Can escrowed proceeds of purchase be kept in Chapter 11?

07-28-2009, 09:17 AM

CosiCeleste CosiCeleste is offline

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Join Date: Feb 2005

Location: NNJ

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Can escrowed proceeds of purchase be kept in Chapter 11?

What is the name of your state (New Jersey)

Here is the scenario. Company A owns Company B. Company A sold ASSETS of Company B to Company C to form Company D. Company A received all but $25k which was held in Escrow for "Bulk Sale Tax". The tax only amounted to $7k but was never paid so the remainder was never released to company A. NOW... Company D is filing chapter 11... can the Escrow account be held in that or must they release the remainder of the money?

What is the name of your state (only U.S. law)?

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