November 2016

Bankruptcy Code Definition: Financial Institution

The Bankruptcy Code defines the term “financial institution” as meaning:

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Bankruptcy Code Definition: Bankruptcy Insider

The concept of insider is defined in 11 U.S.C. § 101(a)(31).

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Bankruptcy Code Definition: Disinterested Person

The Bankruptcy Code defines a “disinterested person” to mean a person that: (a) is not a creditor, an equity security holder, or an insider; (b) is not and was not, within 2 years before the date of the filing of the petition, a director, officer, or employee of the debtor; and (c) does not have an interest materially adverse to the interest of the estate or any class of creditors or equity security holders by reason of any direct or indirect relationship to, connection with, or interest in, the debtor, or for any other reason.  11 U.S.C. Section 101(14)

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