C
cs267
Guest
What is the name of your state? Texas My husband and myself own a construction company. Our question is: What is it called when an owner of a company files against his own company. We heard it was something like a first rights? Our company is not doing very good financially right now. Due to Tropical Storm Allison and 9/11 we lost money. Some of the owners/govt entities of our projects stopped paying for no reason and we now have a lot of subcontractors filing lawsuits. You know-we don't get paid, they don't get paid. Those projects were taken over by the surety companies since we had no monies to pay subs and suppliers. We have attorneys handling those claims and some are good claims and some or not. We are hoping to receive monies from our flood insurance for soft cost. We were only paid a small amount after the flood. The thing is that if we do receive any monies from the insurance company we do not want the surety companies or subcontractors to have first claim. We want to be able to distribute it without it being literally stolen from us. We want first right. So…what is that called?