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Maverick
Maverick, Attorney
Category: Business Law
Satisfied Customers: 3431
Experience:  13+ years of experience
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Hi Maverick, you have helped me out several times before and

Resolved Question:

Hi Maverick, you have helped me out several times before and I always appreciate your advise. W have previously talked about my design firm. To refresh your memory I allowed other designers to use my location to utilize for there business. I had a designer get fired by her client. He then sued my company that is an INC. for breech of contract. He would not allow us to finish his drapery and we had proof, But we went to court this week in front of a jury and they awarded her client 45k and 12K in attorney fees. Needless to say, I am going to have to BK the company and start another. I do not have a retail store. I do have office assets, Can I sale these? without reprocutions? Is there any steps I need to know. The judgement will be filed this week. Can you explain the process? After judgement is filed is it his lawyer that send a bill? Or the court system? Do they allow payments if I where to not file BK? If not, how long are you given to pay before turned over for collections? and if not paid, how long before I need to file BK? Thank you! Aimee
Submitted: 4 years ago.
Category: Business Law
Expert:  Maverick replied 4 years ago.

Who is the judgment against...you or the INC or both?

 

What assets does the INC have and how much are they worth?

 

 

Customer: replied 4 years ago.
The judgement was only against the Inc and
assets total around 8,000.
Expert:  Maverick replied 4 years ago.

You do not need to file BK. Since the judgment was against the INC, all you have to do is let them try to collect their money against the INC. You really are not supposed to sell the assets as that could be considered a fraudulent transfer ans subject you to personal liability where as of now, it appears you have none.

 

You can try to work out a payment plan if you need to keep the INC open for its name, but I would not bother otherwise.

 

The court will eventually issue orders to garnish the INC's bank accounts and seize its assets.

 

After that you can just wind up the corporation and start back up under a similar name.;

 

 

Customer: replied 4 years ago.

one last question and thanks for the information!Very helpful!

If I start operating under another name and put the ownership under my husband can I go ahead and shut the doors and start business or is it important to wait til they garnish before I do so?

 

If I do not file BK on the inc can they come after the new company?

 

thank you for all your help

Expert:  Maverick replied 4 years ago.

They cannot come after the new company so long as you do not commingle the assets of the old company and the new company.

 

BK is not needed here, rather you need to dissolve the old inc after they complete their collection efforts. You may want to just invite the creditor to come and see what the inc has and take it so that you can short circuit the process and move on.

 

Starting the business in the same location and using the old business's customer list without paying fair value for it may cause some issues. So it is best to wait till the creditor takes what is left in the old and you close the old and dissolve it with the State's Sec of State's office.

 

 

Please click "Accept" so that I can get credit for this answer. We can continue our conversation after that at no additional charge. Thank you.

 

You may be able to find an attorney in your area to further assist you by going to http://www.martindale.com/ or http://www.lawyers.com/.

Maverick, Attorney
Category: Business Law
Satisfied Customers: 3431
Experience: 13+ years of experience
Maverick and 5 other Business Law Specialists are ready to help you

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