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: Arizona Bankruptcy Attorney Blog

Getting Their Bench Broken; Landmarc Capital in Receivership in Arizona, Said to be Insolvent

By Joseph McDaniel, Esq.

The word "bankruptcy" comes from two Italian words, "banca rupta", meaning "broken bench".

The phrase came about because moneylenders in Venice worked sitting on "banca" in the public square.

I read an article about an Arizona company that was just declared insolvent by the State of Arizona, and couldn't help thinking that their bench was just broken.

The receivership was set up so that the business could be wound down with less expense than a bankruptcy, and I wonder, when the day is over, which technique of liquidation will look less expensive.

Receiverships are interesting animals: I've done a few, and they're particularly creative because you get to sort of write your own version of the Bankruptcy Code in the Receivership Order, as long as the Judge decides it's a legit order. On the other hand, the Bankruptcy Court has specific statutes dealing with preferences and fraudulent transfers, and a huge supply of what lawyers call "jurisdiction", so I can see good arguments for handling the Landmarc Capital case in State Court with a Receivership and in Bankruptcy Court, as either a Chapter 11 or a Chapter 7.

Full post as published by Arizona Bankruptcy Attorney Blog on July 27, 2009 (boomark / email).

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