Bankruptcy Issues In The News3 July 2013 in General
Reality TV Star Bankrupt Again
Kerry Katona was once the Atomic Kitten singer, but then went on to win “I’m A Celebrity… Get Me Out of Here!” She originally filed for bankruptcy just under 5 years ago, and it took her 3 years to exit. But now she is filing for bankruptcy again.
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Read more from The Telegraph:
The former Atomic Kitten singer made a petition under the name Kerry Jane Elizabeth Katona at Wigan County Court, today – less than five years after the last time she applied for bankruptcy.
In 2008, she filed for bankruptcy due to an £86,000 unpaid tax bill.
Bankruptcy status usually lasts for a year, but Ms Katona’s status was extended eventually lasting nearly three years. It was suggested that Ms Katona failed to meet requirements set by the court. Continue reading…
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Masonic Temple Clears Up Bankruptcy Rumors
The Masonic Temple wants to clarify that it is not filing for bankruptcy. It is the Masonic Temple Theatre Company of Sterling Heights that has filed for Chapter 11 bankruptcy protection. The downtown landmark’s board of directors was shocked when it heard the rumors.
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Read more from a local CBS News affiliate:
Officials at the Masonic Temple want to make it clear that it’s a theater management company that is filing for bankruptcy — not the Detroit landmark.
Standing outside of the main entrance to the venue on Wednesday, Brad Dizik, Special Adviser to the Board of Directors, told reporters he and the board were shocked to hear reports of a bankruptcy.
“I was woken up by a phone call early this morning on my vacation informing me that my client was in bankruptcy — and I said, ‘What?’” Dizik said. ”We’re just trying to correct the record. We’re trying to let folks in Detroit know that, one: We have no threat of going into bankruptcy; the temple is not in bankruptcy.” Continue reading…
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Bankrupt Milwaukee Archdiocese Caught With Fraudulent Transfer
The Catholic Church apparently transferred $57 million into a trust fund to protect it from court action. The Milwaukee Archdiocese filed for Chapter 11 bankruptcy protection in 2011, and the bankruptcy court has required these documents be made public. Now it appears the Catholic Church was involved with a fraudulent transfer.
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Read more from Forbes.com:
Under Wisconsin law, Chapter 893.425, the Statute of Limitations for a fraudulent transfer is either four years from the date of the transfer, or one year after the transfer “could reasonably have been discovered by the claimant.”
Assuming that the Statute of Limitations has not run on the 2007 transfer because it just became known to claimants, this transfer would appear to be voidable as a fraudulent transfer on several grounds.
Gifts to trusts are inherently without “reasonably equivalent value”, meaning that the debtor did not get anything back that would be of any utility to creditors. If the Milwaukee Archdiocese was insolvent at the time that it made the transfer, or the transfer rendered it insolvent, then the transfer would be considered a fraudulent transfer without regard to the Church’s intent in making the transfer. Continue reading…
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Coal Company Cuts Wages In Bankruptcy
Patriot Coal Corp. has reduced wages and benefits for its miners as part of its bankruptcy reorganization. The coal company insists, however, that it has done so at a much lesser rate than it could have under the bankruptcy agreement. It is also not changing retired miners’ benefits at all for the next two months.
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Read more from tricities.com:
A bankrupt coal producer said Tuesday that it imposed less severe wage and benefit cuts on its miners than it could have under a court ruling and that it will keep retired workers’ health plans unchanged for the next two months while it continues negotiating with the union.
Patriot Coal Corp. did not detail the cuts it put in place Monday, the first day they could take effect under U.S. Bankruptcy Judge Kathy Surratt-States’ May 29 ruling empowering the St. Louis-based company to abandon its collective-bargaining agreements with the nation’s biggest miners’ union.
Patriot, in a statement, said it has continued bargaining with the United Mine Workers of America –the union that vigorously opposed the planned cuts Surratt-States ultimately approved –and that negotiations “have resulted in substantial progress toward a consensual resolution.” Continue reading…
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