Legal Question in Bankruptcy in Delaware

Can a non-profit civic association 501(c)(4) corporation located in Delaware file for bankruptcy protection?

Asked on 1/28/10, 12:37 pm

1 Answer from Attorneys

Robert Wilcox Wilcox Law Firm

The courts have generally held that a 501(c)(3) corporation may file for bankruptcy protection.

I'm not aware of any specific decisions on a 501(c)(4) corporation's eligibility, but the principles are the same for both and the structures are similar.

Given the case law on 501(c)(3) corporations, the answer is very likely to be "yes".

Robert D. Wilcox

(904) 281-0700

Of Counsel to Werb & Sullivan

(302) 652-1100

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Answered on 2/02/10, 12:48 pm

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