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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Hope they're processing refunds for summer camp. https://www.adagioballet.com/announcing-2020-summer-camps-arlington/[/quote] If they're going to file for bankruptcy, they can't issue those refunds now or they'll be subject to clawback in the bankruptcy proceeding.[/quote] What is “subject to clawback”?[/quote] DP. Bankruptcy law generally prevents businesses about to go bankrupt from making preferential payments prior to declaring bankruptcy. This is so that businesses can't send whatever money they have to certain parties, then declaring bankruptcy and there's nothing left for the other creditors. Payments that are made 90 days prior to the bankruptcy may have to come back and become part of the bankruptcy estate for the benefit of all the creditors.[/quote]
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