The big freeze

Article Abstract:

The asset preservation order which the Office of Thrift Supervision (OTS) used against Kaye, Scholer, Fierman, Hays and Handler comes from a part of the bank-oversight laws, 12 USC 1818(c)(1), allowing the agency to issue such an order without first going to court, and there is much controversy over whether the OTS' action constituted due process abuse. FIRREA, the law which came out of the savings-and-loan debacle, created the OTS and expanded its list of targets to include any 'institution-affiliated party.' The strict law and Congress' mood ensured that the regulators would be strict.

Legal services, Investigations, Savings and Loan Associations Bailout Crisis, 1987-, United States. Office of Thrift Supervision, Kaye, Scholer, Fierman, Hays and Handler

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Protecting pensions; solo practitioners advised to add employees to their plans

Article Abstract:

Federal bankruptcy courts in New York, California and Michigan have held that pension plans which benefit only a small business owner can be seized by creditors when the business owner goes bankrupt. Up until 1993, when these cases were decided, pension-plan assets were not deemed part of a bankrupt's estate since such assets are not currently available to the debtor. The three state courts held, however, that pension plans for the sole benefit of business owners were not 'ERISA-qualified.' These rulings may also apply to sole practitioners as they are deemed to be employers.

Laws, regulations and rules, Pension funds, Bankruptcy law, Debtor and creditor

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