Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

involuntary gap claim

Read a random definition: causa proxima

A quick definition of involuntary gap claim:

An involuntary gap claim is a type of claim that arises during a bankruptcy case. It refers to a claim that is made by a creditor after an involuntary bankruptcy petition has been filed but before the appointment of a trustee or the order for relief. These claims are given priority in payment to encourage creditors to continue doing business with the debtor until the bankruptcy case is resolved.

A more thorough explanation:

An involuntary gap claim is a type of claim that arises in the ordinary course of business after an involuntary bankruptcy petition has been filed but before the order for relief or the appointment of a trustee. This type of claim is given priority under bankruptcy law to encourage creditors to continue dealing with a debtor until the debtor has a chance to challenge the involuntary petition.

For example, if a company files for bankruptcy and a supplier delivers goods to the company after the bankruptcy petition has been filed but before the appointment of a trustee, the supplier may have an involuntary gap claim for payment of those goods.

Another example could be a landlord who is owed rent by a tenant who files for bankruptcy. If the landlord continues to provide services to the tenant after the bankruptcy petition has been filed but before the appointment of a trustee, the landlord may have an involuntary gap claim for payment of those services.

These examples illustrate how an involuntary gap claim can arise in the ordinary course of business and how it is given priority under bankruptcy law to encourage creditors to continue dealing with a debtor.

involuntary euthanasia | involuntary lien

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
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.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
WorthlessAttractiveZombie
7:44
My berkeley paragraph finally disappeared. I definitely think it is just an indicator that they are actively reviewing files, and does not mean anything about A, WL, or Rs
WorthlessAttractiveZombie
7:46
Also has anyone's date disappeared for W&L? Mine did last night
7:55
@WorthlessAttractiveZombie: mine did yesterday morning
7:56
Oops sorry I meant Vilanova. Mine disappeared last week
soapy
8:48
UMN under review! As predicted, decisions are gonna come out early December
Minus those random R decisions from UMN yesterday though right? I wonder what happened there. I don’t think I’ve seen a school start the season out with anything but As on here
almost all of my apps have been UR for 6 weeks at this point I feel exhausted waiting for them to finish
Irvine is being snobby and wont start any review until end of Nov.
LSD+ is ad-free, with DMs, discounts, case briefs & more.