llc bankruptcy personal
Chapter 7 and business partnership?
I am a 50% partner in a US based LLC and supply goods on a consignment basis to the US company from another company I solely own which is located in Europe. My business partner in the US company has filed for Chapter 7 personal bankruptcy and the stock supplied by my European company (which has not been sold or paid for) is now being held by the Trustee for disposal. What should I do? Can his personal bankruptcy affect out jointly owned business?
My partner owns 50% of the US company but has no shareholding in my European company which supplied the goods. I have not received any payment for the goods on consignment.
I suggest you re-post your question in the law section. The Trustee should not be able to hold assets of the LLC – it could be that he or she is not aware of the ownership of the stock.
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