Well the bankruptcy is an involuntary one. Thus the company may choose to defend it. After that period, an "order for relief" is entered. The trustee would then be appointed and the debtor company would be required to file "schedules" identifying the creditors. In a case like this, the company would not file schedules because who is the company. Thus, the parties, whomever they may be, can submit de facto schedules in an attempt to reconstruct the creditors. Of course, the creditors include the shareholders past and present. We know who holds those records and it would be the trustee's duty to secure them.
In the interim, although no trustee has been appointed, if someone feels that there may not be proper notice and that a story needs investigated, that's their perogative. They should contact the United States Trustee which oversees bankruptcies to assure just results and give them a heads up.
The address is:
United States Trustee 903 San Jacinto Boulevard, Suite 230 Austin, TX 78701
Furthermore, any creditor of the company can join the involuntary petition. They would file something that looks like this and they'd mail it to the Clerk of the U.S. Bankruptcy Court, 903 San Jacinto, Suite 322, Austin Texas 78701.
UNITED STATES BANKRUPTCY COURT WESTERN DISTRICT OF TEXAS
In re: Case: 07-10940
PRIVADA INC. Chapter 7 f/k/a NETCO INVESTMENTS, INC.,
Debtor.
NOTICE OF JOINDER PURSUANT TO 11 USC 303(c) AND REQUEST FOR NOTICE
I, FILL IN YOUR NAME HERE, join the petition for involuntary bankruptcy pursuant to 11 USC §303(c). I am eligible to file this petition pursuant to 11 USC §303(b). I believe I am owed $XXXXX.XX by the debtor for (LIST REASONS HERE, e.g., fraud, breach of contract, unpaid bill). I do not believe there is a bona fide dispute. The debtor is a person against whom an order for relief may be entered under title 11 of the United States Code. The debtor is generally not paying such debtor’s debts as they become due. WHEREFORE, I request that an Order for Relief be entered against the debtor and that a trustee be appointed. Dated this ____ day of June, 2007. Respectfully submitted, __________________________________ Name Address City ST ZIPCO (XXX) XXX-XXXX Telephone
xxxxxx@xxxxxx.com Email
CREDITOR
If they didn't want to join the involuntary petition, they can just file a proof of claim outlining their claim which would put them in line to be a creditor.
The form is mailed to the Clerk in duplicate (triplicate with a stamped envelope if you want a copy back).
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