An LLC company profited from distributing assets copyrighted by another entity. After they were sued, they filed for a bankruptcy and it turned out that all the profits were transferred abroad under the premise of paying for some services. Is anyone guilty in this case? Recovering international assets is very hard even through bankruptcy. Is it realistic to go after the LLC officer claiming that he tried to hide the money?
It's a great question without a simple answer. Under some circumstances (like a defectively formed or maintained corporation or LLC) the "owners" (shareholders or members) may have personal liability. The analysis will be very fact intensive. You should get local bankruptcy counsel and take a 341 examination (like a deposition) of the debtor and demand the production of documents. As you realize this won't be easy or inexpensive.
The above is general legal and business analysis. It is not "legal advice" but analysis, and different lawyers may analyse this matter differently, especially if there are additional facts not reflected in the question. I am not your attorney until retained by a written retainer agreement signed by both of us. I am only licensed in California. See also avvo.com terms and conditions item 9, incorporated as if it was reprinted here.
You might have a civil suit for fraud against the officers of the LLC, you that is not my area of expertise. If you have solid proof that the transfers overseas were sham transactions, make that proof available to the bankruptcy trustee handling the case and he or she may go after those transfers and bring them back into the United States for distributions to the creditors.
Intellectual property is complicated in itself. If there is an overseas transfer, that's another layer of complexity. You really need a good lawyer.
Answers are general only and do not consider the actual and particular circumstances of the questioner
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