Legal Question in Bankruptcy in Kentucky
preferential disbursement
Can you direct me to the legal statute(Ky) that allows a debtor to retrieve previously dispersed wages employees /subcontractors to satisfy debt to other companies in a chapter 11 bankruptcy?(Any addl. info is appreciated.)
1 Answer from Attorneys
Re: preferential disbursement
I believe the statutes you would be looking for would be in the bankruptcy code and not Kentucky statutes. Also, to be technical, it would not be the debtor going after preferential payments (made within 90 days of the filing or 1 year if to an "insider"), it would be the Trustee. Often, though, the company is still run by the debtor and is referred to as a Debtor in Possession who is obligated to act in the role of Trustee. Of course, this is an oversimplication and you would be well advised to at least consult with an attorney if your company is facing possible bankruptcy.
Related Questions & Answers
-
My ex filed a Chapter13 I was ''awarded'' a house that was in forclosure because I... Asked 10/05/08, 7:54 pm in United States Kentucky Bankruptcy Law
-
Bankrupt i claimed chapter 7 in 2004 can i claim chapter 13 now Asked 9/03/08, 6:42 am in United States Kentucky Bankruptcy Law
-
Bankrupcty My exwife and I are divorced the house we had went into forecloser... Asked 8/19/08, 8:50 pm in United States Kentucky Bankruptcy Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
