Lighting company in receivership after loan default ELLICOTT CITY/ELKRIDGE

October 08, 1992|By Alan Craver | Alan Craver,Staff Writer

Industrial Lighting Holding Co. of Elkridge has gone into receivership after defaulting on several bank loans, according to documents filed in Howard Circuit Court.

The Elkridge National Bank asked the court to name a receiver for the company after it did not repay nearly $315,000 in loans.

Circuit Judge James B. Dudley signed an order on Oct. 2 appointing Financial Conservators Inc. as the receiver for the company.

Financial Conservators will protect the remaining assets of the company and manage it until the bank gets its money back.

Industrial Lighting borrowed $325,000 from the bank on Jan. 3, 1990, records say. As of September, the company owed $183,268 plus interest and late fees.

The company borrowed $25,000 on Jan. 31, 1990, and still owes $15,040 plus interest and fees, documents say.

The firm owes $14,078 plus interest and fees for a third loan for $23,000, issued by the bank in March 1991.

The company also owes the bank $102,566 for a revolving credit line, the suit says.

The bank says in the suit that the state has filed three liens against Industrial Lighting for unpaid taxes totaling $56,758.

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