Law Office of Paul Petrillo
Contact Us Today 603-635-4149
Menu Contact

Maker of audio products files for bankruptcy

Media sources report that an audio company has recently filed for bankruptcy in the U.S. Bankruptcy Court for the District of New Hampshire. Audioplex, a maker of multiroom audio products, is expected to liquidate around $260,000 worth of assets as a result of the filing, including wallplates, volume controls, IR distribution products and speaker selectors.

Sources say that Audioplex has several major creditors, such as Bayview Loan Servicing which claims around $454,000 of the company's indebtedness. Bayview holds the mortgages on some of Audioplex's facilities in Tuftonboro. In addition, the company has $28,000 in liabilities owed to a law firm and $86,000 to two separate credit card companies. Comparatively, Audioplex listed nearly $802,000 in assets. The company declared bankruptcy on June 11.

Although there is a certain social stigma associated with filing bankruptcy, it can sometimes be a central component of business reorganization, particularly in cases where it might allow for improved business debt negotiations with creditors. While some creditors might initially appear unwilling to negotiate a company's liabilities, securing legal representation may help a business to make such arrangements. In some cases, commercial bankruptcy can be a viable option for eliminating debt and thereby allowing an organization to achieve a fresh start or pursue a different agenda entirely.

If a company is encountering financial difficulties, it may be beneficial to secure legal representation before deciding to file bankruptcy. An attorney may be able to help an organization to review their accounts to determine if there are alternatives to bankruptcy that have not been explored.

Source: CE Pro, "Audioplex Declares Chapter 7 Bankruptcy", Julie Jacobson, June 08, 2014

No Comments

Leave a comment
Comment Information

Start Your Case Today

Whether you have a family law issue, an estate planning question or are considering bankruptcy, I can help you find a sustainable solution that provides relief and hope. Schedule your consultation at my Nashua, New Hampshire office today by calling 603-635-4149 or by sending us an email.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

email us for a response
Law Office of Paul Petrillo