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Netal, Inc., Ch. 7, BK09-82992-TJM (Sept. 26, 2012)

The super-priority administrative expense claim granted to the IRS in exchange for the debtor’s use of cash collateral in its Chapter 11 case did not survive the case’s conversion to Chapter 7. The IRS’s lien was subordinated by the terms of § 724(b).

Wednesday, September 26, 2012