Legal Question in Bankruptcy in Texas

Bonuses due

The company I am a distributor for is filing bankruptcy next week, they owe me $70,000 in bonuses, is there anything I should do prior to their filing to protect the bonuses I am owed?


Asked on 4/04/03, 6:09 pm

1 Answer from Attorneys
Lawrence Maun Lawrence J. Maun, P.C.

Re: Bonuses due

If bonuses are for current work, tried to get paid. Otherwise, if the company files a portion of the bonuses may be payable as a prioirty claim, the banlance would be unsecured and you will probably not be paid in full. If you do receive payment just prior to the company filing, the payments may be considered preferences and a bankruptcy trustee may try to have you repay because of receiving a preference.Larry Maun 713.266.2560

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Answered on 4/07/03, 10:10 am


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