- 11 U.S.C.
In re England Motor Co.
Jan
19
2010
Ruling
Relief from stay granted to the extent creditor bank could set off debtor subsidiary's account against debtor parent's debt.
Procedural posture
Bankruptcy debtors were a parent corporation and two subsidiaries, the parent obtained loans from a bank but did not have an account at the bank, and the subsidiaries had deposit accounts at the bank. The bank moved for relief from the automatic bankruptcy stay to allow the bank to set off amounts deposited in the subsidiaries' accounts against the parent's loan debt to the bank under 11 U.S.C.S. § 553.
ABI Membership is required to access the full summary of In re England Motor Co. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
: