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Definitions. In this code: (1) “Affiliate” means a person who controls, is controlled by, or is under common control with another person. (2) “Associate,” when used to indicate a relationship with a person, means: (A) a domestic or foreign entity or organization for which the person: (i) is an officer or governing person; or. (ii)
The American Bankruptcy Institute appointed the Commission to Study the Reform of Chapter 11 in 2012. Its recent report has helpfully stirred debate on many important aspects of the United States Bankruptcy Code (the “Code”), including the
An affiliate is also an entity whose business or substantially all of whose property is operated under a lease or operating agreement by a debtor or an entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement (§ 101(2), Bankruptcy Code).
a. Five affiliates filed under Subchapter V. One, Premier Petroleum, is a SARE and amended its petition to proceed under normal chapter 11. b. If the SARE’s debt were included, the debtors would collectively be over the $7.5M statutory cap. c. Section 101(51D), defining small business debtor“ ” excludes any debtor whose total
Texas authorities that Texas law confirm embraces that broad definition of “affiliate.” The Texas Business Organizations Code, which GTL accurately describes as “the state’s central repository of corporate law,” defines “affiliate” as “a person who controls, is controlled by, or is under common control with another person.”
Affiliate ( Bankruptcy) Law and Legal Definition. According to the Federal Bankruptcy Code 11 USCS § 101 [Title 11. Bankruptcy; Chapter 1. General provisions], the term affiliate means--. (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor ...
TREATMENT OF LLCs IN BANKRUPTCY. Despite statutory certainty governing the formation and operation of LLCs and the contractual flexibility permitted in operating agreements governing the LLC and its membership interests, the Bankruptcy Code (11 U.S.C. §§ 101-1532) does not address the risks of insolvency, bankruptcy and dissolution of LLCs.
