My question involves business law in the state of: Wisconsin
I have a very small company which is attempting to collect about $15,000 from a large national company. The large company was poorly managed and closed several years ago. There are many other companies besides mine that are trying to collect money from the closed company.
We have made several attempts to negotiate, but the large company refuses to pay anything and indicates that they may declare bankruptcy. My hired lawyer and I agree that if we go to court it is highly likely that the judgment will be in our favor, but my lawyer has suggested that it might be best to just close the matter at this point because he feels that even with the judgment it may still be difficult to collect the money since they owe a lot of money to other creditors, too.
When the large company closed I had assumed that they would have declared bankruptcy, but after several years they still have not. Does that indicate that they have the ability to pay? What are the reasons why they have not already declared bankruptcy?
I have a very small company which is attempting to collect about $15,000 from a large national company. The large company was poorly managed and closed several years ago. There are many other companies besides mine that are trying to collect money from the closed company.
We have made several attempts to negotiate, but the large company refuses to pay anything and indicates that they may declare bankruptcy. My hired lawyer and I agree that if we go to court it is highly likely that the judgment will be in our favor, but my lawyer has suggested that it might be best to just close the matter at this point because he feels that even with the judgment it may still be difficult to collect the money since they owe a lot of money to other creditors, too.
When the large company closed I had assumed that they would have declared bankruptcy, but after several years they still have not. Does that indicate that they have the ability to pay? What are the reasons why they have not already declared bankruptcy?
Business Disputes: Small Company Collecting from Large Company
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