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JP
JP, Attorney
Category: Bankruptcy Law
Satisfied Customers: 109
Experience:  Represented creditors and individuals in bankruptcy and consumer matters.
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Hello ,We are a small English company who granted a manufacturing

Customer Question

Hello ,We are a small English company who granted a manufacturing license to a US Company in NC under New York Law.The NC Company has filed for bankruptcy .We consider chasing the 44k owed us is a waste of time.However,we wish to grant a new license to a small US Company who have earned our respect.Who can I employ to 'cut away' the old company and grant license to the new.Regards.Kevin Behan
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  JP replied 6 years ago.

First, considering which type of bankruptcy case was filed by the NC company, "chasing the 44k" may not be a waste of time. If the NC company filed a chapter 11 bankruptcy, which is likely the case, the unsecured creditors are allowed to participate in the process and ensure that their interests are also protected. If the NC Company had several unsecured creditors when they filed the bankruptcy case, there may have been a creditors committee formed that will also have to agree on the terms of any reorganization plan proposed by the NC company. You should file a proof of claim and a Notice of Appearance in the bankruptcy case immediately and put the Court on Notice that you are a valid creditor who is owed money.

 

By "cut away" I assume you mean you want to rescind the contractual relationship that you have with the NC company. Unfortunately, since the NC company has filed for bankruptcy, they will need to seek permission from the Court before they will be allowed to rescind or void any contracts that were valid and enforceable upon the time of filing. Once the case was filed your contract with the NC company became property of the bankruptcy estate. If the NC company is still the debtor in possession and a separate trustee has not been appointed, rescinding the contract may be easy, if it is in the best interests of the bankruptcy estate. Whether the contract is beneficial to the bankruptcy estate will depend upon whether the relationship is still viable and profitable for the NC Company. If it not beneficial to the bankruptcy estate then you should not have a problem obtaining approval from the Court to have the contract rescinded.

 

You are correct in that you need to hire a bankruptcy attorney in your area who is knowledgable with the type of bankruptcy case filed by the NC Company (which is probably a chapter 11 case). The attorney will be able to help you navigate through the bankruptcy process.

 

The important thing to remember is that you need to be a part of the bankruptcy process and anything that has become a part of the bankruptcy estate will have to be handled in the bankruptcy case.

 

I hope you found this information helpful.

JP, Attorney
Category: Bankruptcy Law
Satisfied Customers: 109
Experience: Represented creditors and individuals in bankruptcy and consumer matters.
JP and 2 other Bankruptcy Law Specialists are ready to help you
Customer: replied 6 years ago.
Thank You,
We orginaly wanted to make agreement with this N C Company under London Law.However,we settled for New York Law rather than NC State law.This we assume
will mean we will need a Lawyer from New York ?
With Regards
Expert:  JP replied 6 years ago.

Yes, because the agreement is subject to New York law you should retain a New York lawyer or a lawyer familiar with New York State law.

 

Best Regards,

Customer: replied 6 years ago.
Hello ,
I would be obliged if you could recommend an affordable Lawer
who could handle this matter for us ?
Thank You.
Expert:  JP replied 6 years ago.

Unfortunately, I do not know of any New York attorneys that I could refer to you. You should be able to go to Lawyers.com, which is run by Martindale Hubbell, to help you search for an attorney that could meet your needs.

 

Best Regards

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