Contemporary Business Law 8th Edition by Henry Cheeseman

تمرين 9

Petition 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, Web 1989 Bankr. Lexis 1806 (United States Bankruptcy Court for the Middle District of Pennsylvania)