When a business files for bankruptcy, the trustee will sometimes sue creditors to get money back from them if they received a payment within 90 days of the filing of the bankruptcy. This is known as a preference action since the idea behind it is to avoid a debtor...
Business & Commercial Bankruptcy
What is an Involuntary Bankruptcy
An Involuntary Bankruptcy is filed not by the individual or company that has the debts, but instead by creditors of that individual or company. The involuntary bankruptcy can either be a Chapter 7 or Chapter 11 bankruptcy. Three creditors with combined claims totaling...
GYMBOREE APPEARS TO BE ON VERGE OF BANKRUPTCY
Gymboree appears to be on the verge of bankruptcy according to The Denver Post. http://www.denverpost.com/2017/05/05/gymboree-stores-closing/ A number of stores will likely close as part of the bankruptcy process. A number of brick and mortar retailers have struggled...
Conversion of Chapter 11 business bankruptcy to Chapter 7 bankruptcy
When a business is struggling, often it will turn to a Chapter 11 bankruptcy in order to reorganize its debts. Through Chapter 11 a business can often reduce unsecured debts like claims of suppliers, restructure secured debt and pay priority tax debts over time, among...
American Apparel Bankruptcy
http://www.reuters.com/article/us-americanapparel-layoffs-idUSKBN15025M American Apparel Layoffs Employees in Bankruptcy ProceedingsBy Jessica DiNapoli and Lisa RichwineCanadian apparel maker, Gildan Activewear Inc (GIL.TO), has withdrawn its plan...
Cherry Hill Restaurant Files Chapter 7 Bankruptcy
Kuzina by Sofia has shut its doors after seeking Chapter 7 bankruptcy protection, according to the Courier Post, http://www.courierpostonline.com/story/news/local/south-jersey/2016/09/08/kuzina-restaurant-close-cherryhill/90094302/The Greek and Mediterranean...
Kuzina by Sophia Restaurant (located on Rt 70 in Cherry Hill) Files for Bankruptcy
"We're sorry to be out of the business, but in a way we're still in the business," said Khoury, who said the catering firm, Cooking With Sofia, will serve individual customers and also hold dining events for the public. "We want to thank everyone for being our...
Power company files 10th largest Chapter 11 business bankruptcy
A large power company called Energy Future Holdings has filed for bankruptcy. The business bankruptcy filing comes seven years after the energy company went through a leveraged buyout, which left it laden with debt. The buyout happened before the natural gas boom in...
Brookstone files for Chapter 11 after recession hit
Business bankruptcy proceedings can be utilized by New Jersey companies to get back on sound financial footing following difficult financial times. In fact, one well-known corporation, Brookstone, has announced that it is trying to do just that after filing for...
Shipping company plans to file for Chapter 11
The shipping company, Genco, plans to file for bankruptcy by the end of March. The company operates ships that transport grain, coal, iron ore and soybeans. The Chapter 11 filing will be completed in order to protect the company from a $50 million debt obligation that...