South Beach — Death And Taxes Assured

Law360, New York (September 2, 2010, 5:51 PM EDT) -- Preservation of favorable tax attributes, such as net operating losses (NOLs) that might otherwise be forfeited under applicable nonbankruptcy law, is an important component of a business debtor's Chapter 11 strategy. However, if the principal purpose of a Chapter 11 plan is to avoid paying taxes, rather than to effect a reorganization or the orderly liquidation of the debtor, the Bankruptcy Code contains a number of tools that can be wielded to thwart confirmation of the plan.

The Seventh Circuit Court of Appeals was recently called...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.