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Involuntary bankruptcy petition upheld: media providers' claims against advertising agency not subject to bona fide dispute.(CREDIT COLUMN)(Marketing and Creative Solutions Inc)
Trade creditors have the power to involuntarily force a business debtor into bankruptcy. However, the requirements for an involuntary bankruptcy, contained in Section 303 of the Bankruptcy Code, create defenses that a prospective debtor could assert in its fight against the bankruptcy. Creditors considering joining an involuntary petition should tread very carefully; the potential upside might not be worth the risks. Petitioning creditors face the risk of a huge sanctions claim in the event the Bankruptcy Court dismisses their involuntary bankruptcy petition based upon their failure to comply with the requirements of Bankruptcy Code Section 303.
Petitioning ...
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Source: HighBeam Research, Involuntary bankruptcy petition upheld: media providers' claims...