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Appellate court upholds creditors’ ability to charge interest on written off accounts

Jeff Fink August 31, 2017
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The court ruled that a creditor’s charge off of an account, standing alone, does not mean that the creditor has agreed to waive the right to assess additional interest otherwise permitted by the credit agreement. READ MORE

Caveat creditor: Risks of filing an involuntary bankruptcy

Brian Hockett April 3, 2017
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Creditors considering filing or joining in the filing of an involuntary bankruptcy petition, and the attorneys that represent them, have much to deliberate before becoming involved in an involuntary bankruptcy filing. READ MORE

Managers of insolvent Missouri LLCs have no fiduciary duty to creditors

David Warfield December 7, 2016
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Two recent federal court decisions establish that managers of financially troubled Missouri limited liability companies do not owe a fiduciary duty to creditors of their troubled enterprises. READ MORE

Two non-conventional uses for Missouri’s new receivership statute

David Warfield November 9, 2016
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The new Missouri Commercial Receivership Act provides a much more robust receivership remedy than prior law, giving creative counsel tools to achieve some results that were not necessarily possible under the old law. READ MORE

Supreme Court’s discharge exception ruling gives creditors more options

Brian Hockett June 3, 2016
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In Husky Int'l Elecs., Inc. v. Ritz, the U.S. Supreme Court recently determined that the nondischargeability of debts under 11 U.S.C. § 523(a)(2)(A), which prohibits discharge of debts “obtained by . . . false pretenses, a false representation, or actual fraud,” does not require a false representation. The “actual fraud” exception to a bankruptcy discharge includes other traditional forms of fraud, including fraudulent conveyances that do not necessarily include a representation by the debtor or reliance by the creditor. READ MORE

U.S. Supreme Court’s decision in Clark won’t impact inherited IRAs of Missouri residents

David Warfield June 17, 2014
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A debtor may shield from collection by creditors assets that the debtor holds in Individual Retirement Account (IRA). However, as more IRA owners die with substantial assets remaining in their accounts, a new question has arisen: Can a debtor exempt an IRA that she inherited from someone other than her spouse? READ MORE

Receivership reforms, part three: Creditors’ rights and priority of claims

David Warfield September 17, 2013
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A receivership can affect the rights of many others who are not parties to the litigation, such as employees, creditors, and business partners. Although some old cases, recognize the ability of creditors to file claims against receiverships, there is no uniform procedure to account for the claims of creditors and otherwise protect the rights of non-parties. READ MORE

Ownership of Chapter 11 debtors can’t be retained without competition and credit bidding

Jeff Fink April 15, 2013
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Owners of Chapter 11 bankruptcy debtors have long devised schemes to try to hold on to their ownership interests while stiffing the debtors’ creditors. In the past, owners attempted to do this by proposing reorganization plans that paid creditors only a portion of what they are owed while selling all of the equity in the reorganized debtor to the owner for a nominal new investment. READ MORE