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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.
Special purpose entities in bankruptcy can be used
A business, usually a special-purpose entity, established to perform limited functions and to have one or a few primary creditors. This type of entity is sometimes established to protect lenders on large, complex projects, when the lender is to be paid solely or almost exclusively out of the money generated when the project becomes operational.
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Applicability Of Chapters
(a) Except as provided in section 1161 of this title, chapters 1, 3, and 5 of this title apply in a case under chapter 7, 11, 12, or 13 of this tit... Read more >
Definition:
Bankruptcies of municipalities; only a few of these are filed each year; over the period 1980 through 1988 there averaged about 4 Chapter 9 filings per year.
Chapter Ten
Definition:
A new chapter of the bankruptcy code proposed in 1992 and pending in 1993. Chapter 10, like Chapter XI of the old code, is designed for small business reorganizations.
Skeleton filing
Definition:
Term used at bankruptcy courts to describe a bankruptcy filing in which not all the necessary forms have been filed. Certain courts allow a case to commence if only certain important forms are filed so long as the balance of required forms are forthcoming within a certain period of time.
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