Bankruptcy
Sep. 24, 2010
The New Buzz! Sale of Electricity May Get Priority Status in Bankruptcy
There's now more support for the claim that electricity, and other commodities, should be given priority status in bankruptcy, by Allan H. Ickowitz and John W. Kim of Nossaman.
In a case of first impression, a bankruptcy court in Massachusetts has held that electricity sold by a supplier may be considered "goods" and that the supplier's payment claim is entitled to priority status under Section 503(b)(9) of the Bankruptcy Code. This was shocking to some! In re Erving Indus. Inc., 2010 Bank. LEXIS 1069 (Bank. D. Mass. Apr. 7, 2010).
The specific status given ...
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