Recent business filings in the U.S. District Court in...


August 12, 1991

Recent business filings in the U.S. District Court in Baltimore.

AUG. 2

Taste Collections Inc., d.b.a. Arts/Objects. 10300 Mill Run Circle, Owings Mills Town Center, Owings Mills. Seller of art objects filed Chapter 11. Irvin Borenstein, treasurer. Assets: $435,292. Liabilities: $795,591.

Forbes Construction, 10890 Kitty's Corner Road, Cordova. Carpentry firm filed Chapter 7. Enoch H. Forbes Jr. and Brenda L. Forbes, owners. Assets: N.A. Liabilities: N.A.

AUG. 5

Terrafirm Real Estate Development Ltd., 6258 Cardinal Lane, Columbia. Paul M. Revelle, president. Debtor filed Chapter 11. Assets: $700,000. Liabilities: $754,731.

RAM Construction Co. Inc., 1100 North Macon St., Baltimore. Construction company filed Chapter 11. Raphael E. Marcantoni III, majority owner. Henry Fleming Jr., minority owner. Assets: $330,000. Liabilities: $630,000.

AUG. 6

Stanwood Communications Corp., d.b.a. Public Phone Centers. 9550 Berger Road, Columbia. Wholesaler and retailer of phones and equipment filed Chapter 7. Phillip H. Ault, president. Assets: NA. Liabilities: NA.

Piper Productions Inc., 107 E. 25th St., 3rd Floor, Baltimore. Video and film production company filed for Chapter 11. Reginald J. Daniels II, president. Assets: $40,000. Liabilities: $79,166.

Prolith International Inc., 10255 Southland Drive, Baltimore. Debtor filed Chapter 7. William Silver, president. Assets: N.A. Liabilities: N.A.

AUG. 7

MMBK Company Inc., 17 Belvedere Court, Annapolis. Real estate company filed Chapter 11. H. Robert Armitage, president. Assets: $125,000. Liabilities: 90,000.

Columbia Office Associates, 3500 Trammell Crow Center, 2001 Ross Ave., Dallas, Texas. Donald G. Taylor, managing general partner of Crow-Broken Land South Associates Ltd. Partnership, general partner. Developer, owner and operator of three commercial office buildings on Broken Land Parkway filed for Chapter 11. Assets: N.A. Liabilities: N.A.

Vector Automation Inc., Village of Cross Keys, 5100 Falls Road, Baltimore. Wholesaler and retailer of industrial software filed Chapter 7. Louis Wohlmuth, president. Assets: $20,000. Liabilities: $180,000.

AUG. 8

Noland & Associates Inc., d.b.a. Choice Seating and Choice Seating Gallery. 836 Ritchie Highway, Suite 20, Severna Park. Retailer of furniture filed Chapter 11. Kenneth E. Noland, president. Assets: N.A. Liabilities: N.A.

Sweat Shop Inc., 10220 S. Dolfield Road, Owings Mills. Retailer filed for Chapter 11. Albert M. Harris, vice president. Assets: $259,609. Liabilities: $1,050,821.

Competative Edge Performance Shop Inc., 3606 White Ave., Baltimore, 21206. Auto repair shop filed for Chapter 7. Chester Wayne Beatty Jr., president. Assets: $0. Liabilities: $100,000.

The following are the most common types of filings under the U.S. Bankruptcy Code.

CHAPTER 7 -- Liquidation. A trustee is appointed to take charge of all the debtor's property, except for certain exceptions allowed in the law. The trustee will sell the remaining property for the benefit of creditors, and unless a creditor objects and is upheld by the court, the debt will be discharged in whole or in part.

CHAPTER 11 -- Reorganization. Available to all individuals or businesses, this chapter is primarily intended to allow an ongoing business to restructure its debt. A successful reorganization depends on filing a plan and obtaining its approval by creditors and the court.

CHAPTER 13 -- Adjustment of debts of an individual with regular income. This chapter provides a method for individual debtors to repay creditors, in full or in part, over a period of up to five years. It ordinarily involves less than $100,000 in unsecured debt and $350,000 in secured debt.

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