IRS Says Solar Trust's Ch. 11 Plan Denies Its Setoff Rights

Law360, New York (November 29, 2012, 5:58 PM EST) -- The Internal Revenue Service on Thursday objected to the Chapter 11 liquidation plan of bankrupt alternative energy company Solar Trust of America LLC in Delaware federal court, saying it fails to preserve the setoff and recoupment rights of the agency.

The U.S. Department of Justice, acting on behalf of the IRS, in its objection to the liquidation plan filed with the federal court, maintains that like any other creditor, the government has the common-law right to use unappropriated money of Solar Trust in its possession to...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

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.