A Collectibles and Toys Wholesaler Seeks a “Judicial Determination” of Its and the Defendants’ Rights Under a Lease & Finance Agreement
April 8, 2021, Northern District of Georgia – Heo, Inc., a distributor, and a wholesaler of top brands in licensed collectibles, toys, and merchandise, commences an adversary proceeding against Jae S. Yoo and Ah Sa Yoo, (collectively, the “Yoos” or “Defendants”) for “declaratory relief,” “turnover of property” and “violation of the automatic stay” under sections 542 and 362 of the Bankruptcy Code. The Debtor seeks a “preliminary injunction” to remove the Yoos from possession of the premises in Tennessee.
By way of background, the Debtor and Defendants allegedly entered into a lease and finance agreement. According to the complaint, the Defendants were supposed to make “monthly payments” under the agreement. Allegedly, the Defendants “ceased making payments after a certain point.” The Debtor brought a complaint, alleging that the “premises and the monthly payments are property of the estate and are necessary for the administration of the estate.” According to the complaint, as of the petition date, the Yoos owed more than $78,079.26 in missed monthly payments. The Debtor brought an action, seeking a “judicial determination of its and the Defendants’ rights” under the lease and the finance agreement.
The case is In re Heo, Inc. in the United States Bankruptcy Court for the Northern District of Georgia under case number – 21-20173-JRS. Honorable Judge James R. Sacca is overseeing the Debtor’s bankruptcy cases.