I own a laundry mart and filed a Chapter 11 to stay an eviction, if the stay was lifted how can I protect the equipment not owned by the landlord?

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I own a laundry mart and filed a Chapter 11 to stay an eviction, if the stay was lifted how can I protect the equipment not owned by the landlord?

Asked on September 30, 2011 under Bankruptcy Law, California

Answers:

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 12 years ago | Contributor

You need to move it to a secure location.  If you filed chapter 11 you are acting as a debtor-in-possesion and as such you have fiduciary duties to your creditors, and one of them is protecting the assets that your company has. 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr

Mark J. Markus / Mark J. Markus, Law Offices of

Answered 12 years ago | Contributor

You need to move it to a secure location.  If you filed chapter 11 you are acting as a debtor-in-possesion and as such you have fiduciary duties to your creditors, and one of them is protecting the assets that your company has. 

Mark J. Markus, Attorney at Law

Handling exclusively bankruptcy law cases in California since 1991.

http://www.bklaw.com/

bankruptcy blog: http://bklaw.com/bankruptcy-blog/

Follow Me on Twitter:  @bklawr


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