I signed a Agreement and Release which stated I would receive a certan amount of severance pay. The company went bankrupt. I want to know if this agreement is still valid. They did not give me the consideration that was promised and Severance pay is a state law in Maine.
1 Answer from Attorneys
Re: severance pay
The question is not so much wthere the agreement is valid, because it should be. Rather, what the bankruptcy trustee will do with it, as he or she will be responsible for determining how to distribute whatever moneys are left. Was/is this debt considered by the trustee and if so, was it discharged? An interesting question will be how the agreement refers to the payment, as it may not have been described as severance.
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