context: The plain text of the Bankruptcy Code sheds light on two important aspects of Section 305(a)(1). First, abstaining under Section 305(a)(1) must be in the interest of the debtor, in addition to the creditors.
citation_a.signal: no signal
citation_a.identifier: 91 B.R. 213, 215
citation_a.parenthetical: "In addition to the creditors' interest it is necessary to prove that dismissal under SS 305 would also be in the best interest of the debtor."
citation_a.sentence: Inc., 91 B.R. 213, 215 (Bankr.E.D.N.Y.1988) (“In addition to the creditors’ interest it is necessary to prove that dismissal under § 305 would also be in the best interest of the debtor.”); see also In re Williams, 305 B.R. 618, 621 (Bankr.D.Conn.2004) (considering the “prejudice to the Debtor” in whether to dismiss the case under Section 305(a)(1)); Alan N. Resnick & Henry J. Sommer, 2 Collier on Bankruptcy ¶ 305.01[1] (16th ed. 2012) (“Section 305 is reserved for those rare occasions when both the creditors generally and the debtor itself are better served by dismissal or suspension.”)
citation_b.signal: see also
citation_b.identifier: 305 B.R. 618, 621
citation_b.parenthetical: considering the "prejudice to the Debtor" in whether to dismiss the case under Section 305(a
citation_b.sentence: Inc., 91 B.R. 213, 215 (Bankr.E.D.N.Y.1988) (“In addition to the creditors’ interest it is necessary to prove that dismissal under § 305 would also be in the best interest of the debtor.”); see also In re Williams, 305 B.R. 618, 621 (Bankr.D.Conn.2004) (considering the “prejudice to the Debtor” in whether to dismiss the case under Section 305(a)(1)); Alan N. Resnick & Henry J. Sommer, 2 Collier on Bankruptcy ¶ 305.01[1] (16th ed. 2012) (“Section 305 is reserved for those rare occasions when both the creditors generally and the debtor itself are better served by dismissal or suspension.”)