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Eight former partners of dissolved Boston firm Testa Hurwitz & Thibeault are trying to force the partnership into involuntary Chapter 11 bankruptcy proceedings.
The eight partners, who left between 2001 and 2004, are seeking to recover their capital contributions. The firm dissolved on January 14, 2005.
Involuntary Chapter 11 petitions are rarely successful but the partners filed the petition in the hope of getting a better deal in court than they would otherwise. For example, in a bankruptcy court the firm’s former landlord could only ask for a maximum of one year’s rent.
The firm is currently calling in all its debts to pay its creditors, which include the eight former partners. It has not paid any redundancy payments to staff.