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I have a customer that is filing chapter 11 bankruptcy. They owe my company…
Posted on 6/26/23 at 3:01 pm
Posted on 6/26/23 at 3:01 pm
…a bit of money from 2 years ago. We are listed on the Certificate of Service. What % of debt owed is typically expected to be recovered in a chapter 11? I’m guessing it varies wildly from case to case?
6
Posted on 6/26/23 at 3:15 pm to auwaterfowler
if you're unsecured i'd expect 0
Posted on 6/26/23 at 3:20 pm to lsujro
What lsujro said
Expect 0% and be happy if you get 1%
Expect 0% and be happy if you get 1%
Posted on 6/26/23 at 4:26 pm to auwaterfowler
Good luck. I'd write it off now, and anything you more than $0 is lagniappe.
Posted on 6/26/23 at 6:48 pm to lsujro
It sucks that the government can mandate that businesses and people can get stiffed, but tax debt can't be bankrupted on. It seems very twisted.
It seems tyrannical.
It seems tyrannical.
Posted on 6/27/23 at 7:29 am to GhostOfFreedom
quote:
but tax debt can't be bankrupted on
Certain tax debt can be discharged, I've seen it happen.
Posted on 6/27/23 at 9:44 am to auwaterfowler
How much they owe you?
Posted on 6/27/23 at 10:58 am to lsujro
quote:
if you're unsecured i'd expect 0
That's not true at all. This is ch. 11, not 7. Typically we like to pay vendors, especially key ones, as we will need them and the company's reputation coming out of bankruptcy.
A bit odd its TWO years overdue though.
Posted on 6/27/23 at 1:42 pm to auwaterfowler
How much we talking about?
Bankruptcy laws suck in this country.
Bankruptcy laws suck in this country.
Posted on 6/27/23 at 2:01 pm to auwaterfowler
.15 cents on the dollar if you’re lucky, most likely zero.
Posted on 6/27/23 at 3:06 pm to auwaterfowler
Are you secured? UCC filing w the lien? If not you’re probably fricked.
If so, secured creditors get first priority. If there’s not enough assets to pay all secured, then typically distributed pro rata.
If so, secured creditors get first priority. If there’s not enough assets to pay all secured, then typically distributed pro rata.
Posted on 6/28/23 at 7:12 pm to barry
They have been in a forbearance with their bank for those 2 years. They offered to settle what they owed us at about 20%. I decided to gamble and decline that offer, hoping they might turn things around and pay us at least most of what they owe ($48k).
Posted on 6/29/23 at 8:50 am to auwaterfowler
quote:
auwaterfowler
quote:
They offered to settle what they owed us at about 20%. I decided to gamble and decline that offer, hoping they might turn things around and pay us at least most of what they owe ($48k).
Hindsight is always 20/20 but you should have jumped all over that settlement offer.
Posted on 6/30/23 at 9:54 am to auwaterfowler
quote:
They have been in a forbearance with their bank for those 2 years.
yea, thats not great.
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