Expedited Bankruptcies Are Cause For Concern

Law360 (June 9, 2021, 5:06 PM EDT) -- The U.S. Trustee's Office, the bankruptcy watchdog for the U.S. Department of Justice, recently reaffirmed its general opposition to so-called shotgun bankruptcy cases, or Chapter 11 bankruptcy cases in which the debtor seeks to either confirm a plan or sell substantially all its assets in a matter of weeks, or less, after the petition date.

The U.S. trustee views these high-speed cases as an abuse of the Bankruptcy Code, permitting debtors and lenders to obtain the benefits of a sale or confirmation order approved under the Bankruptcy Code without the attendant burdens and disclosures prescribed by the same.

The abuse, the...

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