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August 24, 2010

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Bankruptcy News

Delaware Bankruptcy Court's Grants New Hampshire's Request for $100,000 to Pay Accrued Vacation Time to CCT Workers

CONCORD - Gov. John Lynch announced today that a Delaware Bankruptcy Court has approved New Hampshire's request for $100,000 to pay for some of the vacation time owed to workers at the closed Car Component Technologies (CCT) of Bedford and Merrimack.In December, Gov. Lynch asked the Department of Justice and the Department of Labor to intervene in CCT's bankruptcy filing to help protect the rights of New Hampshire workers. New Hampshire's Labor Commissioner George Copadis and Peter Roth, Senior Assistant Attorney General, led the state's efforts in the CCT bankruptcy.

"By closing its doors without any warning to employees, CCT acted irresponsibly. As a state, we took action to do everything possible to protect the interests of workers," Gov. Lynch said. "While it does not make up for everything they are owed, this is an important victory for the former employees of CCT." CCT violated a federal law, known as the WARN Act, by closing without giving 60 days notice. Based on that violation, a civil suit is continuing in an effort to help workers recoup other money that they are owed.

Labor Commissioner Copadis said, " I am very pleased that at Governor Lynch's direction, Peter Roth and I were able to secure $100,000 in accrued vacation time benefits for the former employees of CCT through the Delaware Bankruptcy Court. This is a very important first step and we intend to stay the course until we are satisfied that these former workers receive everything that they are reasonably entitled to." The State of New Hampshire continues to assists workers in finding new jobs and in retraining.

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Did You Know?

Filing Chapter 11 is known as reorganization
In a chapter 11 case, a liquidating plan is permissible. Such a plan often allows the debtor in possession to liquidate the business under more economically advantageous circumstances than a chapter 7 liquidation.

	Newsroom
	News about Bankruptcy in Idaho and nationwide: Representative Adam Smith Will Support Bankruptcy Reform The Bankruptcy Reform Act of 1999 (H.R. 833) is expected to pass the House today. Under current law, bankruptcy filers may file under Chap... Read more > Senate Passes Schumer Amendment To Bankruptcy Bill To Crack Down On Predatory Loans Measure Forces Predatory Lenders To Pass Along Liability To Buyers of Loans During Chapter 11 Proceedings, Making it More Difficult to Discharge As... Read more > Personal Bankruptcy Filings Doubled In Last Decade As Consumer Debt Reached Record Levels There was one bankruptcy filed for every 73 U.S. households during calendar year 2003, up 97 percent from the 144 U.S. households per bankruptcy fi... Read more > More Bankruptcy News >

Bankruptcy Terms

Today's Terms

United States Trustee

Definition:
An agent of the U.S. Department of Justice appointed to assist in bankruptcy cases. The U.S. Trustee administers many of the duties of the court including appointing committees.

Default

Definition:
The failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non-payment of interest or principal.

Chapter Twenty Two

Definition:
An unofficial term describing a company that has filed for Chapter 11 twice.

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Bankruptcy Hot Topics

Topics Related to Bankruptcy:

Chapter 7
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Chapter 11
Chapter 12
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Idaho Bankruptcy Attorney

If you live in the following cities and need a Bankruptcy attorney you should contact our Bankruptcy Attorney as soon as possible:

Blackfoot
Boise
Burley
Caldwell
Coeur D Alene
Eagle
Hayden
Idaho Falls
Jerome
Lewiston

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Moscow
Mountain Home
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Post Falls
Rexburg
Sandpoint
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