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 operations.
Rockville Court District of Maryland Burgers of Georgetown of 3210 M St., Washington, filed for Chapter 11 reorganization Aug. 17. The restaurant listed $244,487.27 in claims held by its largest unsecured creditors. J.B. Food Systems of 110 South Dual Highway, Seaford, Del., also filed for Chapter 11 reorganization on Aug. 17. The firm listed $237,239.12 in claims held by its largest unsecured creditors. Neither petition indicated why the businesses were filing in Maryland. John L. Courembis is president of both firms.
Market Tire Educational Services Inc. of 5010 Nicholson Lane, Bethesda, filed for Chapter 7 liquidation Aug. 17. The training school for mechanics listed assets of $28,601.39 and liabilities of $883,076.
Topsoil Supply Inc. of 8416 Zug Rd., Bowie, filed for Chapter 11 reorganization Sept. 4. The topsoil moving company listed assets of $370,000 and liabilities of $480,000.
COMACS Inc. of 2759 W. Chesapeake St., Dunkirk, Md., filed for Chapter 11 reorganization Sept. 6. The residential custom-home builder listed assets of $204,566 and liabilities of $1,854,634, including a $527,811 loan held by COMACS Development Co., of the same address as COMACS Inc.
Alexandria Division Eastern District of Virginia Chantilly Flowers Inc. of 4511 Henry Lee Jackson Hwy., Chantilly, filed for Chapter 7 liquidation Sept. 5. The flower shop listed debts of $61,920 and property of $10,850.
Craby's Seafood House Inc. of 502 N. Main St., Culpeper, Va., filed for Chapter 7 liquidation Aug. 31. The restaurant listed no assets and liabilities of $90,465.52.
DDL Graphics Inc. of 9681 Hagel Circle, Lorton, filed for Chapter 7 liquidation Sept. 5. The graphics, typesetting and printing company listed assets of $19,100.37 and liabilities of $103,452.30.
Venture Associates Inc. of 10266 Battleview Parkway, Manassas, was the subject on an involuntary Chapter 7 petition Aug. 16. Various trust funds associated with electricians union Local No. 26 alleged the firm owed the funds about $81,000.
Also filing in the Alexandria Division were Managed River Place Association, which filed for Chapter 11 reorganization Aug. 22 and Sutherland Decorating Co. Inc., which filed for Chapter 7 liquidation Aug. 22.
District of Columbia Washington Ventures Inc., a subsidiary of Washington Bancorporation, of 1350 Connecticut Ave. NW, filed for Chapter 11 reorganization Sept. 4. The small-business investment company said its assets are highly illiquid and had no estimate of assets value. Its liabilities, held by the Small Business Administration as a loan and by Washington Bancorp. as common stock, were listed as $4.64 million.
Marc London Custom Shirtmaker of 901 15th St. NW filed for Chapter 11 reorganization Aug. 31. The men's clothier listed property of $211,309.79 and debts of $458,834.87. Among the debts is a $241,000 business loan extended by the Economic Development Finance Corp., which also holds 6,500 shares of preferred stock.