Washington area bankruptcy filings for the week of March 14
These firms recently filed with the U.S. Bankruptcy Court's local court clerk's offices.
Under Chapter 11 of the federal bankruptcy code, a company is protected from claims by creditors while it attempts to reorganize its finances under a plan approved by the court.
In a Chapter 7 liquidation, a court trustee sells assets to pay creditors' claims. The company then ceases operations.
Eastern Virginia District
L&B Group LLC
14663 Jefferson Davis Hwy, Woodbridge, Va. 22191
Type of filing: Chapter 11 liquidation
Case number: 11-11551-RGM
Date filed: March 4
Attorney: Gregory H. Counts, 703-549-5000
Assets: zero to $50,000
Liabilities: $100,001 to $500,000
Largest unsecured creditor: Featherstone Investors, $115,000