I loaned a restaurant business in Chocago $20,000. I was a limited partner in the corporation. The business was sold by the general partner and I was not paid. The general partner has filed personal bankruptcy. Do I have any oprtions.
Country relating to Question: United States
State (if USA): Illinois
Trying to get a response from the General Partner and his attorney without success.
I think you do. Is the bankruptcy still pending?
Yes, there is a bankruptcy hearing June 1. The business was sold for less than what was owed to all the creditors but it appears the general partner just paid himself.
You could file a "proof of claim" with the bankruptcy court against him for fraud and theft because he wrongfully paid himself monies when he shouldn't have - you were also a partner plus owed money.If fraud is accepted by the Trustee - he won't be able to discharge the debt to you.You can pick up a proof of claim from the bankruptcy court where he filed or here is a link:
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).