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Bankruptcy News
In Pennsylvania, U.S. Labor Department Sues Owner Of Company Gone Bankrupt
Philadelphia, Pennsylvania - The U.S. Department of Labor has filed an adversary complaint in federal bankruptcy court against the owner of now defunct G&M Land Development Inc., Wescosville, Pennsylvania, to prevent her from discharging $118,736 owed to participants of the company’s pension plan. G&M Land Development Inc. was a mobile home business that ceased operations in 1999.
“This lawsuit demonstrates our commitment to hold plan fiduciaries accountable when they abuse their position and do not protect the assets entrusted to them,” said Mabel Capolongo, director of the Employee Benefits Security Administration (EBSA) office in Philadelphia that investigated the case.
Under a February 2, 2006 consent judgment entered in the federal district court for the eastern district of Pennsylvania, Cathy Milder, co-owner of G&M Land Development and trustee of the pension plan, was required to restore the plan assets after a Labor Department investigation found the company in violation of the Employee Retirement Income Security Act (ERISA). Milder subsequently filed for personal bankruptcy.
In fiscal year 2005, EBSA achieved monetary results of $1.7 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.
Filing Chapter 11 is known as reorganization
In a chapter 11 case, a liquidating plan is permissible. Such a plan often allows the debtor in possession to liquidate the business under more economically advantageous circumstances than a chapter 7 liquidation.
Definition:
Generally, the property of the debtor that is subject to the jurisdiction of the bankruptcy court.
Chapter Eleven
Definition:
Reorganization proceedings, generally for business entities; the debtor maintains control of the business in Chapter 11 (unless the Court appoints a trustee).
Post-petition
Definition:
Occurring after the filing of a petition. Preference - a payment by a debtor made during a specified period (90 days or one year) prior to the filing that favors one creditor over others.
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