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Integrated Sensors Inc. defaulted on two major secure loans, causing their director to seek a Chapter 7 bankruptcy, as reported by a New York Law Journal article published August 13th, 2012.
The secure loans were held by Economic Development Growth Enterprises Corp. (EDGE) and Utica Industrial Development Corp. (UIDC), both of the loan holders sought a judgment against the company for willfully and maliciously defaulting. The loan holder additionally sought to go after the company’s director for not upholding his fiduciary duty as a director. However the loan holder’s cases were dismissed.
The cases were appealed but were upheld by the bankruptcy court too. The bankruptcy court stated that the director did not commit fraud or defalcation as a director. Furthermore, the bankruptcy court found that both of the loans in question were dischargeable.
If you are suffering financial or you are considering bankruptcy contact our office at (800) 660-5299 to set up a free in person consultation. Mr. Lutzky of Jayson Lutzky, P.C. has represented thousands of satisfied clients over the past 29 years. You can visit our website,www.BankruptcyNYC.com, for more information.