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Old 11-05-2004, 04:38 PM   #1
Dased530
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Default A company you owe money to goes bankrupt? what do you do next?.....

we still owe them about $1500 from a total balance of $7000

the went bankrupt about 1 1/2 months ago...

on the contracts we signed they said they would warranty some items (fans) for life and replace them for free, and 3 year limited warranty on other items.

well these other items are in need of repair, but they cannot be contacted but they have kept cashing our checks, I closed down my bank account while they investigate the matter, but the person I spoke to at another bank said the bank cannot really do much....

Click the image to open in full size.

it's too late for a lawyer, just leaving it up to good ol honda tech till monday I guess....
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Old 11-05-2004, 04:50 PM   #2
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Default Re: A company you owe money to goes bankrupt? what do you do next?..... (Dased530)

They will eventually recover that balance

Well atleast thats what I see in the same situation here at work. I work in a BK Law Firm. Especailly if you have a contract with them
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Old 11-05-2004, 05:06 PM   #3
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Default Re: A company you owe money to goes bankrupt? what do you do next?..... (IntegraGSR23)

depends on the kind of bankruptcy, but they usually go after those who owe them.
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Old 11-05-2004, 05:11 PM   #4
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Default Re: A company you owe money to goes bankrupt? what do you do next?..... (Dased530)

I took bankruptcy law and I can tell you the following:

When filing for bankruptcy, you're supposed to disclose all your assets to mitigate any debts owed to creditors. In the case of a company, those assets would typically include their accounts receivables (money owed to them from customers). I don't remember off hand exactly but if the company doesn't disclose its assets, I don't think they can retain them afterwards.

Another way to look at it would be from a contracts perspective. The contract you made was between you and the company. If the company no longer exists, one could argue that the contract no longer exists as well.
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Old 11-05-2004, 05:19 PM   #5
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Default Re: A company you owe money to goes bankrupt? what do you do next?..... (Dased530)

looks to me like you made 1500 bucks Click the image to open in full size.

but wait and see if they still send you bills Click the image to open in full size.
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Old 11-05-2004, 06:27 PM   #6
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Default Re: A company you owe money to goes bankrupt? what do you do next?..... (IntegraGSR23)

Quote:
Originally Posted by IntegraGSR23
They will eventually recover that balance

Well atleast thats what I see in the same situation here at work. I work in a BK Law Firm. Especailly if you have a contract with them

see thats the thing I went out of town in sptember and money I put in my account did not clear in time and a check bounced, so we tried calling them for weeks and we found it funny they did not try contacting us about the situation, and we were calling to give the payment over the phone with a check card, so checks continued to be cashed until we called a family friend that worked there, and he said, "Oh you didn't know? The company went bankrupt."

Quote:
Originally Posted by downset-crx
looks to me like you made 1500 bucks Click the image to open in full size.

but wait and see if they still send you bills Click the image to open in full size.
They have not sent bills, we signed contracts and gave post dated checks for monthly payments.

funny thing is I left my account below the $550 amount of the checks, and they were not cashed, so I put in some cash I had laying around at home just to be safe and BOOM the day I put in the money they cashed another check. Maybe they got some one on the inside?
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Old 11-05-2004, 06:44 PM   #7
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Default Re: A company you owe money to goes bankrupt? what do you do next?..... (Dased530)

someone could buy them out and recover the debts. there's just a wide realm of possibilities.

I'd leave $1500 sitting in an account somewhere collecting interest for a while until it passes.
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Old 11-05-2004, 07:14 PM   #8
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Default Re: A company you owe money to goes bankrupt? what do you do next?..... (PhAtBoY Si)

Quote:
Originally Posted by PhAtBoY Si
I took bankruptcy law and I can tell you the following:

When filing for bankruptcy, you're supposed to disclose all your assets to mitigate any debts owed to creditors. In the case of a company, those assets would typically include their accounts receivables (money owed to them from customers). I don't remember off hand exactly but if the company doesn't disclose its assets, I don't think they can retain them afterwards.

Another way to look at it would be from a contracts perspective. The contract you made was between you and the company. If the company no longer exists, one could argue that the contract no longer exists as well.
If the company goes bankrupt, that doesnt mean they dont :exist: they dont just go poof and disapear. they will get their money.
they will still get their money regardless
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