Thomas Stilp, JD, MBA/MM, LLM, MSC
In Seymour vs. Collins, the Illinois Supreme Court criticized businesses in Illinois. Finding in favor of a debtor who had been accused of hiding assets in bankruptcy by failing to list assets in the bankruptcy schedules, the Illinois Supreme Court said: “We are not so ready, as the federal courts appear to be, to penalize, via presumption, the truly inadvertent omissions of good-faith debtors in order to protect the dubious, practical interests of bankruptcy creditors.”
What’s “dubious” about the creditors’ interests – seeking to get paid? Creditors in bankruptcy are businesses who loaned money and sold goods to the debtor, and have not been paid. Why would the interests of creditors be “dubious”? The Court offers no explanation, but the choice of words is reflective of the ever-present hostility, that somehow business in Illinois is unworthy of protection and deserving of sarcasm.
What does this mean for business? Simply that if you are a business in Illinois, you better, double and triple check your agreements, particularly those involving consumers and employees. If your business is not up on the latest, you will lose.
