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My son and Bankruptcy

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On a few bases. Tortious interference with business, theft of trade secrets and there may be other things. The customer list is the property of the business. Would the parents be successful? I don't know. Would a bankruptcy trustee pursue the value of the business transferred? I don't know but it is possible that he could. It could be considered fraud for the parents to do this. Would a trustee pursue these "assets"? Maybe. Depends on the specfics of the entire situation but it is possibility.
The bottom line is that the trustee doesn't HAVE to pursue the assets of the business. If the parents fail to state in their bankruptcy paperwork how they conveyed the assets to their son and it comes out in the proceedings that is fraud and the bankruptcy is likely to be dismissed. It doesn't matter if you lie to the court about $1 or $1,000,000 the outcome is the same - dismissal.
 


LdiJ

Senior Member
Actually it does. One of the reasons that Tru Green and other companies safeguard their customer lists. Also, if he struck out on his own with NO input for his parents, his parents could sue him for basically stealing company information.
Tru Green and other similar companies are not remotely similar to a mom and pop landscaping business. They mostly don't even do similar work. Tru Green doesn't do landscaping or cut grass, or anything of that nature. All they do is put chemicals on lawns. Of course they would safeguard their customer lists and their customer lists would have value because they are year round contracts. You are comparing apples to oranges.
 

OHRoadwarrior

Senior Member
Tru Green and other similar companies are not remotely similar to a mom and pop landscaping business. They mostly don't even do similar work. Tru Green doesn't do landscaping or cut grass, or anything of that nature. All they do is put chemicals on lawns. Of course they would safeguard their customer lists and their customer lists would have value because they are year round contracts. You are comparing apples to oranges.
Many landscaping companies are open year round. In OR, they provide leaf services in the fall and snow plowing in the winter. You just refuse to admit this is another feel good position on your part.
 
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