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- Disclosure Statement - Bankruptcy Creditors' Service, Inc.
Get Disclosure Statement - Bankruptcy Creditors' Service, Inc.
) ) Chapter 11 Case No. 09-23658-BKC-EPK Case No. 09-23659-BKC-EPK Case No. 09-23660-BKC-EPK Jointly Administered DEBTORS, QSGI, INC., QSGI-CCSI, INC., AND QUALTECH SERVICES GROUP, INC. S THIRD AMENDED DISCLOSURE STATEMENT IN SUPPORT OF THIRD AMENDED PLAN OF REORGANIZATION DATED JANUARY , 2011 Respectfully submitted, MICHAEL A. KAUFMAN, ESQ. Florida Bar No.: 0628042 MICHAEL A. KAUFMAN, P.A. 1655 Palm Beach Lakes Boulevard, Suite 1012 West Palm Beach, Florida 33401 Telephone: (561) 478-287.
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Vpc FAQ
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If the company owes you wages, you will be considered a creditor of the bankrupt company. The bankruptcy laws line up (“prioritize”) creditors in the order in which they will be paid off. Creditors who are owed wages, salaries, or commissions are given a high priority for repayment.
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Though the bankruptcy of a company to which you've sold goods or provided services is never great news, it's often possible to get back at least some of what you are owed. Doing so requires you to file a proof of claim promptly, so the trustee overseeing the payment to creditors can put your receivables in the queue.
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The disclosure statement is a document that must contain information concerning the assets, liabilities, and business affairs of the debtor sufficient to enable a creditor to make an informed judgment about the debtor's plan of reorganization.
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If you do not pay the debt, you will face collection efforts. Since the company is going through bankruptcy, it will generally use an outside collection agency or third-party collection agency. Once the money is collected, it goes to the trustee who then pays the company's creditors.
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Under Chapter 7 of the U.S. Bankruptcy Code, "the company stops all operations and goes completely out of business. A trustee is appointed to liquidate (sell) the company's assets, and the money is used to pay off debt," the U.S. Securities and Exchange Commission notes.
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For Creditors who are owed money by the Debtor, this letter is an official notice that the Debtor has filed for bankruptcy.
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How long do you stay on the bankruptcy register? Your details will normally remain on the register until three months after you've been discharged from bankruptcy. Your bankruptcy will also appear on your credit file for six years.
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You can claim for all your unpaid pay from the insolvency practitioner. There is no guarantee that the full amount you are owed will be paid as this depends on whether enough funds are raised from the sale of your employer's assets.
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