11th Circuit Reverses; Tax Refunds Not Part Of Bankruptcy Estate

11th Circuit Reverses; Tax Refunds Not Part Of Bankruptcy Estate

ATLANTA - A panel of the 11th Circuit U.S. Court of Appeals on Aug. 15 reversed a bankruptcy court's ruling that more than $48.11 million in tax refunds were part of the bankruptcy estate for a bank that had become insolvent and held that the money had to be turned over to the Federal Deposit Insurance Corp. for distribution to the debtor's subsidiary corporations (Clifford A. Zucker v. FDIC $(In Re: BankUnited Financial Corporation$), No. 12-11392, Chapter 11, 11th Cir.; 2013 U.S. App. LEXIS 16896).

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