GCK On Law
Treatment of Citation Liens by Automatic Stay Sections 362(a)(1) & (3)
Pursuant to Section 362(a)(1) of the Bankruptcy Code, the filing of a bankruptcy petition creates an automatic stay against “the commencement or continuation ... of a judicial, administrative, or other action or proceeding against the debtor that was or could have...
Calculation of Discount Rate Interest on Present Day Value for 1129(b)(2)(A)(i)(II)
The Bankruptcy Code provides that a debtor may confirm a plan over the objection of a class of creditors (i.e. cramdown) subject to, among other requirements, that the plan provides “fair and equitable” treatment of secured claims. Pursuant to Section 1129(b)(2)(A)...
Last Chance for Those with Foreign Accounts or Assets to Participate in IRS Offshore Voluntary Disclosure Program (OVDP)
Since 2009, the IRS has permitted taxpayers with undisclosed bank, investment, or retirement accounts outside the U.S., or any other foreign asset (real estate, stock or partnership interest, life insurance, etc.), to voluntarily come forward and disclose their...
Valuation Considerations in proposing Dirt-for-Debt plans of reorganization
Section 1129 of the Bankruptcy Code governs confirmation of a Chapter 11 plan. Section 1129(b) of the Bankruptcy Code allows for confirmation of a plan over a creditor’s objection as long as certain requirements are met. One such requirement for cramdown is that the...
Employee or Independent Contractor? Employers DON’T get to decide!
Small and large businesses alike often classify certain workers as independent contractors rather than employees. Sometimes the belief that the workers are contractors is genuine, because of the type of work or industry practice. Other times, businesses classify...