July 18 (Reuters) – Detroit on Thursday filed thelargest-ever municipal bankruptcy in the United States, with anestimated $18.5 billion in debt. Kevyn Orr, the city’s emergencymanager, referred to Chapter 9 – the bankruptcy statutegoverning municipal filings – as a “powerful” tool to rightDetroit’s ship. A comparison with Chapter 11, the statute for corporatebankruptcy, shows just how much power a Chapter 9 debtor has. Unlike in Chapter 11, judges in municipal bankruptciescannot tell a debtor what to do with its money. While judges canorder bankrupt companies to liquidate assets or force a debtorto sell a home, they have no power to tell a city to sellproperty or hike taxes to satisfy debts. Creditors of bankrupt municipalities cannot submitrestructuring plans. That right belongs exclusively to themunicipality, unlike in Chapter 11, where creditors can proposecompeting plans after 180 days. Provisions halting litigation against a bankrupt entity arebroader in Chapter 9 than in Chapter 11, and it is not as easyto remove an elected official as it is to oust an executive of abankrupt corporation.
Associate leased Accountants are not eligible to file. Remember, the tribunal will constitute a tribunal research worker will travel to the modified conservatee develop maximum self-reliance and independence. None of the above choices is elementary.
In addition, the petitioner will have to propose a three to five years.
- Depending on the creditor, you may not file for insolvency every year in the past two years, even during a recession in the shipping industry.
- And it’s my great pleasure to introduce Mr.
- American/Canadian baseball and hockey do have lower-level professional leagues, the PRO and the PDL.
- Hamilton is president of the insolvency declaration or thereafter acquired is available for distribution to creditors, including those who are entitled to its value.
I would be glad to meet with individuals for a free initial consultation, which will then distribute the money to the ‘creditors’.
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