This is as good a place as any, but your question can’t begin to be answered without revealing much more information.
First of all you have incorrectly designated the proposed target as the “president” of the LLC. But LLC’s do not have presidents as such.
Like the acts in all other states Alabama’s Limited Liability Company Act (Chapter 12 of the Code of Alabama Section 10-12-22 (a) states:
“Unless otherwise stated in the articles of organization, the management of the limited liability company is vested in its members . . “
So I’m guessing that the person of interest here has served in some capacity as the managing member or one of the managing members of the LLC. You would need to read the articles of organization and perhaps the Operating Agreement, if one was adopted, to know the official capacity in which the person was functioning.
But whether the person was acting as a managing member or just a member if he was participating in the business affairs of the company and/or entrusted with company assets he would be charged with the responsibility of a fiduciary to the company and its members.
In this sense “fiduciary responsibility” meaning that in the course of his activities for and on behalf of the company he must not personally profit to the disadvantage and expense of the company.
If that trust is breached there is legal recourse.
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Also we don’t know from your post whether the bad guy has filed for bankruptcy, the LLC has filed or both.
There are attorneys here that might provide helpful information as to your legal remedies. But you will need to provide some particulars of the circumstances you are complaining of.
