I'm a creditor

[ccfuzette]

What is the name of your state (only U.S. law)? Louisiana

I sold a business in 12/07 at which time I financed a portion of the business. The business filed for bankruptcy last month. They owe me $50,000.00. They did not personally guarantee the loan so I can't get my money via that route. I understand the only way that I can go after them personally is to pierce the corporate veil (they are an LLC). What are my chances of doing that and how would I go about doing that?

 

[cacreditor]

What is the name of your state (only U.S. law)? Louisiana

I sold a business in 12/07 at which time I financed a portion of the business. The business filed for bankruptcy last month. They owe me $50,000.00. They did not personally guarantee the loan so I can't get my money via that route. I understand the only way that I can go after them personally is to pierce the corporate veil (they are an LLC). What are my chances of doing that and how would I go about doing that?

yes you are correct but be aware that the debtors could file personal bankruptcy. time is of the essence because once the debtors file bankruptcy all collection efforts are put on hold per the automatic stay.

hire an attorney and sue the debtors in civil court, get the judgment and do a bank levy and seize the monies asap!

I am not an attorney so this is just my opinion.

 

[Antigone*]

yes you are correct but be aware that the debtors could file personal bankruptcy. time is of the essence because once the debtors file bankruptcy all collection efforts are put on hold per the automatic stay.

hire an attorney and sue the debtors in civil court, get the judgment and do a bank levy and seize the monies asap!

I am not an attorney so this is just my opinion.

...with these kinds of opinions... well, they are really better when kept to yourself

 

[cacreditor]

re: I'm a creditor Reload this Page Reply to Thread

I think my opinion carries some value.

what do you have to offer?

 

[Antigone*]

I think my opinion carries some value.

what do you have to offer?

The OP states that the debtors did NOT sign a personal guarantee ~ Third parties have to show personal wrongful conduct on the part of a company official or director to hold them personally responsible, extra-corporate actions which would support application of the legal doctrine known as "Piercing the Corporate Veil."

Among several other items, the OP would have to prove that the debt was knowingly incurred when the company is already insolvent.

hire an attorney and sue the debtors in civil court, get the judgment and do a bank levy and seize the monies asap!

At this point the quoted is not possible, this is a corporate debt, not a personal debt.

I am not an attorney so this is just my opinion.

...Like I stated, in this case your opinion is better kept to yourself. If you'd like to become a valued member of this forum you should only post when you are certain of your comments. Otherwise, you could be hurting more than helping. I'm just sayin...

 

[latigo]

With those kind of bucks at stake, instead of asking for guidance from total strangers, why aren’t you working with a Louisiana attorney?

There are a number of evidentiary means of reaching the pockets of the individual members of the LLC that are either operating the business as their alter ego and/or have failed to comply with the formalities of Louisiana’s Limited Liability Company Act (La. Rev. St. Section 12-1301-1369), and/or failed to file the annual report, and/or are functioning outside of the scope of the LLC, Operating Agreement, etc., etc.

But to successfully develop that evidence through pre-trial discovery, and be able to plead it properly and introduce it correctly in court will require the services and expense of an experienced trial lawyer!

You made one horrid mistake in not seeking professional help at the time you sold the business. Are you about to make another one?

 

[C0chrane1971]

I am a creditor too...

 

[latigo]

I think my opinion carries some value.

Well, let’s talk about “value” in context with your “race-to-the-courthouse- sue-everyone- in-sight - opinion”.

Inasmuch as wage and personal bank account garnishments frequently trigger Chapter 7/13 filings, do you think Section 547 of Title 11 of the United States Code would have any imprint on its "value"?

Or is an opinion about the value of one’s own opinions entitled to more weight in spite of its self-serving nature? (Then of course it is remotely possible that you acquired professional credentials somewhere in the space between the two opinions and discovered that you just got lucky the first time.)

But my guess is that the interests of the people asking legal questions is a lesser concern to you than the fulfillment of some unrelated personal agenda that might be better served in a chat room.