7th Circuit

A Solvent Estate Must Be ‘Likely’ to Confer Standing on an Individual Chapter 7 Debtor

The Seventh Circuit doesn’t accept a debtor’s asset schedules as gospel in deciding whether there is appellate standing.

Court :

7th Circuit

Assets Sold Free and Clear of a Multi-Employer Pension Plan’s Withdrawal Liability

The Seventh Circuit has yet to rule precisely on whether the bankruptcy court can sell assets free and clear of successor liability.

Court :

7th Circuit

Illinois

Illinois Southern District

Change in Decisional Law Requires Plan Amendment in One Year, Seventh Circuit Says

To take advantage of a change in decisional law, a plan must be modified within the time limits imposed by Federal Rule 60(c), the Seventh Circuit says.

Court :

7th Circuit

Plan Amendment Barred When Just a Few Claims Had Been Paid After Confirmation

Substantial consummation under Section 1193(b) was defined by the bankruptcy court to mean commencement of distributions to some but not all creditor classes.

Court :

7th Circuit

Illinois

Illinois Northern District

A Receiver May Move to Dismiss an Involuntary Petition, but May Not Answer

Surprisingly, there is little authority on whether or how a receiver may respond to the filing of an involuntary petition.

Court :

7th Circuit

Illinois

Illinois Northern District

Liens on Impounded Cars Are Judicial Liens that May Be Avoided, Seventh Circuit Says

The City of Chicago argued unsuccessfully that liens on cars are statutory because they arise automatically when the car is impounded.

Court :

7th Circuit

Constructive Notice Won’t Save a Sale Under 363(m) Absent Actual Notice, Seventh Circuit Says

To be a good faith purchaser under Section 363(m), a purchaser must be given actual notice to those with an interest in the property. Constructive notice won’t suffice.

Court :

7th Circuit