When Businesses Fail or People Can’t Pay Bills, Liability Limits Can Save the Day

From LLCs to trusts, protections are here to help — not just companies and individuals, but our whole economy itself. So, anyone struggling in these trying times should be aware of their rights and new possibilities for recovery.

A man pulls his pocket inside out and it's empty.
(Image credit: Getty Images)

Most people would agree that a person who borrows money, contracts for the manufacturing or delivery of goods and services, or enters into agreements that require or encourage substantial investment by other parties should not be allowed to fail to meet those obligations without consequence. Regardless of the cause of these breaches of contract or the good faith of the perpetrator, the losses they cause necessitate recovery efforts by lenders, suppliers, contractors and distributors, often at great monetary and opportunity cost.

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Timothy Barrett, Trust Counsel
Senior Vice President, Argent Trust Company

Timothy Barrett is a Senior Vice President and Trust Counsel with Argent Trust Company. Timothy is a graduate of the Louis D. Brandeis School of Law, past Officer of the Metro Louisville Estate Planning Council and the Estate Planning Council of Southern Indiana, Member of the Louisville, Kentucky, and Indiana Bar Associations, and the University of Kentucky Estate Planning Institute Committee.