GenCanna’s bankruptcy leads to several lawsuits against other companies
Following GennCanna’s Chapter 11 bankruptcy case, a KentuckyLondon-based hemp processor, post-confirmation entity, Oxford Restructuring Advisors, has filed multiple lawsuits against creditors and sellers to recover preferential transfers, says Bunch & Brock
LEXINGTON, Ky., March 24, 2022 /PRNewswire/ — In October 2019several entrepreneurs claimed that GenCanna, a hemp processor and manufacturer of CBD products based in Winchester, Kentuckyowed 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 has been filed against GenCanna in January 2021. After confirmation of a liquidation plan was approved by the bankruptcy court, the post-confirmation entity began its process of collecting preferential transfers.
the bankruptcy attorneys at Bunch & Brock, Tom and Matt Bunch, can explain various defenses that 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,” Thomas Bunch said. “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 talks about how companies can view 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 meant to guide businesses in getting back on their financial journeys with better information about their sector.”
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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SOURCE Bunch & Brock