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11 U.S.C. § 1204 — Removal of debtor as debtor in possession

Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1204 — Removal of debtor as debtor in possession

**(a)** On request of a party in interest, and after notice and a hearing, the court shall order that the debtor shall not be a debtor in possession for cause, including fraud, dishonesty, incompetence, or gross mismanagement of the affairs of the debtor, either before or after the commencement of the case. **(b)** On request of a party in interest, and after notice and a hearing, the court may reinstate the debtor in possession.

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Source location: Title 11, Chapter 12, § 1204; chapter-012-adjustment-of-debts-of-a-family-farmer-or-fisherman-with-regular-annual-income.md

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1201 — Stay of action against codebtor

**(a)** Except as provided in subsections (b) and (c) of this section, after the order for relief under this chapter, a creditor may not act, or commence or continue any civil action, to collect all or any part of a consumer debt of the debtor from any individual that is liable on such debt with the debtor, or that secured such debt, unless— (1) such individual became liable on or secured such debt in the ordinary course of such individual’s business; or (2) the case is closed, dismissed, or converted to a case under chapter 7 of this title. **(b)** A creditor may present a negotiable instrument, and may give notice of dishonor of such an instrument. **(c)** On request of a party in interest and after notice and a hearing, the court shall grant relief from the stay provided by subsection (a) of this section with respect to a creditor, to the extent that— (1) as between the debtor and the individual protected under subsection (a) of this section, such individual received the consideration for the claim held by such creditor; (2) the plan filed by the debtor proposes not to pay such claim; or (3) such creditor’s interest would be irreparably harmed by continuation of such stay. **(d)** Twenty days after the filing of a request under subsection (c)(2) of this section for relief from the stay provided by subsection (a) of this section, such stay is terminated with respect to the party in interest making such request, unless the debtor or any individual that is liable on such debt with the debtor files and serves upon such party in interest a written objection to the taking of the proposed action.

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1204 — Removal of debtor as debtor in possession

Page 296 TITLE 11—BANKRUPTCY § 1203 ‘‘(A) a maximum annual compensation not to ex- ceed the lowest annual rate of basic pay in effect for grade GS–16 of the General Schedule prescribed under section 5332 of title 5; and ‘‘(B) a percentage fee not to exceed the sum of— ‘‘(i) not to exceed ten percent of the payments made under the plan of such debtor, with respect to payments in an aggregate amount not to exceed $450,000; and ‘‘(ii) three percent of payments made under the plan of such debtor, with respect to payments made after the aggregate amount of payments made under the plan exceeds $450,000; based on such maximum annual compensation and the actual, necessary expenses incurred by such indi- vidual as standing trustee. ‘‘(2) Such individual shall collect such percentage fee from all payments under plans in the cases under this chapter for which such individual serves as standing trustee. Such individual shall pay annually to the Treasury— ‘‘(A) any amount by which the actual compensation received by such individual exceeds five percent of all such payments made under plans in cases under this chapter for which such individual serves as standing trustee; and ‘‘(B) any amount by which the percentage fee fixed under paragraph (1)(B) of this subsection for all such cases exceeds— ‘‘(i) such individual’s actual compensation for such cases, as adjusted under subparagraph (A) of this paragraph; plus ‘‘(ii) the actual, necessary expenses incurred by such individual as standing trustee in such cases.’’ See section 586(b) and (e) of Title 28, Judiciary and Ju- dicial Procedure. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2005 AMENDMENT Amendment by section 219(c) of Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not app

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