Retained Jurisdiciton in Chapter XI of the Bankruptcy Act: Why Not - Or, How to Have Your Cake and Eat It Too

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1974
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FIRST PARAGRAPH(S)|The object of a proceeding under Chapter XI of the Bankruptcy Act is the relief and rehabilitation of a debtor financially distressed. First the relief, then the rehabilitation. Relief becomes available upon the filing of a petition initiating the proceeding in Chapter Xl. At this point the debtor assumes most of the privileges and duties of a bankrupt, and his business and affairs are placed in the hands of a fiduciary, who has special powers and prerogatives provided by the Act. A general inventory of the relief available includes the court's exclusive jurisdiction, the power to reject executory contracts, the opportunity to sell or lease property with summary approval, extensive injunctive relief from creditors and others, the opportunity to exercise the avoiding powers of a bankruptcy trustee, and the ability to secure immediate operating funds by issuing certificates of indebtedness, obligations senior to virtually all other obligations then existing or to accrue...
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7 Creighton L. Rev. 492 (1973-1974)
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Creighton University School of Law
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