Thank you for your question.
Under normal circumstances, no. The BK court has a LOT of jurisdiction over the debtor business, but its authority over creditors is limited to their claims and what they do or don't do to or about the debtor.
The same thing applies to a debtor TO the debtor corporation. The "account receivable" is an asset of the debtor company, and a liability of the company that owes the money.
The BK court rarely gets involved in the details of running the debtor business...but the BK TRUSTEE can and often (but not always) does. All that can be required would be payment of the debt to the BK-filing business "in the normal course of business".
Ok well what I am being told is they bank loans the filing company owns will be in default if I dont shut the other business down and file chapter 7 on it and this is all based on that company oweing the filing company 137,000 dollars
so if I set up a payment program from one company to the other there would be nothing legally that could be done through the laywers or court?
Bank loans are new to this question... Defaults on bank loans to one business, default being caused by keeping another business in operation, sounds too much like a fact-specific question involving analysis of the specific loan contract(s) to be suitable for JustAnswer.com. We just can't do that here.
The follow-up question about setting up a payment plan is one that cannot be answered with the information given. If one company owes another $137,000.00, I would expect that to be either in the form of a loan agreement with some repayment schedule, or an issuance of corporate debt in the form of bonds (which themselves usually have only periodic interest payments and a single payment at the maturity of the bond), or a loan at interest with no firm repayment date.
Lending money so a "payment plan" could be started now, rather than being already set in stone, implicates the "insider transaction" rules of bankruptcy. This raises potential concerns about what the Chapter 11 Trustee will want to do. Insider transactions begun less than a year before filing get special scrutiny. Lack of full documentation, like corporate resolution to approve a large loan, brings even more danger. These transactions can be "avoided" or reversed.
These are examples of the "something more" referenced in my first answer.
There's a whole 'nuther set of things involved if the bank loans include personal guarantees by the owner of both businesses, and the loan is deemed in default if ANY business owned by the owner goes into BK. This would be more of a contracts analysis thing, including a question of whether the "global default" clause (the most common way this comes into play) is even enforceable.
LOTS of things can be done, many of them legally. Consultation with an attorney who has the benefit of ALL information and ALL documents is needed if you want to know how the law precisely applies to your own situation. See Terms of Service, Paragraph 7.
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