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From: bruceb@amiga.UUCP (Bruce Barrett)
Newsgroups: net.legal,net.jobs
Subject: Re: Covering ones behind when a company is folding
Message-ID: <277@amiga.amiga.UUCP>
Date: Tue, 19-Nov-85 01:35:28 EST
Article-I.D.: amiga.277
Posted: Tue Nov 19 01:35:28 1985
Date-Received: Wed, 20-Nov-85 00:54:07 EST
References: <183@pluto.UUCP>
Reply-To: bruceb@hunter.UUCP (Bruce Barrett)
Organization: Commodore-Amiga Inc., 983 University Ave #D, Los Gatos CA 95030
Lines: 22
Keywords: back pay, taxes
Xref: watmath net.legal:2569 net.jobs:1596

"What if you company folds?"

Answers as I know them (I am not an attorney, go spend $60?? for an
hour and find out for sure.):

Pay out priorities:
	1) Back taxes (funny how those that make the laws get theirs 1st?)
		I do not know id this includes money "withheld" from you.
	2) <I do not recall the term but> "Collateraled investors"  Any
		one who has a peice of company property as colateral
		for a loan.
	3) Employees --- NOT consultants.
	4) Other creditors
	5) Stockholders.
	-- Loans fall in there some where but I do not recall where,
	   makbe 3.5 or 4.5 --

If you company is friendly tword you, and already owes you money,
and hasn't mortgaged every peice of equipment and office furnature
they own you could try to move from catagory #3 to #2.

--Bruce Barrett