QUESTION

Can a Iowa Businees Trust declare bankruptcy?

Asked on Oct 15th, 2011 on Bankruptcy - Iowa
More details to this question:
This is an Irrevocable Business Trust. Thank you very much.
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1 ANSWER

William/J Joanis
Under sec 101(9), a "corporation" includes a business trust.  Under 101(41), a "person" includes a corporation.  Under section 109, a person can file, with exceptions that do not apply, so, it can file.  The issue is then, who has the power to file the petition, and only a review of the trust agreement would resolve that issue.
Answered on Oct 23rd, 2011 at 7:37 PM

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