What can my township do with lef...
Act 188 of 1954 (“Act 188”) is a statute that many townships use to finance many improvements using special assessments ranging from lak...
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A bankruptcy proceeding occurs when an insolvent business (or individual) files a petition, which starts the bankruptcy proceeding. On the date the petition is filed, debts owed by the business are classified as pre-petition debts and post-petition debts. If personal property taxes were due before the filing, that is a pre-petition debt and should be included in the Township's claim. Post-petition debts can also be collected by filing claims during the bankruptcy proceeding. These claims are known as administrative expenses.
Post-petition debts often include personal property taxes that will come due during the bankruptcy proceeding. The Township Treasurer can obtain a jeopardy assessment under MCL 211.691 and accelerate the date that future personal property taxes are due and become a lien. As a lien, the claim will receive priority of payment in the bankruptcy proceeding. While recovery is not guaranteed, it does improve the chances of payment.
Act 188 of 1954 (“Act 188”) is a statute that many townships use to finance many improvements using special assessments ranging from lak...
Read MoreRenewable energy projects including utility-scale wind and solar energy developments are becoming more and more prevalent in Michigan. In re...
Read MoreFahey Schultz Burzych Rhodes PLC is delighted to announce that three new summer associates will be joining the firm for its 2021 summer asso...
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