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 Campbells Drive Limited Partnership in Upper Marlboro filed for Chapter 11 reorganization Oct. 18. More information was not available.
Alexandria Court Eastern District of Virginia Leasing Systems Inc. of McLean filed for Chapter 7 liquidation Oct. 19. The company listed assets of $10.1 million and liabilities of $11.21 million. Included in court records as creditors were the Florida Department of Revenue in Tallahassee, Fla., Georgetown University and George Washington University. The company leases equipment and vehicles.
Fair Oaks Electric Co. in Chantilly filed for Chapter 11 reorganization Oct. 22. The company listed $120,607 in assets and $394,894 in liabilities.
Vector Systems Inc. of Herndon, a hospital consulting firm, filed for Chapter 11 reorganization Oct. 23. The firm listed $281,916 in assets and $172,490 in liabilities.
Burton & Gundlach P.C., an architecture, planning and design firm, filed for Chapter 7 liquidation Oct. 19. The firm listed $43,526 in assets and $200,339 in liabilities.
District of Columbia Cardoza Sisters Hairstylist Inc. filed for Chapter 11 reorganization Oct. 23. The company listed $27,775 in assets and $141,500 in liabilities. The company owes $67,000 to the Internal Revenue Service, though it disputes part of the amount. The company owes $4,500 to the District of Columbia in withholding taxes, part of which it disputes. The company also owes $70,000 to William Fauntory of Bunker Hill Road NE.