What is the name of your state (only U.S. law)?
-- California,
Corporation went under, but we had already advanced them 500K for a custom made trailer, it was half the total cost of 1.1 million for a huge trailer for us to use. T
We had accepted the trailer and paid 1/2 when certain stages had been met. But after a later inspection defects were apparent. It went back to the subcontractor to fix. Then trouble started brewing. Right before the chapter 7 the CEO said they company was going under and to get the trailer before the creditors do. We picked it up and just got the frame and non of the things that went inside and are now missing.
The corporation had subcontracted the work to another company to build the trailer (they build fresh water boat trailers). That company made a really bad trailer as they build boat trailers not trailers for people. The entire thing was subcontracted for 250K. It is basically worthless as it has many defects.
The corporation went through Chapter 7 and the executory contract was not included during bankruptcy. We missed the 60 days to ask the trustee to include the contract to perform.
Who to sue? We want to sue the subcontractor for a terrible trailer. They were subcontracted out at 250K, I presume are damages against them are limited to 250K??
This is crazy, their 10k or whatever financial disclosures with the SEC talked about how great they were doing (some $14 million in future orders) but then boom, the company folds because of cash flow problems last year and were out a lot of money.
UPDATE:
I forgot to include that we got an assignment of rights from the corporation against the subcontractor.
-- California,
Corporation went under, but we had already advanced them 500K for a custom made trailer, it was half the total cost of 1.1 million for a huge trailer for us to use. T
We had accepted the trailer and paid 1/2 when certain stages had been met. But after a later inspection defects were apparent. It went back to the subcontractor to fix. Then trouble started brewing. Right before the chapter 7 the CEO said they company was going under and to get the trailer before the creditors do. We picked it up and just got the frame and non of the things that went inside and are now missing.
The corporation had subcontracted the work to another company to build the trailer (they build fresh water boat trailers). That company made a really bad trailer as they build boat trailers not trailers for people. The entire thing was subcontracted for 250K. It is basically worthless as it has many defects.
The corporation went through Chapter 7 and the executory contract was not included during bankruptcy. We missed the 60 days to ask the trustee to include the contract to perform.
Who to sue? We want to sue the subcontractor for a terrible trailer. They were subcontracted out at 250K, I presume are damages against them are limited to 250K??
This is crazy, their 10k or whatever financial disclosures with the SEC talked about how great they were doing (some $14 million in future orders) but then boom, the company folds because of cash flow problems last year and were out a lot of money.
UPDATE:
I forgot to include that we got an assignment of rights from the corporation against the subcontractor.
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