New Jersey protects the interest of minority shareholders in closely held corporations under the Oppressed Minority Shareholder Statute, N.J.S.A. 14A:12-7. A "closely held" corporation is one in which there are 25 or less shareholders. N.J.S.A. 14A:12-7(1)(c). Specifically, N.J.S.A. 14A:12-7(1)(c) safeguards minority shareholders from “oppressi...
Chapter 7 Bankruptcy and Income Tax Returns Go Hand in Hand Individuals contemplating filing a Chapter 7 bankruptcy case (also known as a liquidation bankruptcy) who haven't filed a federal income tax return for the past year may have problems. (The Internal Revenue Service website identifies the minimum income requirements that obligate the fil...
When does a New Jersey resident lose all right to funds in a bank account levied by a judicial officer on behalf of a judgment creditor? The answer: "When the Superior Court of New Jersey enters an order compelling the bank to turnover or surrender the funds." If a turnover order is entered before a bankruptcy petition is filed, the debtor ...
Frequently we receive inquiries from prospective homeowners about clearing judgments discharged in their prior bankruptcy. The question typically arises after a contract of sale has been finalized and attorney review completed. A title company search reveals a prior judgment entered in the Superior Court of New Jersey, but which the client previous...
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