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Home / Opinion Digests / IRS scuttles proposed settlement (access required)

IRS scuttles proposed settlement (access required)

Where a proposed settlement would pay an unsecured creditor ahead of the Internal Revenue Service, which was a senior creditor, it violated the Bankruptcy Code’s priority schemes and was denied. Background In August of 2017, River House Enterprises LC obtained an arbitration award against the debtor, Tovan Construction Inc., and had that award confirmed in state court. ...