Two weeks after it filed for bankruptcy protection a U.S. Trustee has filed the motion to put dissolving law firm LeClairRyan’s bankruptcy proceedings into the hands of a court-appointed liquidator.
John Fitzgerald III, the acting trustee for the region, filed the motion to convert the Richmond, Va-based firm’s Chapter 11 filing to a Chapter 7 with the Eastern District of Virginia on Sept. 12, citing diminishing cash flow amid increasing expenses.
Following the firm’s Sept. 3 Chapter 11 filing, it received an interim order by the court approving settlement procedures concerning the potential discount and settlement of accounts receivable and ...