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Bankruptcy News
In Pennsylvania, U.S. Labor Department Sues Owner Of Company Gone Bankrupt
Philadelphia, Pennsylvania - The U.S. Department of Labor has filed an adversary complaint in federal bankruptcy court against the owner of now defunct G&M Land Development Inc., Wescosville, Pennsylvania, to prevent her from discharging $118,736 owed to participants of the company’s pension plan. G&M Land Development Inc. was a mobile home business that ceased operations in 1999.
“This lawsuit demonstrates our commitment to hold plan fiduciaries accountable when they abuse their position and do not protect the assets entrusted to them,” said Mabel Capolongo, director of the Employee Benefits Security Administration (EBSA) office in Philadelphia that investigated the case.
Under a February 2, 2006 consent judgment entered in the federal district court for the eastern district of Pennsylvania, Cathy Milder, co-owner of G&M Land Development and trustee of the pension plan, was required to restore the plan assets after a Labor Department investigation found the company in violation of the Employee Retirement Income Security Act (ERISA). Milder subsequently filed for personal bankruptcy.
In fiscal year 2005, EBSA achieved monetary results of $1.7 billion related to pension, 401(k), health and other benefits for millions of American workers and their families.
There are defined legal debtor rights
Debtor-creditor law governs situations where one party is unable to pay a monetary debt to another. While you have an obligation to pay your bills on time, there are laws to protect your rights if you should find yourself being pursued by a debt collection agency.
Definition:
Term used at bankruptcy courts to describe a bankruptcy filing in which not all the necessary forms have been filed. Certain courts allow a case to commence if only certain important forms are filed so long as the balance of required forms are forthcoming within a certain period of time.
Disclosure statement
Definition:
A comprehensive disclosure document sent to creditors when they are asked to vote on a plan of reorganization in Chapter 11.
Default
Definition:
The failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non-payment of interest or principal.
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