Harsh consequences of unauthorized financing post-petition
The lenders and other creditors, credit or renewal of funding during a Chapter 11 cases do this with the hope that their rights the right of priority of payment has increased, in line with what the court approved an agreement reached with the debtor in possession (DIP) or the trustee in bankruptcy. Even if the Bankruptcy Code expressly confers a priority on the state of all these “administrative requirements,” relations with creditors DIP must be vigilant to ensure that the priority of their claims can not be challenged non - compliance with code requirements or new developments bankruptcy, such as transforming the event of a liquidation. A recent decision by a bankruptcy court shows Illinois, what can happen when a petition lender pays less appropriate attention on the details ….
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