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I was a President and CEO of a corporation a few years ago

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and negotiated a 6 year...
I was a President and CEO of a corporation a few years ago and negotiated a 6 year "consultants contract", not employment agreement, with the private equity group that owns the $120mm corporation.They have paid me like clockwork for to years but indicated that there would be, "a delay with my August check as the board has engaged a chief restructuring advisor to help the company with some short term cash needs, while the company works on a longer term recapitalization plan with its banking group. Management has been instructed to defer as many non-critical payments as possible as options are assessed". When i left the company the 6 year "consultant agreement" was struck due to the outstanding job growing the company for 16 years. If they go into bankrupcty, will I receive my consultant fee monies?
Submitted: 8 years ago.Category: Bankruptcy Law
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Answered in 11 minutes by:
9/9/2009
Bankruptcy Lawyer: WALLSTREETESQ, Attorney replied 8 years ago
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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THW QUESTION IS HOW WILL THE CONSULTANT CONTRACT BE REGARDED BY A BANKRUPTCY COURT, IF IT CONSIDERED A CONTRACT FOR SERVICES, YOU WILL BE LAST ON THE PAYMENT SCHEDULE, IF IT IS CONSIDERED AS DUE EMPLOYMENT WAGES YOU WILL HAVE A CHANCE OF GETTING THE MONEY OWED TO YOU.

WHAT THE COURT WILL LOOK AT IS IF YOU WERE PAID A SALARY WITH DEDUCTIONS OR BY 1099, IF BY 1099 IT WILL BE CONSIDERED A CONTRACTUAL DEBT.
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Customer reply replied 8 years ago
Did you get my follow up question? The contract was actually a severance agreement I negotiated due to 16 years of outstanding leadership. It started salary with deductions but I requested 1099 a few months into it. The release just indicates be paid as CONSultant...It has a non compete and everything.
Bankruptcy Lawyer: WALLSTREETESQ, Attorney replied 8 years ago
YOU COULD ARGUE THAT THE CONTRACT WAS AN EMPLOYEE CONTRACT, HOWEVER A 1099 IS USUALLY GIVEN TO CONTRACTORS, THE NON COMPETE IS VALID, ALSO IF YOU NEVER WORKED FOR ANYONE ELSE AND RECEIVED VACATION, AND BONUS IT COULD HELP YOUR ARGUMENT.
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WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,253
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Category: Bankruptcy Law
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Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS

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