Furniture company in High Point sought bankruptcy protection
Posted on Tuesday, June 2nd, 2015 at 3:24 pm
A furniture company that displays office and home furniture at the High Point Market recently filed for bankruptcy, the Triad Business Journal reported on May 15.
According to the Chapter 11 bankruptcy documents filed by Turnkey Products LLC at the federal bankruptcy court in Greensboro, the business’ estimated debts were predicted in a wide range from $1 million to $10 million. The company’s assets, on the other hand, amounted to around $50,000. Documents identify South Asia Furniture Manufacturing Co. is one of Turnkey’s major creditor. Turnkey is disputing that they owe $724,767.28 to the Greensboro-based furniture maker.
Filing for Chapter 11 Bankruptcy can allow struggling business owners to restructure their debts and reorganize their business, so they may pay creditors back over time while still maintaining a running business. If you are considering bankruptcy for your business, discuss your best legal options in this situation with the Raleigh legal team at the Bradford Law Offices, PLLC. Call us today at (919) 758-8879 to find out how we may help your business start fresh.