Rudolph J. DiMassa Jr., left, and Malcom Bates, right, of Duane Morris. Plaintiffs Beware: Automatic Stay Embodied in Section 362 Is Not All-Encompassing
The appellate court found that the plaintiffs' claims had not been "automatically" stayed pursuant to Section 362 of the Bankruptcy Code. As a result, the statute of limitations applicable to those claims had not been tolled.
March 29, 2021 at 12:25 PM
9 minute read
In Ritchie Capital Management v. McGladrey & Pullen, 2020 IL App (1st) 180806, 155 N.E.3d 597, reh'g denied (Apr. 29, 2020), appeal denied, 159 N.E.3d 935 (Ill. 2020), the Illinois Appellate Court affirmed a state trial court's order dismissing, as time-barred, a complaint filed more than nine years after the cause of action had accrued. In doing so, the appellate court found that the plaintiffs' claims had not been "automatically" stayed pursuant to Section 362 of the Bankruptcy Code. As a result, the statute of limitations applicable to those claims had not been tolled.
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