Help! Issue with Mcleod Design in MI!!
06-18-2010 | 07:49 AM
#71
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Joined: Jan 2001
Posts: 4,025
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From: Spring Lake, Michigan
On the "preferrential payments" thing what if you tell the bankruptcy court you simply don't have the money? In Mark's case he got $75,000, what if he simply paid all of his outstanding bills with that money?
Most small businesses don't keep 75K in their checkbook so if the money is gone could you argue A. the money was indeed a legitimate debt and B. if you are forced to repay it then it puts your company in jeopardy of bankruptcy as well!
Most small businesses don't keep 75K in their checkbook so if the money is gone could you argue A. the money was indeed a legitimate debt and B. if you are forced to repay it then it puts your company in jeopardy of bankruptcy as well!
Unfortunatly in order to maintain running a business like we did, servicing the auto industry, it was a sticky wicket and cost less than litigation and the blackballing that can be done to a supplier in the auto industry so we did pay it back
SOme time i will share how it all worked with you over a pop or three
06-18-2010 | 09:27 AM
#72
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Joined: Mar 2001
Posts: 3,881
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From: Monroe, LA
I saw this thread, Rob and I remembered that. That was pretty ****ty. Sad when you have to get a lawyer involved for something they could have done correctly so easily.
keep calling.
