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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 91824
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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The company I have worked for is in Chapter 11, I can afford

Customer Question

The company I have worked for is in Chapter 11, I can afford to buy equipment, stay in same location, but do I need to change the name totally. I would own the company 100%
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking.

You do not have to change the name legally and that is up to the company as you can buy the name rights to them. The company owns the name and that is a separate piece of property or asset that has value, so it is up to the company/receiver if they want to sell the rights to the name and that is something you would have to negotiate for based on the goodwill associated with the name. If they do not want to sell the name though, they have the right to not do so.



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Customer: replied 1 year ago.


That is not a problem, however, the reorganization group is insisting I must change the name to get a fresh start. It feels that unsecure creditors will come after me, but there are no unsecure creditors just secured. How can I explain this to an well know expert, who gets really pissed off when I don't agree with them. I am not a wus, but easily intimidated.

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your reply.

The problem is that the reorganization groups until the Ch 11 is released control these matters. The only way you can explain it so they understand is present the proof of there being no unsecured creditors. While you disagree with them, the problem is that the trustees and reorganization group have to approve the plan and all you can do is negotiate with them.
Customer: replied 1 year ago.

Paul, this guy is really hard noise and says baggage will follow me, but our company currently has an excellent reputation, and very good contracts and a name change would alert my only competitor. How do i explain to a guy like this in a respectful and from a knowledge base. His answer was fine do it your way and fail again. He is good, but i see it as starting over when the customer base, advertising, websites, google is already setup.Paul, I need a really good script.

Expert:  Law Educator, Esq. replied 1 year ago.
I would love to be able to give you a detailed script, but legally the site rules forbid me from doing so and I also do not have the sufficient details to do so.

However, the general issue is if he is saying "fine do it your way," you need to respond that "goodwill is an asset of this company and the goodwill is still flowing from the company and it would cause you greater financial hardship to abandon the name recognition and goodwill and start over from scratch with an unrecognized name in the industry and to retool all of the advertisement and internet."
Customer: replied 1 year ago.

Paul, sounds good. Will give a go. How can I reach you again if necessary?

















Expert:  Law Educator, Esq. replied 1 year ago.
You can reach me either by using "reply to expert" in this thread or you can open a new question and in the opening heading you can put, "For PaulMJD only..."

Please do not forget to click on excellent service feedback as that is the only way the experts receive any credit for working with customers.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 91824
Experience: All corporate law, including non-profits and charitable fraternal organizations.
Law Educator, Esq. and 2 other Business Law Specialists are ready to help you
Customer: replied 1 year ago.

Good morning Paul, is it possible for me to speak to the trustee in our case. The monies from the sale of the building will not cover all loans as they are throwing in all sorts of late and handling charges, etc.

Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your response.

I am afraid that while you can speak to the trustee on the case, they generally will not listen and you could be forced to file a motion in court if you believe the trustee is improperly handling the reorganization of the bankruptcy assets. Legally, the trustees call the shots in these cases, so you would have to go to court to get them to stop him from acting if you can show he is charging improper fees or not properly handling the bankruptcy reorganization.

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