Motion for declinatory exception pertaining to a petition from trustee in bankruptcy for reimbursement of dividends.
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A trustee in bankruptcy is an entity, often an individual, in charge of administering a bankruptcy estate.
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The estate (or assets) of a bankrupt person is administered by a trustee in bankruptcy. The legal position in all common law countries is similar in this respect.
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"The Bankruptcy of a Former M.P.", Maidenhead Advertiser, 5 November 1924, p. 6. Coates was indeed made bankrupt; creditors received only 8.25d per £ (3.4%). The trustee in bankruptcy was discharged on 23 September 1925.
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In the United States, a company may be a "corporation, partnership, association, joint-stock company, trust, fund, or organized group of persons, whether incorporated or not, and (in an official capacity) any receiver, trustee in bankruptcy, or similar official, or liquidating agent, for any of the foregoing".
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On May 16, 2014, following the loss of the court case, Silicon Knights filed for bankruptcy and a Certificate of Appointment was issued by the Office of the Superintendent of Bankruptcy, with Collins Barrow Toronto Limited being appointed as Trustee in Bankruptcy.Collins Barrow Trustee In Bankruptcy Of Silicon Knights Inc.
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The trustee in bankruptcy had got £453,000 for the MoD from Foxley's wife for her husband's share of the house. The MoD also collected £85,000 from a flat in Switzerland, £35,000 from a joint bank account with his wife and £17,000 from the sale of a property in the name of one of Foxley's daughters and her husband. In 1997 the MoD took civil action against the three foreign arms companies, which paid £3.39m in an out of court settlement. The Trustee in bankruptcy seized all banks accounts at the time of Foxley's arrest and has subsequently admitted that the seizure of Joint Bank Accounts in the name and use of Foxley and his wife was an illegal and unjustifiable act for which a payment in recompense has been made.
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Escheat can still occur in England and Wales, if a person is made bankrupt or a corporation is liquidated. Usually this means that all the property held by that person is 'vested in' (transferred to) the Official Receiver or Trustee in Bankruptcy. However, it is open to the Receiver or Trustee to refuse to accept that property by disclaiming it. It is relatively common for a trustee in bankruptcy to disclaim freehold property which may give rise to a liability, for example the common parts of a block of flats owned by the bankrupt would ordinarily pass to the trustee to be realised in order to pay his debts, but the property may give the landlord an obligation to spend money for the benefit of lessees of the flats.
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Ronald James Butlin was born on August 8, 1925, in Calgary, Alberta. His grandfather James had participated in the westward march of the North-West Mounted Police in 1874. Butlin studied at the University of Alberta, then became a trustee in bankruptcy, and the owner of a business in Calgary. His company was known as Central Liquidation Limited, and helped him earn a personal fortune.
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Noel Nethersole was born in Kingston, Jamaica, in 1903, the eighth of 10 children of John Mapletoft Nethersole CBE, who was Administrator General and Trustee in Bankruptcy of Jamaica.John Mapletoft Nethersole CBE JP Retrieved 31 August 2014. According to Michael Manley, Noel "came from a near- white middle-class family".Michael Manley, A History of West Indies Cricket, Andre Deutsch, London, 1988, p. 70.
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Doyle Salewski Inc. is a Licensed Insolvency Trustee firm specializing in corporate and personal insolvency and is based in Ottawa, Ontario, Canada. Personal services include credit counselling, bankruptcy and consumer proposals. Doyle Salewski Inc. also provides corporate insolvency services as a Trustee in Bankruptcy under the Bankruptcy and Insolvency Act; monitoring under the Companies’ Creditors Arrangement Act; corporate proposals and bankruptcies; and acting as receiver or receiver and manager.
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An advocate can not work under an employment (labour) contract, with the exception of scientific and teaching activities. An advocate may combine his status with the status of a patent attorney, a trustee in bankruptcy. An advocate may be a shareholder/owner of business juridical persons and a member of voluntary associations and political parties. Russian advocate may have a status of advocate (attorney, barrister, solicitor) in foreign jurisdiction, subject to above conditions.
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In 1929 Bigelow was appointed dean of the University of Chicago Law School and the first John P. Wilson Professor of Law. As dean, he recognized that the effective practice of law required a broader subject knowledge and expanded teaching at the school to include classes in accounting, economics, and psychology. Bigelow was appointed a trustee in bankruptcy for the complicated proceedings of the Chicago-based Insull Utilities Investment Inc. in 1933.
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"A bankrupt plaintiff may be met by the plea that his trustee in bankruptcy has a real title." Nevertheless, the right of a third party would not be a protection against an action for an interference with the actual possession, because this would be a trespass, and trover would be a substitute for trespass. The action decided the better claim to ownership, and not the final question of ownership. It was a decision of "immediate" ownership, and not final ownership.
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Russian Federation Federal Law of 31 May, 2002, №63-FZ An advocate can not be an individual entrepreneur, government official, municipal official, notary, judge, elected official. An advocate can not work under an employment (labour) contract, with the exception of scientific and teaching activities. An advocate may combine his status with the status of a patent attorney, a trustee in bankruptcy. An advocate may be a shareholder/owner of business juridical persons and a member of voluntary associations and political parties.
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In the 1950s he held several positions at Henkels and McCoy, Inc. In the 1960s he rose up the ranks of National Gypsum Company, becoming their assistant chairman in 1969. From 1972 to 1974 he was president and Chief Executive Officer (CEO) of Snelling and Snelling, Inc. In 1971, he was appointed as trustee in bankruptcy (along with Richardson Dilworth) for the Reading Company, the railroad company headquartered in Philadelphia, and guided the company through its successful reorganization and discharge from bankruptcy in 1980.
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In 2003-04 working under the aegis of the Foreign & Commonwealth Office Wardle negotiated for Lloyd's of London insurers the settlement with the state of Libya of outstanding Lockerbie claims brought by the hull insurers of Pan Am 103 and by Pan Am's trustee in bankruptcy; and in 2005-06 he negotiated with the UN Compensation Commission in Geneva the payment to British insurers of claims arising from Iraq’s invasion of Kuwait. These international settlements brought into the UK more than $260 million that had been in dispute since the early 1990s.
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It was agreed by the English trustee in bankruptcy and the official assignee in Madras that the assets of the two insolvent firms were to be treated as one and the same business, all creditors were to be entitled to share rateably in the pooled assets. Macfadyen committed suicide by throwing himself under a train in 1906, and both firms had to close their doors. Both Macfadyen and Arbuthnot were consistently over-optimistic concerning their speculations. Arbuthnot was tried for the fraudulent activities the collapse revealed, and received a sentence of "18 months rigorous imprisonment".
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Just and equitable winding up is usually unrelated to the solvency of the company. A petition to the court for the winding up of a company may be presented by the company itself, or by any creditor or creditors (including any contingent or prospective creditor or creditors), contributory or contributories or the trustee in bankruptcy or the personal representative of a contributory.Companies (Winding Up and Miscellaneous Provisions) Ordinance, s.179(1). For these purposes a contributory broadly means a shareholder or other type of member of the company.
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Mr Stein was declared bankrupt by court order on 16 July 1990. At that time he was the recipient of legal aid, and was in litigation with Mr Blake. Mr Stein was suing for breach of contract, and Mr Blake had various counterclaims, including claims under costs orders which Lord Hoffman described "indisputable". Mr Stein's trustee in bankruptcy executed a deed of assignment on 4 April 1991 under which he assigned the benefit of those claims back to Mr Stein in return for 49% of the net proceeds.
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He was office manager when he joined the Royal Canadian Naval Volunteer Reserve in 1943. Discharged from the service at the end of World War II he opened a practice as an accountant and trustee-in- bankruptcy. Reuter was elected to the Preston town council in 1959 but resigned in 1961 in protest of the method in which the reeve was chosen. He returned in 1962 as mayor and then ran for and was elected to the Legislative Assembly of Ontario as the Progressive Conservative MPP for Waterloo South in the 1963 provincial election and was re-elected in 1967 and 1971.
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By 1877 Dickson had returned to Swansea where he lived on the outskirts of Oystermouth. In that year the newly formed Swansea Improvements and Tramway Company reached an agreement with George Byng Morris, still mortgagee in possession, to take over the working of the Oystermouth Railway with a view to integrating it with the street tramways that they were constructing. Dickson (through his trustee in bankruptcy) challenged this in the courts, since he still claimed the right to complete the agreement he had made with Morris in 1865. The courts upheld his claim and the railway was put up for sale that autumn.
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Macfadyen, one of the partners, engaged in speculation, in the process losing huge amounts of the firm's money. Prior to its collapse, Arbuthnots employed between 11,000 and 12,000 people, had 7,000 creditors and £1,000,000 in liabilities. It was ascertained that the liabilities of Macfadyen's were £400,000 and there were 1,000 creditors. It was agreed by the English trustee in bankruptcy and the official assignee in Madras that the assets of the two insolvent firms were to be treated as one and the same business, all creditors were to be entitled to share rateably in the pooled assets.
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An Individual Voluntary Arrangement is a legally binding arrangement supervised by a licensed Insolvency Practitioner, the purpose of which is to enable an individual, sole trader or Partner ("the Debtor") to reach a compromise with his creditors and avoid the consequences of bankruptcy. The compromise should offer a larger repayment towards the creditor's debt than could otherwise be expected were the Debtor to be made bankrupt. This is often facilitated by the Debtor making contributions to the arrangement from his income over a designated period or from a third party contribution or other source that would not ordinarily be available to a Trustee in Bankruptcy.
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Perfection is typically achieved by filing a financing statement with government, often the secretary of state located at a jurisdiction where a corporate debtor is incorporated. Perfection can also be obtained by possession of the collateral, if the collateral is tangible property. Absent perfection, the holder of the security interest may have difficulty enforcing his rights in the collateral with regard to third parties, including a trustee in bankruptcy and other creditors who claim a security interest in the same collateral. If the debtor defaults (and does not file for bankruptcy), the UCC offers the creditor the choice of either suing the debtor in court or conducting a disposition by either public or private sale.
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Walter Kidde, who was the trustee-in-bankruptcy for the New York, Susquehanna and Western Railroad after filing for bankruptcy reorganization in 1937, noticed that most commuter traffic was heading to Midtown Manhattan, and that the major railroads in the area had or little or no service to Midtown. The Lincoln Tunnel had been completed in 1937, and Kidde offered the idea that it might be faster for commuters to head to Midtown by connecting with bus companies that used State Highway Route S-3. A couple years later, Railway Age noted that it was common to backtrack from the Erie Railroad's Pavonia Ferry terminal at Chambers Street to midtown. This new connection would save money for commuters from Paterson, Hackensack and Butler to get service to Times Square.
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As a result, on November 7, 2012, Silicon Knights was directed by the court to destroy all game code derived from Unreal Engine 3, all information from licensee-restricted areas of Epic's Unreal Engine documentation website, and to permit Epic Games access to the company's servers and other devices to ensure these items have been removed. In addition, the studio was instructed to recall and destroy all unsold retail copies of games built with Unreal Engine 3 code, including Too Human, X-Men Destiny, The Sandman, The Box/Ritualyst, and Siren in the Maelstrom (the latter three titles were projects never released, or even officially announced). On May 16, 2014, Silicon Knights filed for bankruptcy and a Certificate of Appointment was issued by the office of the Superintendent of Bankruptcy, with Collins Barrow Toronto Limited being appointed as trustee in bankruptcy.
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If a bankruptcy order is made the administration of the bankrupt person's affairs is handled by a trustee in bankruptcy who must be either an official receiver (a civil servant) or a licensed insolvency practitioner appointed either by the Secretary of State or by the creditors at a meeting called for that purpose. The bankrupt's assets (excluding tools of his trade and other essentials) vest in his trustee who is obliged to realise them (generally by selling them) to pay a dividend to creditors. A bankrupt person is subject to certain restrictions, principally that he may not raise credit without informing the person from whom he is borrowing that he is a bankrupt, and that he may not act as a director of a company. He is also subject to obligations to give information to his trustee and to cooperate with him in the administration of his affairs.
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In the United States, a Trustee in Bankruptcy is a person who is appointed by the United States Trustee Program, a division of the United States Department of Justice. In limited circumstances, the creditors involved in a bankruptcy case can elect a trustee. In a Chapter 7 Bankruptcy ("Liquidation") the trustee gathers the debtor's non-exempt property, managing the funds from the sale of those assets, and then paying expenses and distributing the balance to the owed creditors. In a Chapter 13 Bankruptcy ("Reorganization") the trustee is responsible for receiving the debtor's monthly payments and distributing those funds proportionally to the debtor's creditors. The Bankruptcy Trustee will act on behalf of the debtor to guarantee that both the creditors’ and the debtor's interests are maintained in accordance with the bankruptcy laws, and will often be required to act as a negotiator between the two parties.
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On error from the United States District Court for the Southern District of New York: The defendant and others were indicted for a conspiracy to conceal assets from a trustee in bankruptcy. The defendant Oppenheimer set up a previous adjudication upon a former indictment for the same offense that it was barred by the one-year statute of limitations in the bankruptcy act for offenses against that act; an adjudication since held to be wrong in another case. This defense was presented in four forms entitled respectively, demurrer, motion to quash, plea in abatement, and plea in bar. After motion by the Government that the defendant be required to elect which of the four he would stand upon he withdrew the last-mentioned two, and subsequently the court granted what was styled the motion to quash, ordered the indictment quashed and discharged the defendant without day.
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In the United States, when a consumer or business files for bankruptcy all property belonging to the filer becomes property of a newly created entity, the "bankruptcy estate". (See 11 U.S.C. § 541.) For all bankruptcies (consumer or business) filed under Chapter 7, 12 or 13 of Title 11 of the United States Code (the Bankruptcy Code), a trustee (the "trustee in bankruptcy" or TIB) is appointed by the United States Trustee, an officer of the Department of Justice that is charged with ensuring the integrity of the bankruptcy system and with representatives in each court, to manage the property of the bankruptcy estate, including bringing actions to avoid pre- bankruptcy transfers of property. In bankruptcies filed under Chapter 11, the debtor continues to manage the property of the bankruptcy estate, as "debtor in possession," subject to replacement for cause with a trustee. Chapter 7 trustees in bankruptcy are chosen by the United States Trustee from a panel, and are known as panel trustees.
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Insolvency Act 2003, section 295(1) In order to make an application for an order it is necessary to show that on the date of the application the debtor was: # resident, present or carrying on business in the British Virgin Islands; # the debtor has or appears to have assets in the British Virgin Islands; or # that there is a reasonable prospect that the making of a bankruptcy order will benefit the creditors of the debtor. Once appointed pursuant to an order the trustee in bankruptcy will collect in the assets of the debtor except for certain special assets protected by law,Insolvency Act 2003, section 313(2) sell those assets and then distribute the proceeds to the creditors of the bankrupt pari passu. That distribution discharges the claims of the creditors against the bankrupt individual and all other creditors who would have claimed in the bankruptcy. The individual is thereafter discharged from bankruptcy.
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If Party A owes Party B 100 and Party B owes Party A 105, the two sums are set off and replaced with a single obligation of 5 from Party B to Party A). Set-off can also be incorporated by contractual agreement so that, where a party defaults, the mutual amounts owing are automatically set off and extinguished. In certain jurisdictions (including the UKInsolvency Act 1986, section 323; Insolvency Rules 1986, rule 4.90.), certain types of set-off takes place automatically upon the insolvency of a company. This means that, for each party which is both a creditor and debtor of the insolvent company, mutual debts are set-off against each other, and then either the bankrupt's creditor can claim the balance in the bankruptcy or the trustee in bankruptcy can ask for the balance remaining to be paid, depending on which side owed the most. The primary argument This has been criticizedRiz Mokal Corporate Insolvency Law (Oxford: Oxford University Press 2005) as an undeclared security interest that violates the principle of pari passu.
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A chief restructuring officer (CRO) is a senior officer of a company given broad powers to renegotiate all aspects of a company’s finances to deal with an impending bankruptcy or to restructure a company following a bankruptcy filing. The use of CRO’s, who usually have an expertise in the field of business in which the company operates, has been increasing in popularity since the 1990s. CROs are sometimes seen as an alternative to using a Trustee in bankruptcy in a reorganization bankruptcy, because the trustees may not be knowledgeable in field of business conducted by the company. Further CRO’s give the company management and creditors more of say in the running of a company than a trustee is required to do so. CRO’s have sometimes been compared to “turn around” consultants although the CRO differs from a turn around consultant in that the CRO is an official of the company and has executive power. While CRO’s officially report to the company and its board of directors, they are considered to have greatly strengthened the hand of creditors since the CRO can make executive decisions following a direct meeting with the creditors.
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