Understand the concepts of the absolute priority rule and the means by which creditors can put pressure on debtors.
Bankruptcy is governed by equitable considerations addressing the allocation of assets following insolvency. Fundamental to these considerations is the notion that creditors are to be preferred over equity holders. The bankruptcy code codifies this notion with the absolute priority rule. From the perspective of creditors, the absolute priority rule is the leverage needed to maximize recovery if existing equity holders desire to retain their interests. From the perspective of debtors, the absolute priority rule is a hurdle to overcome when proposing a restructuring. This topic will provide you the basic concepts of the absolute priority rule, the means by which creditors can put pressure on debtors, the mechanisms debtors can employ to satisfy or circumvent the rule, and the impact that undersecured creditors have on the process. You can learn how the absolute priority rule is employed in cases filed by individuals. Additionally, you can learn the effects of the newly enacted Subchapter V on the process.
Agenda
Faculty
G. Frank Nason, IV
Lamberth, Cifelli, Ellis & Nason, P.A.
- Member of the law firm Lamberth, Cifelli, Ellis & Nason, P.A.
- Practices bankruptcy, including Chapter 11 business reorganizations, bankruptcy litigation, bankruptcy sales, general business bankruptcy and insolvency, and creditors’ rights
- Lectures frequently on commercial law, banking, and other bankruptcy-related topics
- J.D. degree, cum laude, Mercer University Walter F. George School of Law; B.A. degree, Vanderbilt University
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