Wagner Davis P.C

Bankruptcy/Creditor’s Rights/Consumer’s Rights

karl — Wed, 08 Oct 2008 18:29:33 +0000

Occasionally, a creditor’s efforts to obtain payment for a debt (or to enforce judgment) due and owing is frustrated by the filing by the debtor of a voluntary petition in bankruptcy, thus imposing automatic injunctive relief against further collection efforts known as the “automatic stay” (11 USC §362, the “Bankruptcy Code”). Often enough, a debtor seeking relief under Chapter 7 of the Bankruptcy Code has fraudulently induced the creditor to provide credit to the debtor in the months immediately preceding the debtor’s filing of the bankruptcy petition.

The firm’s professionals offer a full array of services to protect and enforce the rights of creditors who have been forced to seek collection within the confines of the Bankruptcy Code. The firm’s professionals possess substantial experience - and have enjoyed great success - in prosecuting motions for relief from the automatic stay and in connection with objections to confirmation of debtor reorganization plans, as well as in adversarial proceedings objecting to discharge of Chapter 7 debtors in those cases where a debtor has fraudulently induced a creditor to extend credit.

While the firm’s professionals do not engage in general representation of consumer debtors in bankruptcy, the firm’s professionals are also experienced in prosecuting adversarial proceedings in cases where a creditor has violated the automatic stay. The firm’s professionals also protect and enforce the rights of consumers in alternative areas of law such as the Federal Fair Debt Collections and Practices Act (”FDCPA”).

Q. What is the role of a managing agent?

karl — Tue, 07 Feb 2006 17:45:26 +0000

A. It is the managing agent’s responsibility to act as a board’s representative and liaison to the shareholders and unit owners. The agent, as a fiduciary, is subject to duty to act in good faith and so as not to bring “disrepute” upon the corporation and the board of the tenants. Fiduciary duty further obligates a managing agent to act solely for the benefit of the corporation. Any profits made in connection with a transaction conducted on behalf of a corporation must be given to the corporation.

Q. What are the most frequently litigated areas for co-ops and condos?

karl — Tue, 07 Feb 2006 17:44:31 +0000

A. The most frequently litigated areas are admissions to co-ops and condominiums, disclosure of grounds to withhold consent, discrimination, sales restrictions, bank foreclosure, sublets in co-ops, the right to sublet, roommate, holders of unsold shares, alterations, certificates of occupancy, warranty of habitability, house rules, pet policies, equal opportunities for handicapped people, flip taxes, and mortgage foreclosures.

Q. Why do we need Directors & Officers Insurance? What does this protect my board against? What does it not protect it from?

karl — Tue, 07 Feb 2006 17:43:49 +0000

A. Directors and Officers Insurance protects directors and officers of co-op and condos from personal liability against claims of breach of fiduciary duty, bad faith acts, misconduct or negligence, and cover acts that were properly performed while the board members and officers are acting in such capacity.

The policies do not protect officers or directors if they are guilty of breach of fiduciary duty, bad faith acts or misconduct.

News and Decisions of Interest Section

karl — Tue, 07 Feb 2006 17:39:59 +0000

This is a placeholder for the news & decision of interest section