3 ms·
The state AG has very limited power over the Bankruptcy which is a Federal law. It is entirely possible the Federal Courts will reject it on the fact that the
by syshum 6y ago
The state AG has very limited power over the Bankruptcy which is a Federal law.
It is entirely possible the Federal Courts will reject it on the fact that the organization is not actually bankrupt but the State of New York can not "block" the Bankruptcy they can only petition the federal court to toss it
- ABeeSea 6y ago> However, state laws are often applied to determine how bankruptcy affects the property rights of debtors. For example, laws governing the validity of liens or rules protecting certain property from creditors (known as exemptions), may derive from state law or federal law. Because state law plays a major role in many bankruptcy cases, it is often unwise to generalize some bankruptcy issues across state lines.