QUESTION
What can you get as a business partner from a company when the company files for chapter 11?
Asked on Mar 07th, 2017 on Bankruptcy - Colorado
4 ANSWERS
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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Usually, a company lines up its future business partner before it files Chapter 11.
Answered on May 24th, 2017 at 5:35 AM
Business partners are generally not addressed in the Chapter 11 plan as they are not creditors. If you are a creditor, the terms of the plan should control what you get.
Answered on May 23rd, 2017 at 9:14 AM
Hire an experienced Chapter 11 BK lawyer to review the bankruptcy court file with you. There is a wealth of information in the materials.
Answered on May 23rd, 2017 at 9:13 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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If you are a true general partner, you could be asked to return to the Ch. 11 bankruptcy estate payments you received from the company going back a year or more. If you are a limited partner, or if the business is not a partnership, then you may be free of liability. Consult an experienced bankruptcy lawyer. It's almost always worth the investment.
Answered on May 23rd, 2017 at 9:13 AM