Numerous news sources are reporting that Sommet Group is heading for liquidation after a federal bankruptcy judge agreed with a group of its creditors on Friday.
In July, a group of creditors filed an involuntary petition to push the former Nashville Predators sponsor intoChapter 7 bankruptcy, which would allow for liquidation of the company so that debt could be repaid. Court documents reveal that Judge Keith Lundin issued an order which grants the involuntary petition.
Back in July, federal authorities raided the Cool Springs office of Sommet Group, which provided payroll and payment services to businesses. An affidavit revealed that managing partner, Brian Whitfield, was accused of misusing clients' funds.
According to the attorney that is representing the creditors, the bankruptcy process will provide Sommet Group with an orderly way to repay its debt.
At this time, all attempts to reach staff at the Sommet Group have been unsuccessful and there has been no response to the creditors' Chapter 7 bankruptcy filing.
If you are filing for Chapter 7 bankruptcy, contact the Malaise Law Firm to speak with a San Antonio bankruptcy lawyer.