Xceligent Files for Chapter 7 (Liquidation) Bankruptcy Shuts Down Its Operations For Good12/15/2017 The following post is copyrighted by Austin Tenant Advisors - . According to news sources Xceligent has shut down their operations for good. Commercial real estate data firm, Xceligent, which is owned by General Trust and Daily Mail (DMGT) has filed for Chapter 7 liquidation. This news comes about 12 months after Xceligent started its legal battle with commercial real estate data firm Costar. Xceligent has over 250 employees which were sent a memo at 4:08 pm on 12/14/17 telling them their employment was being terminated that day. They only have 30 minutes to gather their stuff and leave the premises. What is a Chapter 7 Bankruptcy?It’s the most common and simplest form of bankruptcy that an individual or company can file. Any assets that the debtor does not have exempted a court appointed trustee may sell and then distribute the net proceeds to creditors. In exchange for this the debtor gets released of his personal liability for most debts. In most cases the case gets closed by the trustee without selling any of the debtors assets According to DMGT it will have no liability for the legal costs it incurred with Xceligent. Other sources to check out regarding the Chapter 7 Filing of Xceligenthttps://www.bisnow.com/national/news/commercial-real-estate/breaking-dmgt-to-shut-down-xceligent-82748 https://therealdeal.com/2017/12/14/xceligent-shuts-down-firm-files-for-chapter-7-source/ https://www.wsj.com/articles/property-data-firm-xceligent-files-for-chapter-7-protection-1513296157 The post Xceligent Files for Chapter 7 (Liquidation) Bankruptcy, Shuts Down Its Operations For Good appeared first on Austin Tenant Advisors. via Blogger Xceligent Files for Chapter 7 (Liquidation) Bankruptcy, Shuts Down Its Operations For Good
0 Comments
Leave a Reply. |
AuthorThe experienced commercial realtors at Austin Tenant Advisors specialize in representing the best interests of buyers and tenants in the Search, Selection, Negotiation, and Occupancy of Office, Retail, Industrial & Warehouse Space for lease, rent, or sale in and around Travis, Williamson, Hays, Bastrop, & Burnet Counties, which are the 5 largest counties in Central Texas. We serve the surrounding cities such as Pflugerville, Round Rock, Georgetown, Leander, Cedar Park, Lakeway, Bee Cave, Sunset Valley, Dripping Springs, Buda, Kyle, San Marcos, Burnet, Marble Falls, and more. Archives
November 2020
Categories |