GenCanna’s bankruptcy leads to several lawsuits against other companies
LEXINGTON, KY, March 24, 2022 /24-7PressRelease/ — In October 2019, several entrepreneurs claimed that GenCanna, a Winchester, Kentucky-based hemp processor and CBD product manufacturer, owed them $13 million. Creditors filed claims against GenCanna and multiple lawsuits followed, leading to the company filing for bankruptcy. An involuntary Chapter 11 bankruptcy petition was filed against GenCanna in January 2021. After confirmation of a liquidation plan was approved by the bankruptcy court, the post-confirmation entity began its collection process preferential transfers.
the bankruptcy attorneys at Bunch & Brock, Tom and Matt Bunch, can explain various defenses some creditors may have against preferential transfer claims. If you have been sued by Oxford Restructuring Advisors, you can call Bunch & Brock at (859) 254-5522 to defend against those claims. Bunch & Brock can also explain how bankruptcy laws can protect your business or you personally.
“The decision to liquidate or reorganize the business depends significantly on the current situation and a particular set of conditions,” says Thomas Bunch. “Factors to consider include whether the business is generating profits, the number of assets versus liabilities, and the parties responsible for the business’ debts.”
Matt Bunch explains how businesses can see bankruptcy as an opportunity to deleverage and realign their goals, unlike the typical negative reactions people have about bankruptcy. He says, “Bankruptcy laws are meant to serve as a lifeline for individuals and businesses drowning in massive debt.” “These laws are intended to guide companies in rebooting their financial journeys with better information about their industry.”
Bunch & Brock currently represents clients affected by the GenCanna bankruptcy. The company stands ready to assist other creditors seeking to recover losses in this case and encourages them to contact the company.
With over thirty years of stellar and solid experience in bankruptcy law, the team of lawyers at Bunch & Brock, lawyersis more than well equipped to handle legal matters with efficient resolution.
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