Catholic Institutions and Chapter 11 Reorganization Bankruptcy: USA Civil Law and Canonical Considerations
When civilly incorporated public juridic persons in the United States experience financial distress, the filing of Chapter 11 reorganization bankruptcy may be a viable option to manage their obligations to creditors while fulfilling the mandate required by canon law. Specifically, reorganization ban...
| Main Author: | |
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| Format: | Electronic Article |
| Language: | English |
| Check availability: | HBZ Gateway |
| Journals Online & Print: | Drawer...
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| Fernleihe: | Fernleihe für die Fachinformationsdienste |
| Published: |
Peeters
[2018]
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| In: |
Studia canonica
Year: 2018, Volume: 52, Issue: 1, Pages: 223-253 |
| Standardized Subjects / Keyword chains: | B
Church institution
/ Bankruptcy
/ Insolvency process
/ USA
/ Canon law
/ Estate planning
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| RelBib Classification: | KBQ North America SB Catholic Church law XA Law |
| Online Access: |
Volltext (lizenzpflichtig) |
| Parallel Edition: | Non-electronic
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| Summary: | When civilly incorporated public juridic persons in the United States experience financial distress, the filing of Chapter 11 reorganization bankruptcy may be a viable option to manage their obligations to creditors while fulfilling the mandate required by canon law. Specifically, reorganization bankruptcy provides these Catholic institutions with a way to retain ownership and control of their assets, remain in operation in order to continue their ministries, while at the same time be in dialogue with creditors in order to propose a viable reorganization plan to repay creditors in an equitable fashion. As Catholic institutions that have been civilly incorporated, these institutions are governed by two distinct legal systems (civil law and canon law), navigating these two complex bodies of laws can be a daunting task. Bringing together the major parts of the Chapter 11 reorganization bankruptcy process and canon law's stipulations regarding the ownership and the administration of temporal goods, this article seeks to highlight some of critical areas and procedures that Church officials and administrators of civilly incorporated public juridic persons in the United States should take into consideration as they discern and anticipate in the filing of Chapter 11 reorganization bankruptcy. |
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| ISSN: | 2295-3027 |
| Contains: | Enthalten in: Studia canonica
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| Persistent identifiers: | DOI: 10.2143/STC.52.1.3285219 |