State statutes and corporate organizational documents can impose substantial obligations on companies to indemnify their officers and directors in certain situations.
In addition to the normal hurdles debtors face in chapter 11 cases, many energy and farmer debtors must address the safe harbor provisions of 11 U.S.C. § 556, which permit forward contract counterparties to terminate forward contracts immediately after a bankruptcy filing.
The impact of Jevic may have a wide ranging impact on how Chapter 11 cases are administered in the future.
The new receivership and assignment for benefit of creditors statutes took effect in 2012.
Jim Baillie conducted a joint interview of retired Bankruptcy Judge John Connolly and Mel Orenstein for the National Bankruptcy Archives.