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Chapter 7 bankruptcy filed by oil magnate

A joint filing for liquidation has been processed for a former oil magnate, according to local business news. Richard Norton, known to South Carolina residents as the owner of Norton Oil Co., has filed for Chapter 7 bankruptcy citing business-related debts. The filing comes on the heels of a surprise closure of his main offices back in November.

According to the paperwork filed in association with the bankruptcy filing, Norton and his company list a total liability of $1.25 million. This debt is divided between $553,000 in secured claims and a further $534,000 in unsecured claims. These debts are owed to 50-99 creditors, some of whom are customers who did not receive their prepaid oil, nor did they receive any refund, when the company shut its doors.

When asked why a Chapter 11 debt restructuring was not considered, the company's representation said it was unlikely Norton Oil could have sustained itself through such a process. Therefore, the Chapter 7 liquidation was pursued in the hope of satisfying existing creditors with a minimum of personal backlash on Norton and his wife. The liquidation is being overseen by a local district court in Pennsylvania.

A Chapter 7 bankruptcy claim, as many South Carolina residents already know, can be a potent tool in fighting mounting debt. Liquidating company assets can help to protect personal assets in the event of a rise in debt. Further, it can go a long way toward putting a company owner on the road to fiscal stability in the years ahead, allowing him or her to reinvest in the market in whatever way they see fit.

Source: lehighwayvalleylive.com, Richard Norton, owner of Norton Oil Co., files for Chapter 7 bankruptcy, Matthew Bultman, Dec. 18, 2013

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