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Richard, Tax Attorney
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Experience:  29 years of experience as a tax, real estate, and business attorney.
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Lawyer help Legal Beacon Attorney

Resolved Question:

Lawyer help = Legal Beacon Attorney = For the following statement, are there any changes I should make? Sometimes even a word or two can make the biggest difference. If everything is fine and I should leave as is - just let me know - or else, please send changes that would help:


 


(b) Limit on Bankruptcy and Similar Actions. Neither the Class A Members nor the Company shall, without the prior written consent of a Majority-in-Interest, institute proceedings to adjudicate the Company bankrupt or insolvent; or consent to the institution of Bankruptcy or insolvency proceedings against the Company; or file a petition seeking or consent to reorganization or relief for the Company under any applicable federal or state law relating to bankruptcy; or consent to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Company or substantial part of its property; or make any assignment for the benefit of the Company’s creditors; or admit in writing the Company’s inability to pay its debts generally as they become due; dissolve the Company or amend the Company’s organizational documents or take any other action that would constitute a default under the Construction Loan or any other agreement that the Company has entered into; or take any action in furtherance of any such action. Without the written consent of a Majority-in-Interest, the Company shall not enter into any merger, consolidation or reorganization and shall not liquidate, or wind up (or suffer any liquidation), discontinue its business or convey, lease, sell, transfer or otherwise dispose of all or any substantial part of its business or property. Without the written consent of a Majority-in-Interest, the Company shall not revoke, rescind, modify or amend this Agreement or its Certificate.

Submitted: 3 years ago.
Category: Tax
Expert:  Richard replied 3 years ago.
No...you can use this provision as drafted...no worries :)
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 45500
Experience: 29 years of experience as a tax, real estate, and business attorney.
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