The following firms have filed for bankruptcy protection recently with local clerk of court offices of the U.S. Bankruptcy Court.
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 operating.
District of Maryland Rockville Court Professional Management Associates Inc. of 1355 Piccard Dr., Suite 350, Rockville, filed for Chapter 11 reorganization July 5. The government consulting company listed assets and liabilities as each being more than $1 million.
Braddock Refrigeration and Air Conditioning Service Inc. of P.O. Box 101, Middleton, Md., filed for Chapter 11 reorganization July 6. The company listed assets and liabilities as each being between $100,000 and $499,000.
Eastern District of Virginia Alexandria Division Kay Construction Corp. of 8216 Strawberry Lane, Merrifield, filed for Chapter 7 liquidation July 9. The construction contractor listed property of $87,575 and debts of $316,962.14.
Jeff Smith Inc., doing business as Jeff Smith Karate, Jhoon Rhee Institute of Annandale, of 4421 John Marr Dr., Annandale, filed for Chapter 11 reorganization July 10. The karate school listed assets of $260,032.90 and liabilities of $8,497,663.14.
K. Simpson Enterprises Inc., formerly of Port Royal Road, Fairfax, was the subject of an involuntary Chapter 7 liquidation filed July 12 by local auto parts distributors, who allege they are owed $445,166, and by an individual who claims he is owed $150,000.