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Jan
24
Winecare Files for Chapter 7 Bankruptcy

Winecare Files for Chapter 7 Bankruptcy

On behalf of Law Offices of Chad M. Hayward, P.C. posted in Chapter 7 Bankruptcy on Friday, January 24, 2014.

Filing for bankruptcy can be difficult, as you might think that you have to give up everything. This is not always the case, though. An Illinois chapter 7 attorney may be able to help you understand your rights and how you can make the most out of this trying time in your life. If you find that your company isn’t making as much as it should be, or you’re falling behind on debts, Chapter 7 bankruptcy might be an option. A New York company decided that Chapter 11 bankruptcy would be their best course of action after a hurricane. The case was converted to Chapter 7, however.

According to the news from Jan. 8, a wine business hit badly by Hurricane Sandy is now having to be liquidated in order to pay back its customers. The New York judge in charge of the case involving WineCare, a wine storage group, has ordered the business to be liquidated under Chapter 7 bankruptcy law. Reports indicate that the court appointed a trustee who will liquidate the assets, and it’s hoped that during the liquidation more of the original stock could be located.

The storage facility was holding millions of dollars worth of wine from people all over the U.S. and world. Whether the client was based in Illinois or overseas, everyone suffered when the database and computer systems at the company were damaged. Almost 95 percent of the wine was undamaged, but each case would have to be re-scanned and identified for clients. Some clients filed lawsuits against the company asking for a collective $4 million in damages because they were unable to access their property.

Source: Decanter, “Collectors secure liquidation of hurricane-hit New York wine storage firm” Chris Mercer, Jan. 08, 2014


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All calls are routed through our Downtown office for your convenience.

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Locations

We have office locations throughout the Chicago Area:

Chicago (Downtown)

Schaumburg

Oak Brook

Naperville


All calls are routed through our Downtown office for your convenience.

Phone: 312-967-3159

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