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BankruptcyCorporate EntitiesFeaturesRegulationThe Bankruptcy Strategist

Current Issues In Enforcing Judgments Against LLCs

By Joseph P. Briggett

The Charging Order Statute

On application to a court of competent jurisdiction by any judgment creditor of a member, the court may charge the membership interest of the member with payment of the unsatisfied amount of judgment with interest. To the extent so charged, the judgment creditor shall have only the rights of an assignee of the membership interest.

Id

The Judgment Creditor's Right to Information

See Channelside Servs., LLC v. Chrysochoos Grp., Inc. Channelside Id Wells Fargo Bank, Nat. Ass'n v. Continuous Control Solutions, Inc.

Rights Against Single Member LLCs

Eureka VIII LLC v. Niagara Falls Holdings LLC See e.g. See Olmstead v. F.T.C.

Before Olmstead, if a Florida judgment creditor levied on a debtor's ownership in a single-member LLC, the most the judgment creditor could get was a statutory charging order …. In the instant case, that result would not have threatened the Debtor, because the Debtor did not receive any “profits or distributions” from the Middle Tier, single-member LLCs. Pursuant to the holding of Olmstead, … [the creditor/movant] became entitled to cause the Debtor to surrender its “right, title and interest” in, and to, all of the Middle Tier LLCs. The Debtor would have lost control of the subsidiaries, and subsequently all the real property owned by the subsidiaries. In order to prevent that outcome, the Debtor filed the instant case.

In re Davis Heritage GP Holdings, LLC See Olmstead See Pajooh v. Royal West Investments LLC, Series E

Effect of Bankruptcy Filing

See United States v. Whiting Pools, Inc. In re Albright In re A-Z Electronics, LLC In re Garrison-Ashburn, LC see also In re Mohawk Traveler Transportation, LLC Albright Albright ***** Joseph Briggett [email protected]

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