Moye v. MRB Management, L.L.C. (In re Moye)
- Summarized by Leslie Hyman , Pulman, Cappuccio, Pullen & Benson
- 13 years 10 months ago
- Citation:
- No. 10-20588 (5th Cir. Mar. 15, 2011)
- Tag(s):
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- Ruling:
- Bankruptcy court's order denying discharge under 11 U.S.C. § 727 was affirmed based upon lack of sufficient explanation for loss of assets to meet liabilities.
- Procedural context:
- Appeal of order denying discharge under 11 U.S.C. § 727.
- Facts:
- Testimony that an employee had “sucked” a million dollars from company accounts and caused the business to pay multiple times for the same assets, unsupported by any documentation, was insufficient to explain why company with income of $5.6 million in 2006 and $5 million in 2005 had assets of only $1.1 million upon Chapter 7 filing in 2008. Because debtors had failed to satisfactorily to explain the loss of assets to meet their liabilities, bankruptcy court's order denying discharge under 11 U.S.C. § 727 was affirmed.
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