Truland Group Inc. Wants More Time to File Bankruptcy Schedules

by San Antonio Attorney

The largest electrical contractor in Washing D.C., Truland, has requested the U.S. Bankruptcy Court in for an extension to straighten out the company’s finances. This happened after the first bankruptcy hearing last week.

Truland Group Inc.’s deadline for filing schedules with the court is on Wednesday. They are expected to provide details on their assets and liabilities, but on Friday the company asked the court for an extension because they according to them they cannot access the information it needs to be able to submit those documents in a timely manner.

The request was filed after the hearing on Aug. 6 when representatives for Truland’s trustee laid out a disorderly state before the company’s sudden shut down on July 21 and then filing Chapter 7 after two days. Truland’s problems have left many employees without work and slowing down numerous projects all over the region.

Company officials still haven’t spoken publicly in regards to Truland’s decision to close. However, court papers filed and interviews with former workers have presented a business that was on a going downhill for quite some time before it declared bankruptcy.

Truland Group Inc. is a family-owned company that has been in business since 1909.

In a corporate bankruptcy, the owner of the company remains liable for the business debts. This means that they will still be responsible even after the company’s liability is cleared in business bankruptcy. The owners can negotiate a settlement deal with the creditors or file for Chapter 7 personal bankruptcy in order to discharge their personal liabilities. Otherwise, the creditors can still come after the business owners for complete repayment of the amount they owe, even after the company is shut down and its legal obligation to pay the debts is wiped out in business bankruptcy.

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