Judge Stephanos Bibas, of the U.S. Court of Appeals for the Third Circuit. Photo: Diego M. Radzinschi/ALM Bankruptcy 'Plunderers' Can Be Sued by Creditors, Third Circuit Rules
"We now clarify that Bankruptcy Code 'standing' is not constitutional standing (and thus is not jurisdictional) and that Chapter 7 trustees can relinquish the statutory authority to pursue a claim back to a creditor," Judge Bibas said.
August 05, 2020 at 03:49 PM
3 minute read
The U.S. Court of Appeals for the Third Circuit has ruled in a precedential decision that in cases where a trustee has abandoned a bankrupt entity, a creditor can nevertheless sue those who "plunder" a near-insolvent company of its remaining assets.
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