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Custom mirror manufacturer files for Chapter 7

A company that specialized in providing high-tech interactive mirrors for both residential and commercial use has filed for bankruptcy, according to local business sources. South Carolina aficionados may be aware of Luxury Tec, a North Carolina-based company employing 10 people prior to the Chapter 7 filing. The filing, which is being overseen by a local bankruptcy court, went through on Nov. 14 of this year.

Luxury Tec was actually subdivided into two companies. Luxury Tec LLC and Luxury Tec Holdings LLC were both listed as being at the same address. The manager of both companies filed bankruptcy papers listing each company's assets as falling between $0 and $50,000. This was listed against debts ranging between $1 million and $10 million.

It is unclear how the trouble started for Luxury Tec, as the plan had been to expand operations once the company moved to their most recent location. However, few businesses have been untouched by the last vestiges of the economic recession of the last several years. Luxury Tec will be liquidated for all assets, which will be used to help satisfy outstanding debts. Other debts may yet be forgiven by the Bankruptcy Court in charge of this case.

It is easy for South Carolina business owners to understand what might compel a company to file for a Chapter 7. Certainly economic downturns and financial strife are common for business owners the nation over. However, it is important to remember that a Chapter 7 may be the best option for a struggling business owner -- it is a far better choice than watching a business sink under too much combined debt.

Source: Winston-Salem Journal, Luxury Tec files for Chapter 7 bankruptcy protection, Richard Craver, Dec. 5, 2013

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