Bankruptcy
May 15, 2013
9th Circuit rules bankruptcy courts can recharacterize transactions
The court rejected the long-accepted holding of In re Pacific Express that bankruptcy courts in the 9th Circuit do not have the authority to recharacterize transactions. By Larry Gabriel and Robyn Sokol
In a recent decision, In re Fitness Holdings Int'l, Inc., 2013 DJDAR 5560 (9th Cir. April 30, 2013), the 9th U.S. Circuit Court of Appeals rejected the long-accepted holding that bankruptcy courts in the 9th Circuit do not have the authority to recharacterize transactions. In re Pacific Express, Inc., 69 B.R. 112, 115 (B.A.P. 9th Cir. 1986). The decision brings the 9th Circuit in line with the vast majority of th...
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