What happens to a tenant's security deposit in Chicago when the landlord loses the building in foreclosure? Under the RLTO the landlord was supposed to have give the tenant a written notice before losing the building, at www.depositlaw.com , as soon as the landlord was first served in the foreclosure case. But this doesn't usually get done. So if the tenant is still there after the judicial process is finished, and the bank takes ownership, the tenant is stuck having to try to sue the landlord who apparently already can't pay their bills. Or just doesn't. If the landlord goes bankrupt this adds another level of complexity, since the tenant cannot sue in court, but must participate (promptly) in the bankruptcy proceedings. A lawyer for that help is usually expensive. A good first step for the tenant is to at least attend the meeting of the creditors with a copy of the lease or deposit receipt. Under the Chicago and Evanston Residential Landlord Tenant Ordinances, because the security deposit is held in trust, the tenant may be able to get priority over other creditors when it comes to return of the deposit. In the rest of Illinois, tenants probably have to get in line like all the other unsecured creditors. Finally, thanks to an amendment to the RLTO at www.depositlaw.com Section (e), a "lienholder", or the bank, may be liable to the tenant for the deposit after ownership is transferred back to the bank after the foreclosure is finished. This means a tenant may have a much <b>...</b>
Kansas City's GST Steel had been making steel rods for 105 years when Romney and his partners took control in 1993. They cut corners and extracted profit from the business at every turn, placing it deeply in debt. When the company eventually declared bankruptcy, workers not only lost their jobs but were denied their full pensions and health insurance, and the government was forced to step in and provide a bailout.
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Hostess Brands Bankruptcy Threatens Jobs in Cheshire Patch.com By Fred Musante According to an article in the New Haven Register, the Texas-based parent company notified its Connecticut workers that a total of 187 jobs in Cheshire, Bridgeport, East Windsor, Norwich and Montville could be at stake if union ...
Senator Suggests CFTC Chief Should Be Fired Wall Street Journal (blog) Jon Tester, the Montana Democrat, has raised the prospect that Commodity Futures Trading Commission Chairman Gary Gensler should be fired over his handling of the recent scandal and October bankruptcy at MF Global Holdings Ltd. CFTC played a large role ...
Oklahoma City Group Buys Dippin' Dots For $12.7M LEX18 Lexington KY News OKLAHOMA CITY (AP) - Investors from Oklahoma City have completed their $12.7 million purchase of Dippin' Dots LLC, a move that lifts the company from bankruptcy and carries the promise of expansion. The transaction closed Friday.
Insight: China pays high price to spare state firm from bankruptcy NEWS.GNOM.ES (press release) The rescue notwithstanding, the synthetic fiber maker's ordeal resembled a bankruptcy in everything but name. The hallmarks were all there: a sea of unpaid debts, a contest between creditors over who gets paid, and a potential takeover by stronger ...
