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NORCROSS, GA, April 02, 2013 /24-7PressRelease/ -- The bankruptcy attorneys in Knoxville, Clark & Washington, are weighing in on the recent Chapter 11 bankruptcy filing by the alternative energy firm Solyndra. The company was destined to be a leader in the field of green energy, well at least initially when it was granted $535 million from the Department of Energy under the Obama Administration. The Knoxville bankruptcy lawyers note that while the firm is being liquidated, its parent company has decided to exit court protection. The IRS has objected to Solyndra's court protection plan, as it believes this is merely a way for the business to save on taxes. According to the bankruptcy attorneys in Knoxville, the failure of Solyndra has led to a lot of negative perceptions of the Obama Administration, as it was the first company to receive a loan guarantee under the stimulus package a couple of years ago.
The Knoxville Bankruptcy Firm Notes the IRS Objections
The Knoxville bankruptcy lawyers mention that the IRS argued the principle decision by Solyndra to file Chapter 11 bankruptcy was to avoid paying millions in taxes. However, the court disagreed, stating that it could not effectively be determined that this was the company's main intention, which would have disqualified its filing status. The battle between Solyndra, its creditors and the government is long from over, but the one thing that can be said with certainty is that the solar-panel firm is on the rocks. Whether the parent company can assist its restructuring efforts effectively is unknown, but only time will tell.
Clark & Washington specialize in Chapter 7, 11 and 13 filings for bankruptcy in Knoxville. To learn more about how they can help you, please visit http://www.knoxvillebankruptcyattorney.com.
About Clark & Washington:
Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.
For more information, visit http://www.knoxvillebankruptcyattorney.com
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