In 1970, he purchased the Seattle Pilots in bankruptcy court and renamed them the Milwaukee Brewers after minor league team of the same name he had watched in his youth, which existed until the arrival of the Braves in Milwaukee in 1952.

In most jurisdictions bankruptcy is imposed by a court order, often initiated by the debtor.

Following the introduction of the Enterprise Act 2002, a UK bankruptcy will now normally last no longer than 12 months and may be less, if the Official Receiver files in court a certificate that his investigations are complete.

When a business is unable to service its debt or pay its creditors, the business or its creditors can file with a federal bankruptcy court for protection under either Chapter 7 or Chapter 11.

While the automatic stay is in place, most litigation against the debtor is stayed, or put on hold, until it can be resolved in bankruptcy court, or resumed in its original venue.

The court is ultimately responsible for determining whether the proposed plan of reorganization complies with the bankruptcy law.

One controversy that has broken out in bankruptcy courts since 2007 concerns the proper amount of disclosure that the court and other parties are entitled to receive from the members of the ad hoc creditor's committees that play a large role in many such proceedings.

Plans must satisfy a number of criteria in order to be " confirmed " by the bankruptcy court.

If a plan cannot be confirmed, the court may either convert the case to a liquidation under chapter 7, or, if in the best interests of the creditors and the estate, the case may be dismissed resulting in a return to the status quo before bankruptcy.

Cases involving more than US $ 50 million in assets are almost always handled in federal bankruptcy court, and not in bankruptcy-like state proceeding.

In addition he was forced into US bankruptcy court three times in the next 8 years.

Originating in Seattle, Washington, as the Seattle Pilots, the club played for one season in 1969 before being acquired in bankruptcy court by current MLB Commissioner Bud Selig and then moved to Milwaukee.

* 2003 – A bankruptcy court approves MCI's reorganization plans, essentially clearing the telecommunications company to exit bankruptcy.

A court judgment instructed Bryanston to pay the filmmakers $ 500, 000, but by then the company had declared bankruptcy.

* June 1 – William M. Gibbons is released as receiver and trustee of the Chicago, Rock Island & Pacific railroad, after all of its debts and creditors are paid off by order of a federal bankruptcy court.

He gained ownership from a bankruptcy court of an idle enamelware factory in Kraków, named Pierwsza Małopolska Fabryka Naczyń Emaliowanych i Wyrobów Blaszanych " Rekord ", which he renamed Deutsche Emaillewaren-Fabrik or DEF ( location ).

He was assigned to the prosecutor ’ s office in Trapani and Marsala, and then in 1978 to the bankruptcy court in Palermo.

Federal bankruptcy court petitions generally interrupt pending state court proceedings in civil matters involving the petitioner ( with select exceptions, primarily for domestic relations matters ).

The bankruptcy court then determines if the interrupted state court proceeding should be returned to state court for resolution, or should be resolved in a federal bankruptcy court adversarial proceeding, based upon the applicable bankruptcy law.

A closed bankruptcy may be reopened by motion of a creditor or the U. S. trustee if a debtor attempts to later assert ownership of such an " unscheduled asset " after being discharged of all debt in the bankruptcy.

If the bankrupt does not comply with the Trustee's request to provide details of income, the trustee may have grounds to lodge an Objection to Discharge, which has the effect of extending the bankruptcy for a further five years.

Some of the duties of the trustee in bankruptcy are to:

A Proposal Administrator is almost always a licensed trustee in bankruptcy, although the Superintendent of Bankruptcy may appoint other people to serve as administrators.

A trustee in bankruptcy must be either an Official Receiver ( a civil servant ) or a licensed insolvency practitioner.

One of the most significant aspects of trusts is the ability to partition and shield assets from the trustee, multiple beneficiaries, and their respective creditors ( particularly the trustee's creditors ), making it " bankruptcy remote ", and leading to its use in pensions, mutual funds, and asset securitization.

For this reason, however, fully secured creditors are not entitled to participate in any distribution of liquidated assets that the bankruptcy trustee might make.

Bankruptcy trustees will check the bankruptcy petition to ensure that the petition was prepared properly, much like the trustee would do if a lawyer had prepared the forms.

§ 109 ( h ) provides that a debtor will no longer be eligible to file under either chapter 7 or chapter 13 unless within 180 days prior to filing the debtor received an “ individual or group briefing ” from a nonprofit budget and credit counseling agency approved by the United States trustee or bankruptcy administrator

Finally on July 7, 2006, the federal judge, Ellen Carroll, ordered a bankruptcy trustee takeover of Suge Knight's Death Row Records, saying the record label had undergone a gross amount of mismanagement.

It is relatively common for a trustee in bankruptcy to disclaim freehold property which may give rise to a liability, for example the common parts of a block of flats owned by the bankrupt would ordinarily pass to the trustee to be realised in order to pay his debts, but the property may give the landlord an obligation to spend money for the benefit of lesees of the flats.

A perfected lien is valid against bona fide purchasers of property, and even against a trustee in bankruptcy ; an unperfected lien may not be.

The concept behind bankruptcy in Canada is that an individual assigns ( surrender ) everything they own to a trustee in bankruptcy in exchange for the elimination of their unsecured debts.

No matter what option they choose, they can often turn to a trustee in bankruptcy for a free consultation.

* Deed of assignment-document in which a debtor appoints a trustee to take charge of property to pay debts, partly or wholly, as an alternative to bankruptcy ; ( Australian law ).

* Jacob McGavock Dickinson appointed receiver trustee during bankruptcy, April 20, 1915-June 21, 1917.

* William M. Gibbons appointed receiver trustee during bankruptcy, March 17, 1975-June 1, 1984.

The bankruptcy court agreed to the request and named a trustee to run Eastern in April 1990, with the goal of continuing to operate the company and find a buyer.

) For all bankruptcies ( consumer or business ) filed under Chapter 7, 12 or 13 of Title 11 of the United States Code ( the Bankruptcy Code ), a trustee ( the " trustee in bankruptcy " or TIB ) is appointed by the United States Trustee, an officer of the Department of Justice that is charged with ensuring the integrity of the bankruptcy system and with representatives in each court, to manage the property of the bankruptcy estate, including bringing actions to avoid pre-bankruptcy transfers of property.

-- New York Central Railroad president Alfred E. Perlman said Tuesday his line would face the threat of bankruptcy if the Chesapeake & Ohio and Baltimore & Ohio Railroads merge.

Perlman said bankruptcy would not be an immediate effect of the merger, but could possibly be an ultimate effect.

Daley inherited a city with revenue-generating assets, manageable debt and pension funds so flush with cash that he was able to use some of the money to provide a one-time property tax break, but he left behind a city literally on the brink of bankruptcy, with a structural deficit that Mayor-elect Rahm Emanuel said could approach $ 1. 2 billion when unfunded pension funds are factored in.

Mussolini refused to heed warnings from his minister of exchange and currency, Felice Guarneri, who said that Italy's actions in Ethiopia and Spain meant the nation was on the verge of bankruptcy.

In a statement to the public, former CEO of American Airlines, Robert Crandall said, " Chapter 11 bankruptcy protection filing shows airline industry deregulation was a mistake.

In an email to the Appeal-Democrat Hostess spokesman Erik Halvorson said that the May notices were to alert employees to possible sale or wind down of the company, but that " our goal is still to emerge from bankruptcy as a growing company with a strong future.

While both film manufacturers recognized this fundamental change, it can be said that Fuji Photo had adopted to this shift much more successfully that Eastman Kodak ( which filed for bankruptcy in January 2012 ).

On 23 January 2009, a spokesperson said Muzak was attempting to restructure its debt and filing for bankruptcy was one of several options.

Far from the unprofitable boat-anchor the railroad and the bankruptcy trustees said it was, the ICC found that the Pacific Extension had been returning a profit to the railroad even through 1977 and 1978, at which time traffic was severely down due to the road's problems.

Motor Coach Industries Inc. announced on September 15, 2008, the company had filed for Chapter 11 bankruptcy protection as part of a restructuring the company said would " help shed hundreds of millions of dollars of debt.

Due to UK regulations that hold the prior owner of a company responsible for all redundancy payments if the said company declares bankruptcy within 3 years of sale, BMW guaranteed that Phoenix Venture Holdings ( initially named MG Rover Holdings ) would have enough money to keep Rover Group in business for at least 3 years following the sale.

" Automotive industry consultant Dennis DesRosiers said that General Motors had missed the chance to slash labour costs, pointing out that bankruptcy was a looming threat, Ottawa and Queen's Park demanded cuts to the labour bill as a condition of the bailout, and that the deficit to the pension fund would prevent the CAW from striking.

“ Continued softness in sales, combined with tightening terms and slower shipments from our suppliers, have reduced our funds availability below critical levels ,” Ames ' chairman and CEO Joseph R. Ettore, who had presided over the bankruptcy and liquidation of Stuart's and Jamesway prior to joining Ames, said about Ames ' decision to go out of business.

The films grossed an estimated $ 35 million altogether at the box office and are said to have saved Universal from bankruptcy.

Church officials said that they had been trying to negotiate payments but after several suits were filed and writs of attachment were granted the church had to declare bankruptcy.

The myth has even made its way into modern advertising ; in 1967 KLM featured the painting in an advertisement which said " See Night Watch, Rembrandt's spectacular ' failure ' ( that caused him to be ) hooted ... down the road to bankruptcy ".

She said that Hugh and Cone advised her to sign the agreement for tax reasons, and falsely claimed that Culverhouse was on the brink of bankruptcy.

The search was said to have been called off due to the fact that Jimke had to file bankruptcy due to his expenses in the search.

During hearings on the bankruptcy filing by Lehman Brothers and bailout of AIG before the House Committee on Oversight and Government Reform, former Lehman Brothers CEO Richard Fuld said a host of factors including a crisis of confidence and naked short-selling attacks followed by false rumors contributed to both the collapse of Bear Stearns and Lehman Brothers.

It has been said that she saved the Metropolitan Opera from looming bankruptcy.

The U. S. Attorney said, " Essentially the court holds that we did not abuse the bankruptcy filing, just that we should have filed differently.

On 11 November 2011 Mr Quinn said that he had applied for voluntary bankruptcy in Belfast, and issued a statement asking the media to consider his views as well as the bank's.

Dynegy said it hoped to hold a vote on August 24, at which time its creditors would approve the bankruptcy plan.

A court hearing on the creditor-approved bankruptcy plan would then be held September 5, after which the company said it would emerge from bankruptcy protection.