There had been thousands of lawsuits made against the

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by asbestos exposure. There had been thousands of lawsuits made against the company. Issue : Are such voluntary petitions able to make a company insolvent? Holding : Manville is in desperate need of reorganization of its crushing real debt, both present and future. Rule of Law : Congress stated that there should be no legal barrier to voluntary petitions, and that relief for debtors must be timely. The “Congressional purpose” in enacting the Code was to encourage resort to the bankruptcy process. The Asbestos Committee even belied that Manville has no debt and no real creditors. Problems 1. A) Benson’s taxes are not discharged by the proceedings, since he goes into bankruptcy but is still liable for payment. B) Benson’s debt is not discharged. He still owes Anderson whatever the value amount had been. 2. The debts would indeed be discharged as a result of this. 3. A) The trustee should still validate Jessica’s security interest under a particular provision. B) The security interest is not invalidated. C) Jessica’s status in the bankruptcy proceeding is in process, and she still has a lot of filing to finish. 4. A) Discharged B) Discharged C) Future debts D) Future debts
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5/2/13 5. The debtors had been not been entitled to a discharge, since they were falsely providing information. These inaccurate statements do not grant them innocence.
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  • Spring '13
  • Prof.NormanBerle
  • Law, Debt, Default, Debtor, Manville, Citizens Bank

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