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Ratings. Guidance. The Right Lawyer.
Do I need an employment/labor attorney?
Minneapolis, MN
Viewed 82 times.
Posted 4 months ago in Employment / Labor
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I was supposed to received a bonus for helping start a new company. It was supposed to be paid by 12/31/07. The owner didn't have the funds, so we agreed to sign a note receivable from the company, which was to be paid by 12/31/08. In May 2009, 3 employees of the company (including me and the owner ) were acquired by a new company. The owner's new position in a Vice President. However, the original company is still be operated in a different state by the owner's brother. So it is now July of 2009, and I still have not received my bonus. I know that the owner has a lot of debt, and that even if he had the money, I would not be high on his priority list. What can I do?
Additional information
So I just found out that the old company is now going bankrupt...does this change anything? Answers (2)
L. Maxwell Taylor
This attorney is licensed in California and 1 other state.
Posted 4 months ago.
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Sounds like your bonus is an unsecured obligation of the company and you are a creditor. Usually when creditors have an unpaid note that's overdue they can bring an action on the note to get a judgment. Once they get the judgment, then they have to collect on the judgment. It can be a fairly long process. Talk to a Minnesota lawyer about bringing an action to get a judgment on the note, and then talk to a lawyer in the state where the owner's brother is operating the company to see about domesticating that judgment in that state and then executing on the judgment. The company may have some property to attach. Depending on how big the bonus was to be, it may be more trouble and cost more than it's worth.
Good luck. What I wrote above isn't legal advice since I don't hold Minnesota licensure. Do consult a Minnesota lawyer if you need legal advice.
L. Maxwell Taylor
This attorney is licensed in California and 1 other state.
Posted 4 months ago.
Flag as objectionable
You asked whether the bankruptcy of the "old company" would "change anything." The answer is probably that your prospects of recovering anything at all, even if you got a judgment against the old company, are even more remote than without a bankruptcy. So does it change anything? Probably not. The reality is, you're almost certainly not going to get that bonus.
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