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Austin Bankruptcy - Terms & Definitions

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Illiquid
inability to convert assets into cash. See insolvency
Impaired (class of claims or interests)
In a Chapter 11 case, a class is impaired unless the rights of each member are unaltered (except for the cure of any default and deacceleration of the debt) or the claim or interest is paid out in cash. (§1124)
Impaired Date
a claim not paid according to its terms on the effective date of a Chapter 11 plan. For example, unsecured creditors who are to be paid over an extended period of time are impaired. An impaired class of claims is entitled to vote to accept or reject a Chapter 11 reorganization plan.
Impeachment
1.The process of calling a witness's testimony into doubt. For example, if the attorney can show that the witness may have fabricated portions of his testimony, the witness is said to be "impeached;" 2.The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government, who are then tried by the Senate
Improvement In Position Test
one of the requirements for the avoidance of a transfer under §547 is that the transfer enabled the creditor to improve on the position that it would have occupied without the transfer. Improvement in position occurs where the transfer has enabled the creditor to receive more on its claim than it would have been paid in a hypothetical Chapter 7 distribution in the absence of the transfer.
In Camera
Latin, meaning in a judge's chambers. Often means outside the presence of a jury and the public. In private.
In custodia legis
(Latin: "In the custody of the law".) The retention of property for safekeeping by the sheriff, a receiver, or some other person with legal authority.
Inculpatory Evidence
Evidence indicating that a defendant did commit the crime.
Indictment
The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies. See also information.
Individual
a natural person, as distinct from a corporate entity.
Indubitable Equivalent
a broad standard for measuring adequate protection under §361(3). The court must be satisfied that a proposed method of protecting an interest in property will undoubtedly provide the claimant with value equal to the value of the interest. Indubitable equivalence is also used as a standard for determining whether a secured claim has been treated fairly and equitably in a cramdown confirmation. (§1129(b)(2)(A)(iii))
In forma pauperis
"In the manner of a pauper." Permission given by the court to a person to file a case without payment of the required court fees because the person cannot pay them.
Information
A formal accusation by a government attorney that the defendant committed a misdemeanor. See also indictment.
Injunction
A court order preventing one or more named parties from taking some action. A preliminary injunction often is issued to allow fact-finding, so a judge can determine whether a permanent injunction is justified.
Insider (of corporate debtor)
A director, officer, or person in control of the debtor; a partnership in which the debtor is a general partner; a general partner of the debtor; or a relative of a general partner, director, officer, or person in control of the debtor.
Insider (of individual debtor)
Any relative of the debtor or of a general partner of the debtor; partnership inwhich the debtor is a general partner; general partner of the debtor; or corporation of which the debtor is a director, officer, or person in control.
Insider (of the Debtor)
generally, an entity in control of a debtor or a debtor's relatives. The definition of an insider will vary depending upon the debtor's identity as an individual, partnership, or corporation. Section 101(30) of the Bankruptcy Code defines insider.
Insolvency
inability to pay debts, determined by one of two tests: inability to pay debts as they fall due (called the "equity test") or an excess of liabilities over assets (called the "bankruptcy" or "balance sheet" test). (§101(32))
Insolvent
an entity is generally insolvent when its liabilities exceed its assets. Section 101(31) of the Bankruptcy Code defines insolvency.
Intellectual Property
patents, copyrights, and trademarks.
Interim Trustee
the trustee appointed by the United States Trustee to administer a bankruptcy estate prior to the meeting of creditors called for by Section 341(a) of the Bankruptcy Code. The interim trustee will become the permanent trustee unless the creditors elect a different trustee at the meeting of creditors.
Interrogatories
A form of discovery consisting of written questions to be answered in writing and under oath.
Inventory
any form of personal property that a debtor uses to produce revenue.
Involuntary Bankruptcy
a bankruptcy proceeding initiated by one or more creditors (or general partners of a partnership) by filing a petition seeking the entry of an order for relief, a judgment that the debtor is bankrupt. Also known as an involuntary petition. Section 303 of the Bankruptcy Code governs involuntary petitions.
Ipso Facto Clause
a clause in a contract defining insolvency or a bankruptcy filing as an act of default. These clauses generally are not enforceable in bankruptcy proceedings.
Issue
1. The disputed point between parties in a lawsuit; 2. To send out officially, as in a court issuing an order.

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