Law360 (February 2, 2021, 5:19 PM EST) -- Projections suggest over 1 million bankruptcy petitions will be filed in 2021. In preparing for those filings, counsel routinely evaluate the prospective creditor pool to determine, inter alia, the types of creditors, claim amounts and the potential exposure the debtors may face once the case commences.
Both debtors and creditors committees should be aware that the lookback period for potential claims and causes, while typically limited by both the Bankruptcy Code and corresponding state law, may be longer than expected if a governmental entity, such as the Internal Revenue Service, qualifies as a triggering creditor.
The U.S. Bankruptcy Court for the...
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