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§ 553

In re Coastal Bus & Equip. Sales Inc.

Sep
14
2005
Ruling
IRS was granted right to apply prepetition tax liability refunds against unpaid postpetition tax liability incurred during the debtor's chapter 11 case under a right of recoupment.
Procedural posture

Creditor IRS moved for relief from the automatic stay to setoff pre-petition tax overpayments of the debtor against its unpaid tax liabilities incurred during the pendency of its chapter 11 case, including withholding, Federal Insurance Contributions Act ("FICA"), and Federal Unemployment Tax Act taxes.

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opinion summary, case decided on September 14, 2005 , LexisNexis #0106-095
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U.S. Aeroteam Inc. v. Delphi Automotive Systems LLC (In re United States Aeroteam)

Aug
01
2005
Ruling
Creditor found to have setoff rights for debt owed more than 90 days before filing, but trial was required to determine creditor's setoff rights for debt owed during 90 days prior to filing.
Procedural posture

Plaintiff debtor filed for bankruptcy. Defendant creditor filed a motion for relief from the automatic stay in order to exercise a right to setoff under 11 U.S.C. § 553. Plaintiff assignee joined in the action to determine whether its security interest in the debtor's accounts receivable affected the right to setoff. Both the debtor and the creditor filed motions for summary judgment.

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opinion summary, case decided on August 01, 2005 , LexisNexis #0106-096
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