Chapter 11 Bankruptcy: What Could Be Safer Than Post-Petition Sales of Products to a Debtor for Cash
You better make sure that the cash you receive is not someone else's cash. Collateral or the bankruptcy court may make you pay it back.
The Bankruptcy Code does not allow cash collateral to be used by the debtor following the filing of the petition of bankruptcy petition, however it may be allowed if the secured party agrees that its collateral can be used. Alternately, the bankruptcy court can permit the use of cash collateral if, after announcing to interested parties and an option to be heard in opposition, the court deems that the secured party's interest in the cash will be sufficiently protected. This white paper reviews doing business with a debtor in a Chapter 11 proceeding and the $1.9 million case of Marathon Petroleum Company and Delco Oil.
Practice emphasizes creditors’ rights and construction issues, and also includes consulting and supervising throughout the firm’s areas of business
Includes emphasis on creditors’ rights, bankruptcy cases, general litigation, loan documentation, workouts, foreclosures and forcible detainers, as well as deficiency collection and accounts collection
Client list includes banks, mortgage companies, distributors in various industries and leasing companies
Former director of the Arizona Chapter of the National Association of Credit Managers (NACM)
Named Best Lawyer in the areas of bankruptcy and creditor debtor rights for the last 10 years by Best Lawyers in America
Ranked as a Super Lawyer by Super Lawyers
Ranked as one of Arizona’s Finest Lawyers by Arizona’s Finest Lawyers Foundation
Can be contacted at https://www.gblaw.com/professional/michael-r-king/
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