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This manual strives to provide a clearer path for judges and clerks of court handling a chapter 9 case. It outlines the statutory requirements and processes that apply in any Chapter 9 case and provides examples of relevant cases and resources. It is organized into several parts including: Part II summarizes the history of Chapter 9 and discusses constitutional challenges to the original municipal bankruptcy laws enacted in 1934 and the structural and constitutional issues analyzed by lower courts in the context of Chapter 9. Part II presents and overview of the Chapter 9 process, contrasting it with the Chapter 11 process and providing several primers on issues unique to a Chapter 9 case. This section also includes basic information on matters, such as municipal accounting, the municipal bond market, and public pension obligations. Part IV identifies key administrative matters for the judge and the clerk of court in a Chapter 9 case. Part V explains what transpires after the filing of a Chapter 9 petition and appointment of the bankruptcy judge. It follows not only the legal steps required at the beginning of the case and eligibility determination, but also covers questions, issues, and information the judge may want to consider as the case starts down the Chapter 9 path. Part VI discusses the administration of the case -- i.e. what happens after the order for relief but before the plan confirmation process. Part VII covers the end of a case: it examines the plan, the disclosure statement, and the confirmation process. it includes information on postconfirmation jurisdiction and implementation issue. You will also find information about modification of the plan or if the debtor is unable to confirm a plan within a reasonable time, or dismissal of a case. Part VII is devoted to smaller municipal cases and cases involving special purpose entities or instrumentalities of a state. Part IX focuses on larger municipal cases. These cases can present factors and considerations unique to the size of, and stakeholders, in these cases. Part X summarizes key takeaway points for judges and clerks of the court handling Chapter 9 cases.
This manual strives to provide a clearer path for judges and clerks of court handling a Chapter 9 case. The manual outlines the statutory requirements and processes that apply in any Chapter 9 case and provides examples of relevant cases and resources. It does not provide an exhaustive listing of the applicable case law or commentary. Readers should recognize that many aspects of Chapter 9 practice are untested or not clearly established by statute or precedent. This manual does not attempt to fill those gaps or clarify the law in any substantive way. The manual cannot resolve, and does not attempt to resolve, the open questions that may exist in Chapter 9 practice. It is intended to provide useful information to assist judges in developing their own answers and approaches to these questions. The manual aims to sensitize judges and clerks of court to important considerations by identifying key issues and highlighting where ambiguity or uncertainty exists and to provide (1) probative questions for judges to evaluate as they plan for, and work through, a Chapter 9 case, and (2) reference resources, including representative case cites and commentary addressing the issues.
Chapter 9 Bankruptcy Strategies provides an authoritative, insiders perspective on the statute that allows municipalities to reorganize under the Bankruptcy Code. Featuring partners from some of the nations leading law firms, this book guides the reader through the basic principles and factors that any attorney or client venturing into a Chapter 9 case, either in a creditor or debtor capacity, must understand and evaluate before setting forth. These authors explore proven strategies for the Chapter 9 process, including deciphering the filing requirements, weighing the benefits and risks, assembling and confirming a plan of adjustment, and dealing with diverse and inconclusive state laws. From Orange County and Vallejo to Central Falls and New York City Off-Track Betting Corp., these top lawyers also analyze the intricacies of notable Chapter 9 cases and predict what entities may seek Chapter 9 protection in the future. Finally, these leaders discuss the role of the bankruptcy court in a Chapter 9, tips for working effectively with municipal clients, and the future of Chapter 9 legislation. The different niches represented and the breadth of perspectives presented enable readers to get inside some of the great legal minds of today, as these experienced lawyers offer up their thoughts on the keys to success within this contentious field.
"The United States Code is the official codification of the general and permanent laws of the United States of America. The Code was first published in 1926, and a new edition of the code has been published every six years since 1934. The 2012 edition of the Code incorporates laws enacted through the One Hundred Twelfth Congress, Second Session, the last of which was signed by the President on January 15, 2013. It does not include laws of the One Hundred Thirteenth Congress, First Session, enacted between January 2, 2013, the date it convened, and January 15, 2013. By statutory authority this edition may be cited "U.S.C. 2012 ed." As adopted in 1926, the Code established prima facie the general and permanent laws of the United States. The underlying statutes reprinted in the Code remained in effect and controlled over the Code in case of any discrepancy. In 1947, Congress began enacting individual titles of the Code into positive law. When a title is enacted into positive law, the underlying statutes are repealed and the title then becomes legal evidence of the law. Currently, 26 of the 51 titles in the Code have been so enacted. These are identified in the table of titles near the beginning of each volume. The Law Revision Counsel of the House of Representatives continues to prepare legislation pursuant to 2 U.S.C. 285b to enact the remainder of the Code, on a title-by-title basis, into positive law. The 2012 edition of the Code was prepared and published under the supervision of Ralph V. Seep, Law Revision Counsel. Grateful acknowledgment is made of the contributions by all who helped in this work, particularly the staffs of the Office of the Law Revision Counsel and the Government Printing Office"--Preface.
Title 11 of the United States Code, also referred to as the Bankruptcy Code, covers all types of bankruptcy in the United States. This 2019 Edition of the Bankruptcy Code is for quick reference and is perfect for the attorney or student who needs to have the code handy without the bulk of other publications. This edition also includes updated dollar figures as adjusted for inflation by the Judicial Conference of the United States every three years. Contents: Chapter 1--General Provisions (§§ 101-112) Chapter 3--Case Administration (§§ 301-366) Chapter 5--Creditors, the Debtor, and the Estate (§§ 501-562) Chapter 7--Liquidation (§§ 701-784) Chapter 9--Adjustment of Debts of a Municipality (§§ 901-946) Chapter 11--Reorganization (§§ 1101-1174) Chapter 12--Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income (§§ 1201-1231) Chapter 13--Adjustment of Debts of an Individual with Regular Income (§§ 1301-1330) Chapter 15--Ancillary and Other Cross-Border Cases (§§ 1501-1532)
Chapter 11 Bankruptcy and Restructuring Strategies provides an authoritative, insiders perspective on key strategies for representing todays debtors and creditors in Chapter 11 proceedings. Featuring partners from some of the nations leading law firms, these experts guide the reader through recent Chapter 11 decisions and how these cases are affecting attorneys and clients. These top lawyers reveal their advice for overcoming new challenges under the bankruptcy code, implementing new strategies and initiatives to better serve clients, and navigating the impact of the economic recovery on Chapter 11 bankruptcies. From understanding the factors contributing to Chrysler and GMs bankruptcy filings to navigating new commercial trade terms, these authors offer tips on best practices for representing and advising clients in todays legal environment. The different niches represented and the breadth of perspectives presented enable readers to get inside some of the great legal minds of today, as these experienced lawyers offer up their thoughts around the keys to success within this ever-evolving field.
Title 11 of the United States Code, also referred to as the Bankruptcy Code, covers all types of bankruptcy in the United States. This 2020 Edition of the Bankruptcy Code is for quick reference and is perfect for the attorney or student who needs to have the code handy without the bulk of other publications. This edition also includes updated dollar figures as adjusted for inflation by the Judicial Conference of the United States every three years. Contents: Chapter 1--General Provisions (§§ 101-112) Chapter 3--Case Administration (§§ 301-366) Chapter 5--Creditors, the Debtor, and the Estate (§§ 501-562) Chapter 7--Liquidation (§§ 701-784) Chapter 9--Adjustment of Debts of a Municipality (§§ 901-946) Chapter 11--Reorganization (§§ 1101-1174) Chapter 12--Adjustment of Debts of a Family Farmer or Fisherman with Regular Annual Income (§§ 1201-1231) Chapter 13--Adjustment of Debts of an Individual with Regular Income (§§ 1301-1330) Chapter 15--Ancillary and Other Cross-Border Cases (§§ 1501-1532)
Because municipalities are government entities, their economic problems have historically been addressed politically through state-based remedies, such as the creation of a financial control board, not through judicial intervention. Chapter 9 of the U.S. Bankruptcy Code, 11 U.S.C. Section 901 et seq., is entitled "Adjustments of Debts of a Municipality." Though rarely used, this chapter of the Code has important historic antecedents and may be a important tool for insolvent municipal entities. The term "bankruptcy," however, is a misnomer when it comes to chapter 9. For many reasons, chapter 9 differs from chapter 11, which governs the reorganization of private business. This report provides an overview of chapter 9. The paramount feature of a municipal reorganization is the requirement that the municipal debtor and a majority of its creditors reach an agreement on a plan to readjust the municipality's debts. The outcome of any reorganization cannot be predicted with certainty. Several basic principles may provide guidance as one considers the likely course of a major municipal reorganization. First, the policy underlying chapter 9 is unlike that of other chapters: municipalities are not subject to liquidation or strict judicial control. Municipal authorities do not need judicial permission to exercise governmental functions. Second, development of the reorganization plan is largely the initiative of municipal authorities. Even though the U.S. Bankruptcy Code is designed to give the cash-strapped municipal debtor "breathing room" and an opportunity to marshal its assets, nothing in the law relieves it from the requirements of applicable nonbankruptcy law. Filing bankruptcy does not lift from the municipality the burdens imposed upon it by myriad state and federal laws. Reorganization and, ultimately, repudiation of debt may be facilitated by a chapter 9. But the manner in which the municipal debtor reaches its goal for rehabilitation will still be shaped, in large part, by the constraints of the federal and state laws under which it operates. On December 6, 1994, Orange County, California, filed under chapter 9, the largest municipal bankruptcy filing to date. The County reorganized successfully, and its case was closed in 2000. Though the underlying causes of the County's financial problems were arguably unique, chapter 9 proved to be sufficiently flexible to accommodate the needs of a large municipal debtor and its creditors.