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Indiana State Police Pension Trust v. Chrysler LLC was a lawsuit brought in United States federal court June 2009 by several pension funds against Chrysler LLC and the United States Department of the Treasury, to block the planned sale of Chrysler LLC assets to a "New Chrysler" entity in the Chrysler bankruptcy.
In law, receivership is a situation in which an institution or enterprise is held by a receiver – a person "placed in the custodial responsibility for the property of others, including tangible and intangible assets and rights" – especially in cases where a company cannot meet its financial obligations and is said to be insolvent. [1]
On June 9, 2009, the Supreme Court published its denial of the applications for a stay of the sale from the three Indiana funds, allowing the sale of assets to "New Chrysler" to proceed. [7] [8] According to the two-page decision and order, the Indiana funds "have not carried the burden" of demonstrating that the Supreme Court needed to ...
A bankruptcy is ordered by a court, while an order of receivership may come from a creditor or it can be filed by the company as a way to manage their debts and avoid bankruptcy.
While the receiver, retired Miami-Dade Circuit Court judge Alan Fine, says the auction is necessary to raise cash to pay back some of the $83.5 million owed to creditors, lender Altamar Financial ...
An application to the court for an administration order may be made by the company, the directors, a creditor or any combination of them. The Enterprise Act 2002 amended the Insolvency Act 1986 to provide an out-of-court process to appoint an administrator to the holder of a floating charge or the company or its directors.
A Houston judge has ordered former NFL MVP Adrian Peterson to turn over assets to address $12 million in debt, according to multiple reports. Per a court order obtained by USA Today and Field ...
Once the court has determined that real property is to be partitioned, the court is authorized to appoint a Partition Referee for the purpose of handling the actual partition of the property. The Court’s interlocutory judgment may order either division of the property or sale of the property (with later division of the sale proceeds).