Extortionate credit transactions: authority to set aside or vary debts and recover payments or security into the bankrupt estate. Section 167 permits the adjudicating authority, on the bankruptcy trustee's application, to set aside or vary debts or security arising from extortionate credit transactions entered into by the bankrupt within two years before the bankruptcy commencement date, to require repayment of sums or surrender of property to the trustee, and to include recovered sums and surrendered property in the bankrupt estate; extortionate credit transactions are those requiring exorbitant payments or that are unconscionable, with compliant regulated financial services transactions excluded.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Extortionate credit transactions: authority to set aside or vary debts and recover payments or security into the bankrupt estate.
Section 167 permits the adjudicating authority, on the bankruptcy trustee's application, to set aside or vary debts or security arising from extortionate credit transactions entered into by the bankrupt within two years before the bankruptcy commencement date, to require repayment of sums or surrender of property to the trustee, and to include recovered sums and surrendered property in the bankrupt estate; extortionate credit transactions are those requiring exorbitant payments or that are unconscionable, with compliant regulated financial services transactions excluded.
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