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Simple English definitions for legal terms

A quick definition of administrative expenses:

Administrative expenses are costs that are given the highest priority in bankruptcy cases. These expenses must have arisen from a transaction between the creditor and debtor after the bankruptcy case was filed, and must be necessary to preserve the estate. Examples of administrative expenses include wages, salaries, and commissions for services rendered after the commencement of the bankruptcy case, taxes incurred by the estate, and expenses incurred by a creditor in filing an involuntary petition or making a substantial contribution to the case.

A more thorough explanation:

Administrative expenses are costs and expenses that arise after a company files for bankruptcy and are necessary to preserve the company's assets. These expenses have the highest priority among creditor claims in bankruptcy.

For a claim to be considered an administrative expense, it must meet two criteria:

  1. The expense must have arisen from a post-petition transaction between the creditor and the debtor.
  2. The expense must have been "actual and necessary" to preserve the estate.

Examples of administrative expenses include:

  • Wages, salaries, or commissions for services rendered after the commencement of a bankruptcy case
  • Utilities expenses
  • Taxes incurred by the estate, except taxes of a kind specified in §507(a)(8)
  • Compensation and reimbursement awarded to officers of the bankruptcy case, such as trustees, examiners, and professionals
  • Actual, necessary expenses incurred by a creditor in filing an involuntary petition under §303

These examples illustrate how administrative expenses are necessary costs and expenses that arise after a company files for bankruptcy and are required to preserve the company's assets. They also show how administrative expenses have the highest priority among creditor claims in bankruptcy.

administrative agency | administrative forfeiture

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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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