Marion Auto Parts Co. v. United States Internal Revenue Service (In re Marion Auto Parts Co.)

MEMORANDUM OPINION AND ORDER

H. CLYDE PEARSON, Bankruptcy Judge.

Marion Auto Parts Co., Inc. (Debtor) filed a petition in this Court on October 6, 1976 seeking an arrangement with its creditors under Chapter XI of the Bankruptcy Act. One Donald D. Jones offered to purchase the stock of the Debtor for the sum of $35,000.00. This offer was incorporated in a plan of the Debtor proposed to its creditors, accepted by them, and subsequently confirmed by the Court. A Disbursing Agent was duly appointed, who received the funds payable under the plan and made disbursements thereof in accordance with the…