54
8. Pension-Specific Issues, 56
9. Settlements, 57
D. The Chapter 5 Avoiding Powers, 57
E. The Claims Process, 58
1. List of Creditors, 58
2. Creditors Affected by Adjustment of Assessments, 58
3. Proofs of Claim, 59
4. Claims Bar Date, 59
5. Notice and Discharge, 59
VII. The End of the Case: Plan Confirmation, Postconfirmation, and Dismissal Issues, 60
A. The Plan Proponent, 60
B. The Disclosure Statement, 61
C. Objections to Confirmation, 61
D. The Confirmation Process, 62
1. Classification of Claims, 63
2. Good Faith, 64
3. Not Prohibited by State Law, 65
4. Regulatory or Electoral Approval, 65
5. Best Interests and Feasibility Requirements, 65
6. Cramdown, 67
7. Use of Court-Appointed Experts, 68
E. Implementation and Postconfirmation Issues, 69
1. Scope of Discharge, 69
2. Continuing Jurisdiction of Court and Closing of Case, 70
3. Postconfirmation Modification of the Plan, 70
4. Revocation of Confirmation Order, 71
5. Application of Equitable Mootness in Appeals, 71
F. Dismissal of the Case, 72
VIII. Issues Common in Smaller and Special Purpose Entity Cases, 73
A. Resources and Scaling Case to Size of Debtor, 73
B. Importance of Status Conferences and Timelines, 73
C. Issues Specific to State-Owned or State-Controlled Entities or Districts, 74
1. Eligibility Issues, 74
2. Authorization, 75
3. Financing Issues, 75
D. Issues Specific to Hospital Bankruptcies, 75
1. Treatment of Patient Information, 76
2. Appointment of a Patient Care Ombudsman, 76
3. Sales of Hospitals in Chapter 9, 77
IX. Issues Common in Larger Cases, 77
A. Logistical Issues, 78
B. Coordination Issues, 80
C. Intercreditor Issues, 80
X. Key Takeaways, 80
Appendix A: Comparison of Chapter 9 and Chapter 11 of the U.S. Bankruptcy Code, 83
Appendix B: Chapter 9 Cases Filed During Fiscal Years 2008–2016, 91
Descriere
This
manual
strives
to
provide
a
clearer
path
for
judges
and
clerks
of
court
handling
a
chapter
9
case.
It
outlines
the
statutory
requirements
and
processes
that
apply
in
any
Chapter
9
case
and
provides
examples
of
relevant
cases
and
resources.
It
is
organized
into
several
parts
including:
- Part II summarizes the history of Chapter 9 and discusses constitutional challenges to the original municipal bankruptcy laws enacted in 1934 and the structural and constitutional issues analyzed by lower courts in the context of Chapter 9.
- Part II presents and overview of the Chapter 9 process, contrasting it with the Chapter 11 process and providing several primers on issues unique to a Chapter 9 case. This section also includes basic information on matters, such as municipal accounting, the municipal bond market, and public pension obligations.
- Part IV identifies key administrative matters for the judge and the clerk of court in a Chapter 9 case.
- Part V explains what transpires after the filing of a Chapter 9 petition and appointment of the bankruptcy judge. It follows not only the legal steps required at the beginning of the case and eligibility determination, but also covers questions, issues, and information the judge may want to consider as the case starts down the Chapter 9 path.
- Part VI discusses the administration of the case -- i.e. what happens after the order for relief but before the plan confirmation process.
- Part VII covers the end of a case: it examines the plan, the disclosure statement, and the confirmation process. it includes information on postconfirmation jurisdiction and implementation issue. You will also find information about modification of the plan or if the debtor is unable to confirm a plan within a reasonable time, or dismissal of a case.
- Part VII is devoted to smaller municipal cases and cases involving special purpose entities or instrumentalities of a state.
- Part IX focuses on larger municipal cases. These cases can present factors and considerations unique to the size of, and stakeholders, in these cases.
- Part X summarizes key takeaway points for judges and clerks of the court handling Chapter 9 cases.