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SOUTH CAROLINA
BANKRUPTCY ATTORNEY

Energy company files for Chapter 7

The sun has set on another solar energy company, according to local sources. South Carolina residents interested in alternative energy may already be familiar with Ascendent Energy, which closed its doors for good after filing for Chapter 7 bankruptcy on July 31. The company reported only nominal assets stacked against close to a million dollars in debt.

According to paperwork filed in a U.S. Bankruptcy court local to the company, Ascendent listed only $1,610 in total assets with no property listed. Contrarily, the company owes some $780,000 to a number of different interests, including a major university, two contractors, several independent companies and a technology institute. The two largest chunks of debt are owned by the technology institute and one of the larger companies.

In tandem with this filing, the CEO and founder of Ascendent is dealing with issues with his personal finances. He has managed to successfully negotiate a payment plan for the mortgage on his home as well as a lien owned by the same company that owns the largest chunk of his company's debt. It is hoped that this will help the man retain ownership of the home he owns jointly with his wife.

In cases of this level of financial instability, South Carolina residents should understand that the regular benefits of Chapter 7 bankruptcy may not apply -- namely, liquidating company assets to satisfy creditors. As there are no assets to liquidate, the bankruptcy court may be able to forgive elements of the debt accrued. It is hoped that this will be enough to set company owners on the road to financial recovery.

Source: mainebiz.biz, "Solar energy company files for Chapter 7 bankruptcy", , Aug. 4, 2014

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