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Lipman Operating, LLC, files for Chapter 7 bankruptcy

After a hard-fought fiscal battle, a prominent advertising agency has closed its doors according to business news. Lipman Operating, LLC, an advertising firm known to some South Carolina businesses, filed for Chapter 7 bankruptcy on Sept. 25. The straits have been dire for the agency, but it is hoped this filing will give the family company's owners the support they require to start fresh.

As many business owners understand, a Chapter 7 filing requires that all nonexempt company assets be liquidated to satisfy outstanding debts to creditors. In the case of Lipman Operating, the outstanding debt owed plus administrative fees will be satisfied by such a liquidation. However, unsecured creditors will not be repaid.

The chief creative officer of the firm, David Lipman, has expressed regret that his company had to shutter its doors in mid-September despite four months of personal effort to keep the company running. He has vowed to work towards aiding those employees whose jobs were liquidated along with the company. He has expressed hope for the future now that the debts owed by his company are settled.

It is a difficult thing to accept when a company must file a Chapter 7. Many South Carolina business owners might be tempted to view it as a failing on the part of David Lipman or the executives of his company, but the reality is no business has escaped unscathed from the economic upheaval of the last five years. A Chapter 7 may mean the end of one company, but clearing the slate of debt can pave the way for passionate business owners to go after their dreams once again.

Source: wwd.com, David Lipman's Agency in Chapter 7, Vicki M. Young, Oct. 2, 2013

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