The federal bankruptcy act contains several important terms. One such term is "insider." The term is used in connection with preferences and preferential transfers. Which among the following is not an "insider"?

The federal bankruptcy act contains several important terms. One such term is "insider." The term is used in connection with preferences and preferential transfers. Which among the following is not an "insider"?

A secured creditor is not an "insider" for the purposes of a preferential transfer. 

One of the elements necessary to establish that a preferential transfer has been made under the bankruptcy code by the debtor to a creditor is that the

One of the elements necessary to establish that a preferential transfer has been made under the bankruptcy code by the debtor to a creditor is that the

Under the bankruptcy ac, one of the elements which must be established in proving that a preferential transfer was made is that the debtor was insolvent at the time of the transfer. The bankruptcy act, presumes that the debtor is insolvent  during the 90 days prior to the date the petition was filed. 

In a bankruptcy proceeding, the trustee

In a bankruptcy proceeding, the trustee

A trustee is the representative of the estate and has the capacity to sue and be sued. 

The trustee in bankruptcy of a landlord-debtor under chapter 7 liquidation.

The trustee in bankruptcy of a landlord-debtor under chapter 7 liquidation.

The trustee may assign the leases of the landlord-debtor if such action is considered to be in the best interest of the debtor's estate. The trustee's duty is to acquire as many assets as possible for distribution to the creditors who filed claims in the bankruptcy proceeding. 

Haplow engaged Turnbow as his attorney when threatened by several creditors with a bankruptcy proceeding. Haplow's assets consisted of $85,000 and his debts were $125,000. A petition was subsequently was filed and uncontested. Several of the creditors are concerned the the suspected large legal fees charged by Turnhow will diminish the size of the distributable estateh. What are the rules of limitation which apply to such fees?

Haplow engaged Turnbow as his attorney when threatened by several creditors with a bankruptcy proceeding. Haplow's assets consisted of $85,000 and his debts were $125,000. A petition was subsequently was filed and uncontested. Several of the creditors are concerned the the suspected large legal fees charged by Turnhow will diminish the size of the distributable estate. What are the rules of limitation which apply to such fees?

According to the rules of bankruptcy procedure, it is necessary to file a proof of claims against the debtor's estate. The filling must be timely (within a 6-month period) or the claim will be barred. A claim that is filled on time is given prima facie validity and is approved unless there is an objection by one of the creditors. The filling would include a statement of compensation paid or agreed.