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The panel discussion kicked off with a unanimous agreement that the Coronavirus outbreak has an unprecedented impact on the construction industry. In this case, one must assume that significant and lasting damage to the economic fabric with lots of bankruptcies, corporate debt fall-outs, and so on will have happened.
You are not our client and we are not your attorneys unless and until you enter into a written retainer agreement with us. The Bankruptcy Court for the Northern District of Illinois recently ruled that a contractor who falsified waivers of lien engaged in fraudulent conduct and his debt to the bank was non-dischargeable.
The main advantage of such “trust fund” provisions is in bankruptcy; trust funds are not considered assets of the subcontractor/debtor that can be distributed to general creditors. At the first hint of trouble the GC should demand to see them -- and if they aren’t in order, it can withhold payment to the sub.
A business that applies for the exemption must enter into an agreement with the Governor of Alabama. million loan participation program fostering business expansion and job creation in Arizona by providing debt financing for small businesses (in collaboration with private finance partners). Arizona Innovation Accelerator Fund: $18.2
Loan proceeds are to be used for working capital, inventory, equipment purchase, and real property improvements but cannot be used for refinancing of existing debt or outstanding debt payments. The business must sign a job-creation agreement under the Advantage Arkansas program within 24 months of signing the Tax Back agreement.
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