43 Minutes Late|Is Out, Circuit Rules

     (CN) – A creditor is not entitled to participate in bankruptcy proceedings because it missed the filing deadline by 43 minutes, the 7th Circuit ruled.

     marchFIRST, an Internet consultant, sent a bankruptcy notice to creditors that set a deadline of 4 p.m. on Oct. 4, 2001.
     Avnet filed its proof of claim at 4:43 p.m. that day.
     The bankruptcy court upheld the objection of the estate that Avnet’s claim should be disallowed, and Judge Sykes of the Chicago-based federal appeals court agreed.
     “Avnet, a sophisticated claimant with the benefit of counsel, did not explain why it waited until 43 minutes after the deadline to fax its copy of its proof of claim,” Sykes wrote.

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