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In re First NLC Financial Services, LLC

2008 Bankr. LEXIS 1466 (2008)

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In re First NLC Financial Services, LLC

United States Bankruptcy Court for the Southern District of Florida
2008 Bankr. LEXIS 1466 (2008)

  • Written by Philip Glass, JD

Facts

Rule 6003 of the Federal Rules of Bankruptcy Procedure (Rule 6003) established a 20-day cooling-off period after a debtor filed a Chapter 11 petition. Before the conclusion of its cooling-off period, First NLC Financial Services, LLC (NLC) (plaintiff) submitted a request to the bankruptcy court to employ counsel Berger Singerman, P.A., as a form of interim relief. The United States trustee (defendant) opposed this request on grounds that Rule 6003 precluded interim relief unless a debtor could establish that immediate and irreparable injury would otherwise result. In response, financial consultant and chief restructuring officer Thomas Allison, testifying on behalf of NLC, contended that NLC would experience immediate and irreparable injury if the court denied NLC’s request for counsel as interim relief. According to Allison, debtors-in-possession never went without counsel in the direct aftermath of a Chapter 11 filing, and denying counsel at this critical time would disastrously impede the reorganization process. The bankruptcy court decided on NLC’s application for interim relief.

Rule of Law

Issue

Holding and Reasoning (Hyman, C.J.)

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