administrative insolvency
- administrative insolvency
-
USA
The inability of a debtor in bankruptcy to pay its administrative expenses, such as attorneys' fees and other professional fees. Administrative claims must be paid in full as a condition to confirmation of a Chapter 11 plan of reorganization, unless administrative creditors agree to less than full payment. Therefore, administrative insolvency usually results in conversion of the case to a Chapter 7 liquidation or a dismissal of the case.
Practical Law Dictionary. Glossary of UK, US and international legal terms.
www.practicallaw.com.
2010.
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