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Trustee: Bankrupt Printer Took Assets

March 12, 2010
ALBANY, NY—As much as $1.2 million was illegally taken from Tech Valley Printing by shareholders. The Albany Times Union reported that the trustee overseeing the defunct printer's Chapter 7 proceedings filed a complaint in U.S. Bankruptcy Court alleging that payments were made while the firm was insolvent during a one-year period leading up to its April 2008 filing.

The Watervliet, NY-based company employed 130 at one point, but closed its doors months before the liquidation bankruptcy filing, according to the Times Union. It owed $6 million to creditors at the time.
 
It is illegal for business owners to shift assets to shield them from creditors, even prior to a bankruptcy filing.

 

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