Q: I am a limited partner. I suspect that the general partner converted funds belonging to the limited partnership. How do I sue on behalf of other limited partners?
A: A general partner is a fiduciary to limited partners, much as a director is to shareholders in a corporation. This means that the gp account for his actions to the limited partners and at all times conduct itself with the utmost good faith. If those rules were not observed then the proper remedy is a derivative suit – so named because the complaining party must sue in the name of the limited partnership. Before filing suit however certain questions must be answered and you may need to hire a forensic accountant to fully investigate. Finally, keep in mind that if the limited partnership or the general partner need(s) to file bankruptcy then a post-filing adversary complaint is your route.
Categories: 523 · Q&A · adversary · business · business filings · conversion · creditor · fraud · fraudulent transfers · limited partnership · partnership
Found this online instant means test from Nolo Press (the people who publish DIY bankruptcy and other legal materials). Works very well, links nicely to related information from the US Trustee, the IRS, the Census Bureau, etc. For my money, this means test calculator takes full advantage of the Internet as a dynamic medium. Highly recommended for quick reference.
Alabama Bankruptcy Means Test Calculator
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Categories: BAPCPA · Middle class · UST · bankruptcy · ch 13 · ch 7 · consumer · conversion · county · credit counseling · current-events · data · economy · filings · income · individual · means test · median income
Tagged: Census Bureau, IRS
3rd cir
Windt v. Qwest Communications, 06-4662, 06-4808 [June 10, 2008]
In a lawsuit brought by bankruptcy trustees of a Dutch company asserting various claims against defendants who were allegedly responsible for the company’s insolvency, judgment dismissing trustee-plaintiff’s complaint on forum non-conveniens grounds is affirmed where the district court did not abuse its discretion in: 1) affording low deference to plaintiffs’ choice of forum in view of Netherlands’ substantial interest in resolving a dispute concerning alleged mismanagement of a Dutch company by board members and officers of that Dutch company; 2) concluding that avoiding problems in the application of foreign law favored dismissal; 3) balancing the public and private interest factors implicated in the case; and 4) determining that the convenience of litigating the dispute in New Jersey was outweighed by the oppressive or vexatious effect on defendants.
8th cir
US v. Mitchell, 07-3136 [June 10, 2008]
Conviction upon defendant’s retrial for knowingly and fraudulently making a false statement under penalty of perjury in a bankruptcy case is affirmed where the circuit court declines to revisit a double jeopardy issue, and there was sufficient evidence to sustain his conviction.
ND IL ED
In re Weadley, 06-1854
Bibby Financial v. Weadley, 07-683
Issued June 11, 2008
Judge A. Benjamin Goldgar
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As of March 14, 2008 the location of the Chapter 7 call and hearing times for Chapter 7 cases in Lake County, Illinois will change. Note it now. See the official Court notification and download it in PDF form here.
Blogged with Flock
Tags: chapter7, lake county, 7th cir, judge, nd, il, ed
Categories: ED · IL · ND · ch 7 · chapter 7 · cir 7 · consumer · conversion · creditor · current-events · filings · individual · judge · notice
On 11/30/2007 the IRS updated its National Standards for Allowable Living Expenses as well as its Local Standards for Transportation and Housing and Utilities Expenses. The revised standards apply to cases filed on or after 1/1/08 and have prompted updated versions of official forms 22A, B, and C. Download the revised forms in PDF format below
Categories: Administrative Office of the Courts · BAPCPA · Congress · Executive Office of the UST · IRS · Middle class · administrative · aoc · ch 13 · ch 7 · code · consumer · conversion · current affairs · current-events · data · filings · forms · income · individual · legislation · lists · means test · median income · notice
