DailyDAC
Share this...

90 Second Lessons

90 Second Lesson: What Is a Composition Agreement?

How a Composition Agreement Can Be an Alternative to Chapter 11   QUESTION: John B asks: What is a composition agreement? ANSWER: A composition agreement is an out-of-court contract between a debtor and multiple creditors providing for the reduction or delay in payment of amounts owed by the debtor to the creditors entering into the […]


Old alarm clock

90 Second Lesson: Is Bankruptcy Needed if Creditors Will Just Agree to Take Less?

QUESTION: Murray D. emailed, recently: “I am a general corporate lawyer. One of my clients has been in business for 50 years. It has no bank debt but it owes its vendors about $2 million. He told me that most or all of his vendors are willing to work with him by writing some small […]


Night skyline of Tokyo

90 Second Lesson: What is a Chapter 15 Proceeding of the Bankruptcy Code?

QUESTION: Harry A asks, what is a Chapter 15 Proceeding? ANSWER: Chapter 15 of the Bankruptcy Code was enacted as part of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA). It replaced existing section 304 of the Bankruptcy Code. Section 304 empowered U.S. courts to open an “ancillary” proceeding to representatives of […]


>