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Nov 27, 2023 · The proposed reorganization plan would be funded partially by $550,000 from Luftig and an agreement from him to pay $100,000 more. So, basically, Luftig argued he couldn’t do both—he would...
In In re Hal Luftig Co., the Bankruptcy Court recommended confirmation of a subchapter V small business reorganization plan that provided for the nonconsensual release of a non-debtor third party5. The Bankruptcy Court applied the Purdue III factors when considering the release6.
In this small business case, the Bankruptcy Court has recommended approval a plan of reorganization that contains a nonconsensual release of a non-debtor. For the following reasons, that recommendation is rejected. Background
to non-debtor Hal Luftig(“Mr. Luftig”) , Plaintiff’s sole shareholder, director and CEO. - Debtor Plaintiff, Hal Luftig Co mpany, Inc. (the “Plaintiff”) , filed a petition for Chapter 11 bankruptcy on December 1, 2022 [Bankr. Docket No. 1]. Plaintiff commenced this adversary proceeding on the
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Thus, with respect to nonconsensual third party releases, the Hal Luftig Co. District Court drew a line in the sand in favor of creditor protections over subchapter V’s goal of streamlining reorganization for small business debtors.
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Feb 20, 2023 · In layman’s terms, the goal is to come out of bankruptcy with a payment plan which will enable the Company to pay off its debts on a set schedule. Meanwhile, Luftig continues to produce.
