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Shareholders Had Nondischargeable Debt To Supplier Payment-progress

Friday, September 03, 2004 02:44 pm

 
Shareholders Had Nondischargeable Debt To Supplier Payment-progress

A bankruptcy court has ruled that the corporate shareholders of a construction company were liable to an unpaid supplier and the debt was not dischargeable in personal bankruptcy.

Jeffrey S. and Kerrie M. Regan were the sole shareholders and officers of Eagle Roofing, Inc., a Colorado corporation. Eagle had an open account to purchase building materials from Fowler & Peth, Inc.

Eagle Roofing received regular contract payments for the construction projects it was performing. Corporate funds were not always used to satisfy the obligations arising under the work, however. The [...]

 
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