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To embed, copy and paste the code into your website or blog: The ability of a creditor to exercise its contractual, common law or statutory rights under non-bankruptcy law to set off amounts owed to a debtor in bankruptcy against the debtor s obligations to the creditor gives offsetting creditors an important advantage. Unlike many other creditors, creditors with setoff rights can receive preferential treatment in the form of full payment on their claims up to the amount of the setoff. However, a limitation on the exercise of setoff rights in bankruptcy is the Bankruptcy Code s requirement that the debts involved must be mutual, a concept that is not well understood and sometimes disputed in the courts. The U.S. Court of Appeals for the Third Circuit recently addressed the meaning of mutuality in this context as a matter of first impression. In ....
Manatee School Board agrees to $525,000 in lawsuit related to troubled software project [The Bradenton Herald] Dec. 9 The School Board of Manatee County has agreed to pay $525,000 and resolve a lawsuit with Ciber Global LLC, a key player in the district’s troubled ERP project. The ERP software, or enterprise resource planning system, was prepared under then-Superintendent Diana Greene between 2015 and 2018. School board members including Karen Carpenter, John Colon, Robert Gause, Charlie Kennedy and Dave Miner were told in 2016 that new software would modernize the district for less than $10 million. It was supposed to streamline every corner of their business operations, including payroll, human resources, benefits and purchasing. The system had a ripple effect when it launched with countless errors on July 1, 2018, the same day that Greene became superintendent of Duval County schools. ....