N.R.A. Declares Bankruptcy and Seeks to Exit New York

Seeking an end-run around an investigation by the New York attorney general, the National Rifle Association said that it was declaring bankruptcy and would reincorporate in Texas. The group’s effort to circumvent New York’s legal jurisdiction raised immediate questions from the New York attorney general, who is seeking to use her regulatory authority to dissolve the N.R.A. She has been conducting an investigation into corruption at the gun group since 2019. Typically, nonprofit groups that are chartered in New York and under investigation are prohibited from relocating their assets during an inquiry; in recent years, the attorney general’s office prevented the Trump Foundation from closing before it had reached the conclusion of an investigation into that organization. The bankruptcy filing could delay the resolution of the attorney general’s case while the matter is litigated in bankruptcy court.

Contemplating bankruptcy? Contact our office at 816-524-4949 or you can visit our website at hoorfarlaw.com to schedule an appointment.

This entry was posted in General and tagged , , . Bookmark the permalink.

Leave a Reply