Trustee Seeks Ch. 7 Conversion For LeClairRyan Bankruptcy

Law360 (September 13, 2019, 7:59 PM EDT) -- The Office of the U.S. Trustee on Thursday asked a Virginia bankruptcy court to convert the Chapter 11 case of defunct law firm LeClairRyan PLLC to a Chapter 7 liquidation, saying the firm has not been collecting on its accounts as quickly as anticipated.

In its motion, the trustee said the firm's efforts to receive payments for its accounts receivable since filing for bankruptcy Sept. 3 have come up short, creating a risk that the expenses incurred in administering the case could eat into the debtor's cash.

When it filed, LeClairRyan said it intended to collect $4.4 million in cash receipts...

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