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What happens to funds belonging to bankrupt firm located in state's unclaimed property department after firm declares bankruptcy and bankruptcy is settled?
Wiki User
∙ 14y ago
Stays with the state until claimed by its owner...same as without BK.
Wiki User
∙ 14y ago
Wiki User
∙ 14y agoThe BK, any situation of the Co, makes no difference. Once the funds are handed to the State as unclaimed (called "escheat'), they remain with the state until the owner is found.
Wiki User
∙ 14y agoThe funds are supposed to be transfered to the U.S. Treasury. The "rightful owner" of the unclaimed funds has 5 years to claim the funds.
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Where can you buy a car if you are bankrupt?
Most new car dealerships have a secondary department that specializes in bankruptcy's. I know mine does.
Is bankrupt a noun?
No. Bankrupt is an adjective. The noun form is bankruptcy.
What is the adjective of bankruptcy?
"bankrupt"
What is the difference between a company going bankrupt and getting bankruptcy protection?
One and the same...going bankrupt means they have legally asked for protection under the bankruptcy laws.
What does it mean if your name is on an unclaimed funds list at the bankruptcy court?
It means you were a creditor of some (probably companY0 that went bankrupt, and as these things can take years to resolve...they now have some amount of money to pay you from it...and are holding it because they do not know how to contact you. Contact them and claim them!
Can an elderly person go bankrupt?
Certainly, an elderly person can go bankrupt; there is no age limit on bankruptcy.
How do you prove that you are not bankrupt?
If one files for bankruptcy in the United States, you do not have to prove that you are, and you do not have to be insolvent. Therefore, you are bankruptcy in a legal sense if you filed for bankruptcy. If you want to prove that you are NOT bankrupt all you have to show is that you have not filed for bankruptcy. If you meant insolvent, rather than bankruptcy, to prove that you are not insolvent you would have to show that your income exceeded your debts.
When did Radioshack go bankrupt?
The company was "essentially bankrupt" in the 1960's, but has never officially filed for bankruptcy with the United States Government.
Can a bankrupt person start business the next day he filed bankruptcy?
In general, a bankrupt person can start a business the next day they filed for bankruptcy. However, they may face certain restrictions and considerations. It is important for the bankrupt person to consult with their bankruptcy attorney to understand any limitations and requirements related to starting a new business after bankruptcy.
If Chrysler goes bankrupt how will this affect your lease from Chrysler Leasing?
It is now out of bankruptcy,
If you are bankrupt do you still have to pay child support?
Child support is not discharged in bankruptcy.
When does a company declare bankruptcy?
A company is bankrupt when it is insolvent.it cannot settle its indebtedness.
