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NEWS: Nutech Loses Preliminary Legal Battle

Ken Groove is not a person. It's actually Ken Groove Productions, a Japanese company that produces and distributes anime, video games, and the like.

Nutech could fill for chapter 11 bankruptsy then KG will be lucky to see a penny. Nutech changes their name to something else and they're back in business again like nothing happened. Happens a lot in the UK sadly.

Well, as of mid Oct, Bankruptcy doesn't grant you the same freedom of debt it use to... now its simply a status change, but you're still held accountable for the debt owed... they should have thought about that earlier in the year...

poweranime wrote:

Well, as of mid Oct, Bankruptcy doesn't grant you the same freedom of debt it use to... now its simply a status change, but you're still held accountable for the debt owed... they should have thought about that earlier in the year...

Are you referring to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? If so, you might want to do a little research before making unjustified claims that have no basis in reality. This recent Act of Congress makes it much more difficult for consumers to erase debt by forcing more people to file under Chapter 13 bankruptcy rather than Chapter 7 bankruptcy.

Again, this act specifically punishes consumers and their families and was not intended to punish corporations. Rather, it was intended to protect corporations from consumers. It might have been more accurately titled the "Consumer Bankruptcy Prevention and Corporation Protection Act of 2005. In fact, one of the main provisions requires all consumers seeking protection to enlist the "help" of credit counseling agencies (yes, the very same ones who are typically funded by the credit card companies themselves).

This new act might not have been so controversial if it had also included some actual consumer protections from predatory lending and other anti-consumer credit practices, but no such protection was ever considered. This is probably a simple result of letting the credit card companies dictate a significant portion of the legislation before it was rubber-stamped into law.

But how does all that pertain to a company getting it's rightful recompence from another that is renegging?

Mohawk52 wrote:

But how does all that pertain to a company getting it's rightful recompence from another that is renegging?

Basically, it boils down to this: If the company going bankrupt owes you money, you are screwed. Not really that simple, but that is often how it ends up.

poweranime wrote:

Well, as of mid Oct, Bankruptcy doesn't grant you the same freedom of debt it use to... now its simply a status change, but you're still held accountable for the debt owed... they should have thought about that earlier in the year...

Are you referring to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005? If so, you might want to do a little research before making unjustified claims that have no basis in reality. This recent Act of Congress makes it much more difficult for consumers to erase debt by forcing more people to file under Chapter 13 bankruptcy rather than Chapter 7 bankruptcy.

Again, this act specifically punishes consumers and their families and was not intended to punish corporations. Rather, it was intended to protect corporations from consumers. It might have been more accurately titled the "Consumer Bankruptcy Prevention and Corporation Protection Act of 2005. In fact, one of the main provisions requires all consumers seeking protection to enlist the "help" of credit counseling agencies (yes, the very same ones who are typically funded by the credit card companies themselves).

This new act might not have been so controversial if it had also included some actual consumer protections from predatory lending and other anti-consumer credit practices, but no such protection was ever considered. This is probably a simple result of letting the credit card companies dictate a significant portion of the legislation before it was rubber-stamped into law.

Nutech could fill for chapter 11 bankruptsy then KG will be lucky to see a penny. Nutech changes their name to something else and they're back in business again like nothing happened. Happens a lot in the UK sadly.

Thank you for the clarification! So, corporations can still screw other corporations! Alright, baby! We're back in business! Thanks for bringing be back to reality!