Problem
Set 38, p.748
38.1
- Keep the business going and do nothing; wait the bills and claims come in; then file for bankruptcy and discharge.
- If you are the government counsel, set up a lien on the land. Or force her into bankruptcy to make sure their cleanup is post-petition. Got the administrative expense priority.
38.2
- Implication for Congress: conflict with the bankruptcy code? Preempted by the federal law? To what extent?
- Some state law clauses cannot be preempted by the bankruptcy code.
38.3
- Buy the insurance policy
- Buy some operation but not the entire company; §363 the court’s approval of the property clear of any right.
- Appoint a legal representative for the future claimants
- §524(g)(2)(B) exclusive jurisdiction about the validity, application, construction or modification of such injunction.
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