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A trustee in the case of MGT's Chapter 7 bankruptcy has asked the court to consider that the company may have more than the $50,000 in assets it claims.
A trustee in the case of MGT's Chapter 7 bankruptcy has asked the court to consider that the company may have more than the $50,000 in assets it claims.
Through the years of consulting with folks in the construction industry about mechanics lien and bond claims, I’ve unearthed a set of principles to help navigate the very complicated world of liens. They barely even mentioned that they could file a bond claim, and that this is commonly even referred to as a lien.
There are several different types of property liens , which are legal claims against the property held by a debtor. Credit bureaus can collect public information from state and county courts, including bankruptcies. Overdue debt that has been sent to collections also influences your score. Preventing mechanics lien claims.
Fast-forward to earlier today, when Modern Continental filed for Chapter 11 bankruptcy protection, according to the Boston Business Journal. and Architectural Paving as its two largest unsecured creditors, holding claims of $9.9 The company listed URS Corp. million and $3.2 million, respectively.
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.
State Credits available against the Corporate Income Tax: Education Credit (AS 43.20.014): Taxpayers that contribute to vocational education programs or accredited Alaska universities or colleges for educational purposes or facilities may claim a tax credit for 50% of the first $100,000, 100% of the next $200,000, and 50% of further contributions.
The program is capped at 10,000 new jobs being claimed each year by all participants; whereas a taxpayer is limited to a maximum of 400 new jobs per year. The credit provided to the investor totals 39 percent of the cost of the investment and is claimed over a seven-year period. The program ends December 2016.
Suppose the owner files for bankruptcy protection before that step is taken. It is tempting to conclude that such retroactive effect is accomplished by RSA 447:9 , which states that mechanic’s liens “shall take precedence of all prior claims except liens on account of taxes.” described in such statement of claim.”
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