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.
Agenda
Faculty
Michael R. King
Gammage & Burnham, PLC
- Founding member of Gammage & Burnham, PLC
- 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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