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[4] [8] On January 30, 2023 the U.S. Court of Appeals for the Third Circuit ruled that LTL's bankruptcy should be dismissed on the ground that the company was not in financial distress, reversing a previous ruling by the Bankruptcy Court. [9] [10] [11] On April 4, 2023, LTL filed for a second bankruptcy. [12]
Chapter 11 of the United States Bankruptcy Code (Title 11 of the United States Code) permits reorganization under the bankruptcy laws of the United States. Such reorganization, known as Chapter 11 bankruptcy, is available to every business, whether organized as a corporation, partnership or sole proprietorship, and to individuals, although it is most prominently used by corporate entities. [1]
Harrington v. Purdue Pharma L.P., 603 U.S. 204 (2024), is a United States Supreme Court case regarding Chapter 11 of the Bankruptcy Code. [1] The case addressed the 2022-2023 Purdue Pharma bankruptcy settlement and whether, under Chapter 11 of the Bankruptcy Code, a release extinguishing claims held by nondebtors against nondebtor third parties, without the claimants’ consent could move forward.
Title 11 of the United States Code, also known as the United States Bankruptcy Code, is the source of bankruptcy law in the United States Code. [ 1 ] This article is part of a series on the
An individual who is badly in debt can typically file for bankruptcy either under Chapter 7 (liquidation, or straight bankruptcy) or Chapter 13 (reorganization).In some cases, options may also include Chapter 12 (family farmer reorganization) and Chapter 11 (reorganization of a company, or an individual debtor whose debts exceed the limits for a Chapter 13 filing). [2]
Chapter 7 of Title 11 U.S. Code is the bankruptcy code that governs the process of liquidation under the bankruptcy laws of the U.S. In contrast to bankruptcy under Chapter 11 and Chapter 13, which govern the process of reorganization of a debtor, Chapter 7 bankruptcy is the most common form of bankruptcy in the U.S. [1]
This is a list of Supreme Court of the United States cases in the area of bankruptcy. This list is a list solely of United States Supreme Court decisions about applying law related to bankruptcy. Not all Supreme Court decisions are ultimately influential and, as in other fields, not all important decisions are made at the Supreme Court level.
While in many ways similar to other forms of bankruptcy reorganization (esp. Chapter 11), [15] Chapter 9 has a number of unique characteristics. Because municipalities are entities of State governments, the power of the bankruptcy court is limited to some extent by the Tenth Amendment to the United States Constitution. [16]
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