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ABC - has anyone done an ABC? (Assignment for benefit of creditors),
*ABC:*
I have a potential ABC in Idaho, and there does not appear to be a
governing statute other than a statute that says the assignee has to be a
bona fide resident of the state. This is in the "trusts" section of the
state statutes. I am not finding any case law either. This is the wild west
here. I'm not sure what the "default" common law would be if there is no
case law and no statute to govern this.
Generally, is there any kind of "discharge" that occurs after liquidation
in an ABC? (Putting aside any personal guarantees.)
*CHAPTER 11:*
I have a business that is contemplating a Chapter 11 OR an ABC. There is
another company that wants to do a merger with this company, but we are
trying to figure out the best way to do this. The company has debts, and
the company that wants to merge is not going to contribute enough money to
pay off those debts. Can we do the merger as part of the Chapter 11 plan?
Do we need to propose a public bid in order to accomplish this? Does
anyone have sample cases similar to this that I could look at?
The business is an engineering company, has one secured creditor,
unsecureds, subcontractors, premises leases, and ex-employees it owes money
to in exchange for returning their stock certificates.
Holly Roark
Certified Bankruptcy Specialist*
*and Sports Lawyer*
holly@roarklawoffices.com **primary email address**
www.roarklawoffices.com
*Central District of California & District of Idaho* - Consumer Bankruptcy
Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067
T (310) 553-2600; F (310) 553-2601
*By State Bar of California Board of Legal Specialization
ABC:I have a potential ABC in Idaho, and there does not appear to be a governing statute other than a statute that says the assignee has to be a bona fide resident of the state. This is in the "trusts" section of the state statutes. I am not finding any case law either. This is the wild west here. I'm not sure what the "default" common law would be if there is no case law and no statute to govern this.Generally, is there any kind of "discharge" that occurs after liquidation in an ABC? (Putting aside any personal guarantees.)CHAPTER 11:I have a business that is contemplating a Chapter 11 OR an ABC. There is another company that wants to do a merger with this company, but we are trying to figure out the best way to do this. The company has debts, and the company that wants to merge is not going to contribute enough money to pay off those debts. Can we do the merger as part of the Chapter 11 plan? Do we need to propose a public bid in order to accomplish this? Does anyone have sample cases similar to this that I could look at?The business is an engineering company, has one secured creditor, unsecureds, subcontractors, premises leases, and ex-employees it owes money to in exchange for returning their stock certificates. Holly RoarkCertified Bankruptcy Specialist*and Sports Lawyer
holly@roarklawoffices.com**primary email address**
www.roarklawoffices.com
Central District of California & District of Idaho - Consumer Bankruptcy Attorney
1875 Century Park East, Suite 600 Los Angeles, CA 90067T (310) 553-2600; F (310) 553-2601
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