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Court sides with tax collectors in bankruptcy dispute (Minneapolis-St. Paul Star Tribune) WASHINGTON - The Supreme Court on Monday ruled in favor of state tax collectors in a dispute involving bankruptcy court protection for failing businesses. Update: Cooley Advises Creditors Committee in Hancock Fabrics, Inc.'s Bankruptcy Filing (Marketwire via Yahoo! Finance) Hancock Fabrics, Inc., a specialty retailer of fashion and home decorating textiles, sewing accessories and needlecraft supplies, announced it has filed a Plan of Reorganization under Chapter 11 of the bankruptcy code with the United States Bankruptcy Court for the District of Delaware. The filing has the support of its creditors and equity committees. Bankruptcy filings jump (BizJournals) Business bankruptcy filings in Delaware, where many companies are incorporated, skyrocketed in late 2007 and the first quarter of this year. Yet, bankruptcy lawyers said there has yet to be a wave of filings from developers, lenders, builders and other entities connected to the credit crisis. High Court Rules 7-2 On Transfer Taxes In Piccadilly Bankruptcy (Nasdaq) WASHINGTON -(Dow Jones)- The U.S. Supreme Court Monday, in a case involving the bankruptcy of Piccadilly Cafeterias Inc., ruled that companies can't avoid the payment of transfer taxes on asset transfers made before a court confirms a bankruptcy plan. Soft-serve startup melts into $6M bankruptcy (BizJournals) A Rocklin startup that makes ice cream dispensers filed for Chapter 7 bankruptcy, claiming only its office security deposit and $100 in cash as assets. Creditors OK Wornick's bankruptcy reorganization plan (Cincinnati Business Courier) Wornick Co.'s emergence from Chapter 11 bankruptcy could come by the end of the month, after creditors approved the company's reorganization plan filed in April. Waste hauler for transfer station declares bankruptcy (Green Bay Press-Gazette) The waste transfer station in Hobart will remain open while Brown County officials take steps to hire a new station operator and hauler after the company under contract filed for bankruptcy. Bankruptcy rising among seniors (USA Today) From 1991 to 2007, the rate of personal bankruptcy filings among those ages 65 or older jumped by 150%, according to AARP, which will release new research from the Consumer Bankruptcy Project on Tuesday. The most startling rise occurred among those ages 75 to 84, whose rate soared 433%. Bankruptcy bucks (BizJournals) Picture an eBay for bankruptcy claims, and you'll have a pretty good idea what David Williams' company does. Economic slide means bankruptcy business rising (BizJournals) Business for bankruptcy attorneys in metro Atlanta, unfortunately, is booming. |
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