Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.
As far as you know, will your company be paying what the license is reasonably worth to acquire the license?
Thank you for your response.If the second company files a Chapter 7 Bankruptcy - which is a liquidation Bankruptcy - the Bankruptcy trustee will be interested only in whether or not assets sold by the company within the 2 years before the Bankruptcy filing were sold for what they could reasonably be sold for. (If not, the sale could be reversed.)Since you will be paying a reasonable price for the license, the company's Bankruptcy will have no affect on your license or your ability to execute it.I think this is what you wanted to know. If not, please let me know.Thank you.
is there an issue if I am a shareholder in both companies?
No - being a shareholder of both companies will not matter - as long as the license is sold for a reasonable approximation of what it is worth.
(In fact, this type of sale often involves shareholders, as they are more likely than non-shareholders to know about the availability of the asset.)
thanks. that is all for now.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).