First Bankruptcy Program.
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Regarding third parties who were not subject to the Brazilian expansion order, the bankruptcy court in Petroforte held the trustee may be qualified to wide discovery to the degree the debtor is a majority shareholder in the non-debtor exploration target.
Section 1106 of the Insolvency Code requires the trustee to submit a strategy "as soon as practicable" or, alternatively, to file a report explaining why a strategy will not be submitted or to advise that the situation be converted to an additional chapter or dismissed.
However filing an evidence of case is not required if the creditor's insurance claim is arranged (but is not noted as disputed, section, or unliquidated by the borrower) since the debtor's timetables are considered to constitute proof of the validity and quantity of those insurance claims.
On request of a creditor with an insurance claim secured by the single property realty and after notice and a hearing, the court will grant remedy for the automatic stay to the financial institution unless the debtor files a possible plan of reconstruction or starts making rate of interest payments to the creditor within 90 days from the date of the declaring of the case, or within thirty days of the court's determination that the situation is a solitary possession realty situation.
Cause for dismissal or conversion also consists of an unexcused failing to prompt conformity with coverage and declaring requirements; failure to participate in the conference of financial institutions or go to an assessment without good cause; failing to timely supply info to the U.S. trustee; and failure to timely pay post-petition taxes or prompt file post-petition returns Fed.
