Question

Daniel E. Beren, John M. Elliot, and Edward F. Mannino formed Walnut Street Four, a general partnership, to purchase and renovate an office building in Harrisburg, Pennsylvania. They borrowed more than $ 200,000 from Hamilton Bank to purchase the building and begin renovation. Disagreements among the partners arose when the renovation costs exceeded their estimates. When Beren was unable to obtain assistance from Elliot and Mannino regarding obtaining additional financing, the partnership quit paying its debts. Beren filed an involuntary petition to place the partnership into Chapter 7 bankruptcy. The other partners objected to the bankruptcy filing. At the time of the filing, the partnership owed debts of more than $ 380,000 and had approximately $ 550 in the partnership bank account. Should the petition for involuntary bankruptcy be granted? In re Walnut Street Four, 106 B. R. 56, 1989 Bankr. Lexis 1806 (United States Bankruptcy Court for the Middle District of Pennsylvania)


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  • CreatedAugust 12, 2015
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