GCK On Law
Limits to Amending Schedules Upon Reopening Bankruptcy Cases under Rule 1009(a)
Rule 1009(a) provides that schedules “may be amended by the debtor as a matter of course at any time before the case is closed.” In In re Awan, 2017 WL 4179816 (Bankr.C.D.Ill.), the court dealt with the split whether a debtor has an automatic right to amend his/her...
The Business Judgment Rule and its Limits and Exceptions
I. Business Judgment Rule - Generally The business judgment rule is a judicial doctrine arising from courts' respect for corporate self-governance, as well as their dislike for second-guessing the business decisions of corporate directors and officers. The business...
How Important is Quality Drafting? It Could Cost You $10 Million Dollars
As an attorney, we often see litigation over poorly drafted contracts which leads to conflicting interpretations. Judges are asked and required to consider word choice, sentence structure, and grammar to determine the meaning of a contract or law. History is replete...
Tax Liens and Judgments: Changes to Credit Reports Benefit Taxpayers, Harm Others
Historically, the three major credit bureaus – Experian, Equifax, and Transunion – have included tax liens (federal and state) and judgments on its consumer credit reports. Tax liens and judgments are considered “public records,” which can be discovered by third...
Are actions to pierce the corporate veil property of the bankruptcy estate?
Section 541 of the Bankruptcy Code establishes that a debtor’s bankruptcy estate includes “all legal and equitable interests of the debtor in property as of the commencement of the case.” This includes causes of action the debtor has against others as of the...