- 11 U.S.C.
In re Carolina Industries Ltd.
Jul
11
2012
Ruling
Debtor's motion for postpetition distribution to shareholders denied.
Procedural posture
Debtor corporation filed a petition under chapter 11 of the Bankruptcy Code and sought permission to make a postpetition distribution in the amount of $44,578 to its shareholders to pay the personal tax liabilities the shareholders had to the North Carolina Department of Revenue ("NCDOR"). A committee of unsecured creditors and a judgment creditor filed objections to the debtor's motion.
ABI Membership is required to access the full summary of In re Carolina Industries Ltd. Please sign in if you are already an ABI member, or otherwise you may Become an ABI Member
Court
: