Furniture Brands International, Inc., once one of the world’s largest furniture manufacturers (and owner of North Carolina brands like Thomasville Furniture, Broyhill and Hickory Chair), filed for Chapter 11 Bankruptcy in September, 2013.
As a part of the bankruptcy process, the US Bankruptcy Court appoints a trustee to oversee the operations or wind-down of the bankrupt company. The trustee has the power to bring claims against creditors of the bankrupt company and seek repayment of any monies the bankrupt company paid to its creditors during the 90-day period before the bankruptcy filing was made.
The trustee for Furniture Brands demanded repayment from two clients of this firm in the total amount of $350,245.92. Attorney Bo Caudill successfully negotiated these claims for a total cash payment of only $30,000 ($25,000 from one client; $5,000 from the other). Moreover, Bo was successful in convincing the bankruptcy trustee to make a $7,000 priority payment directly to one of these clients!
Navigating the complex bankruptcy code can be complicated and that’s why you need the experienced attorneys at Richard L. Robertson and Associates, P.A. on your side.