Bufete Emmanuelli, C.S.P. Reciba orientación gratis y confidencial por un abogado o abogada, sobre la necesidad o conveniencia de una quiebra bajo los Capítulos 13 y 7. Además, tramitamos reclamaciones bajo el Seguro Social Federal. 787-848-0666. Agencia de Alivio de Deudas/Debt Relief Agency. Le ayudamos a radicar su quiebra bajo el Código de Quiebras Federal. Urbanización Constancia Calle San Francisco 2803 Ponce, Puerto Rico 00732-0779
En enero se radicaron 739 quiebras, cinco más que hace un año, según datos publicados por Boletín de Puerto Rico. Es el primer aumento desde octubre. En 2012 se radicaron 10,357 quiebras. La cifra, representa una reducción de 8%. Se trata de la segunda caída consecutiva tras cuatro años de fuertes subidas.
By Ilaina Jonas
NEW YORK (Reuters) - The owner of magazine Reader's Digest, once the staple of doctors' offices and coffee tables, has filed for bankruptcy for the second time in less than four years, citing a greater-than-expected decline of the media industry.
RDA Holding Co and more than two dozen affiliates filed for a pre-negotiated Chapter 11 bankruptcy plan the company says will allow it to reduce its $534 million debt load by 80 percent, according to documents filed Sunday in U.S. Bankruptcy court in the Southern District of New York.
Its international operations are not part of the filing.
It is the second time the company filed for bankruptcy protection since 2009.
Despite emerging from bankruptcy as a smaller company in 2010, "its business plan and financial forecasts did not adequately account for the steep declines that the media industry has suffered over the last few years - as evidenced by Houghton Mifflin Harcourt Publishing Company's recent return to Chapter 11," Robert Guth, the company's president and chief executive officer, said in court documents.
Nor did the company's plan "adequately reflect the fragility of RDA's wide-reaching international footprint," Guth said.
Under the terms of the restructuring plan, $464.4 million of its senior notes will convert to equity, leaving the company with $100 million in debt.
Wells Fargo & Co (WFC.N) and holders of its senior secured notes have agreed to $105 million in debtor-in-possession financing to allow the company to continue operating under bankruptcy. The company plans to exit bankruptcy within four months, court documents say.
DeWitt Wallace and his wife Lila Acheson Wallace founded Reader's Digest in 1922. The magazine offered readers stripped-down versions of articles about health, home and family from other publications. It eventually began the best-selling consumer magazine in the United States. Today it operates print and digital magazines, books, music and videos worldwide and has more than $1.1 billion in assets, according to court documents.
Distressed-debt investor Alden Global Capital and hedge fund Point Lobos Capital LLC are listed as among the company's largest stakeholders, according to the filing. Luxor Capital Group, as administrative agent for a $10 million loan, is listed as one of its largest unsecured creditors. (Editing by Andrea Ricci)
Can the IRS Ignore the Bankruptcy Stay?
The bankruptcy stay is the first major benefit for the debtor when a bankruptcy is commenced. Immediately after the filing fee is paid and a petition is filed, virtually every type of collection activity is called to a halt. An order is entered by the bankruptcy court under 11 USC §362 prohibiting nearly all creditors from taking any type of collection action. After months or even years of calls, letters and perhaps wage garnishment the automatic stay of the bankruptcy court is a welcome relief indeed. But does it stop everyone? Does it stop even the Internal Revenue Service?
There are few exceptions to the protection a debtor in bankruptcy is given by the automatic stay. Collection by the IRS is not an exception. Even the IRS is prohibited from collecting after the petition has been filed. While the IRS can continue to audit tax returns during a bankruptcy proceeding, and may even determine that a tax is due, it can not start or continue enforced collection. The IRS must stop any wage levy and if it files a tax lien after the bankruptcy petition has been filed, it must withdraw the lien.
What happens if the bankruptcy automatic stay is violated? If a creditor violates the automatic stay by accident, it must return the money or stop the collection action as soon as it learns about the bankruptcy. However, if the stay violation is done on purpose, if it is considered a "willful" violation, that is a different situation. In the event of an intentional violation of the bankruptcy stay, federal law provides strong remedies for the debtor. After a willful stay violation, the debtor can not only recover the money or property that was wrongfully taken, attorney fees and even punitive damages may be available.
The IRS instructs its collectors to stop all collection activities when they learn of a bankruptcy. In spite of these instructions, there are times when an overzealous tax collector violates the automatic stay on purpose. While some statutory remedies are available, the debtor can not recover punitive damages against the government. Special rules apply and, based on 26 USC §7433 (d)(1) an aggrieved taxpayer in bankruptcy must first go through IRS administrative process to fix the problem. Treasury Regulation 301.7433-2(d)(1) sets out a procedure that must first be followed before any damages can be recovered from the IRS. For details of how the process works and citations to additional information, see a detailed article on In Re Cooper by North Carolina bankruptcy expert, attorney Ed Boltz.
Despite the additional requirements of IRS regulations, the bankruptcy stay remains powerful protection from the tax collector. There are few other situations in which the debtor can tell the IRS to stop collections and count on the court to back them up.
The bankruptcy stay is the first major benefit for the debtor when a bankruptcy is commenced. Immediately after the filing fee is paid and a petition is filed, virtually every type of collection activity is called to a halt. An order is entered by the bankruptcy court under 11 USC §362 prohibiting nearly all creditors from taking any type of collection action. After months or even years of calls, letters and perhaps wage garnishment the automatic stay of the bankruptcy court is a welcome relief indeed. But does it stop everyone? Does it stop even the Internal Revenue Service?
There are few exceptions to the protection a debtor in bankruptcy is given by the automatic stay. Collection by the IRS is not an exception. Even the IRS is prohibited from collecting after the petition has been filed. While the IRS can continue to audit tax returns during a bankruptcy proceeding, and may even determine that a tax is due, it can not start or continue enforced collection. The IRS must stop any wage levy and if it files a tax lien after the bankruptcy petition has been filed, it must withdraw the lien.
What happens if the bankruptcy automatic stay is violated? If a creditor violates the automatic stay by accident, it must return the money or stop the collection action as soon as it learns about the bankruptcy. However, if the stay violation is done on purpose, if it is considered a "willful" violation, that is a different situation. In the event of an intentional violation of the bankruptcy stay, federal law provides strong remedies for the debtor. After a willful stay violation, the debtor can not only recover the money or property that was wrongfully taken, attorney fees and even punitive damages may be available.
The IRS instructs its collectors to stop all collection activities when they learn of a bankruptcy. In spite of these instructions, there are times when an overzealous tax collector violates the automatic stay on purpose. While some statutory remedies are available, the debtor can not recover punitive damages against the government. Special rules apply and, based on 26 USC §7433 (d)(1) an aggrieved taxpayer in bankruptcy must first go through IRS administrative process to fix the problem. Treasury Regulation 301.7433-2(d)(1) sets out a procedure that must first be followed before any damages can be recovered from the IRS. For details of how the process works and citations to additional information, see a detailed article on In Re Cooper by North Carolina bankruptcy expert, attorney Ed Boltz.
Despite the additional requirements of IRS regulations, the bankruptcy stay remains powerful protection from the tax collector. There are few other situations in which the debtor can tell the IRS to stop collections and count on the court to back them up.
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Boricua JE Broadcasting Corp, la compañía propietaria de la emisora de radio Boricua 740, se acogió al Capítulo 7 de la Ley de Quiebra con una deuda ascendente a $719,000, según publicó el jueves Boletín de Puerto Rico. Entre los acreedores está el Internal Revenue Service (IRS), a quien adeuda $122,266. La emisora también le debe dinero a algunos de los colaboradores, entre ellos Susan Soltero, Wanda Smith, Orlando Parga o David Noriega.
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Bufete Emmanuelli, C.S.P. | Urbanización Constancia | Calle San Francisco 2803 | Ponce | 00732-0779 | Puerto Rico |
Hill Construction Corp., a construction development pioneer that has been doing business in Puerto Rico for almost 40 years, filed for Ch. 11 bankruptcy protection earlier this week, listing more than $13.5 million in accrued debt.
The company that in 2005 was the top-ranked builder of concrete homes in the United States — all of which are on the island — listed FirstBank Puerto Rico and G.E. Capital as its largest creditors, owing them $9.1 million and $2.4 million, respectively.
Hill's list of projects reads like a who's who of housing and commercial buildings in Puerto Rico, including the Torre Chardón office building. (Credit: www.skyscrapercity.com)
Hill Construction Corp., a construction development pioneer that has been doing business in Puerto Rico for almost 40 years, filed for Ch. 11 bankruptcy protection earlier this week, listing more than $13.5 million in accrued debt.
The company that in 2005 was the top-ranked builder of concrete homes in the United States — all of which are on the island — listed FirstBank Puerto Rico and G.E. Capital as its largest creditors, owing them $9.1 million and $2.4 million, respectively.
Hill Construction — a family company founded by construction industry veteran Thomas Hill and staffed by his wife and children — employed about 1,100 people at it's peak. The company is credited with implementing major changes in the concrete construction industry on the island.
According to published reports, it was the first to bring Schwing Concrete Pumps to Puerto Rico, which cut back the number of hours it takes to pour concrete. Hill was also the first to adopt steel forms to build homes.
The company's list of projects reads like a who's who of housing and commercial buildings in Puerto Rico, where Hill also built numerous bridges and retaining walls. Torre Chardon in Hato Rey, Hacienda Margarita in Luquillo, Dorado del Mar, Los Paseos in Dorado and scores of dwellings for Levitt Homes make up Hill's list of projects developed over the years.
In the late '90s, when Habitat for Humanity put out a call to build free homes for the needy in Cantera, Hill Construction stepped up loaning its expertise as a reinforced concrete contractor, a local newspaper reported in 2005.
The company is the latest in a string of major construction businesses to seek protection from the U.S. Bankruptcy Court. The construction sector has been clobbered by the protracted economic downturn that has affected Puerto Rico for the better part of the past seven years.
El Índice de Actividad Económica (IAE) que publica el Banco Gubernamental de Fomento (BGF) registró en diciembre su mayor caída en 16 meses. El IAE de diciembre se redujo 1.3%, la segunda caída consecutiva. En noviembre, el IAE había caído 0.7%, pero no lo habíamos sabido porque el BGF no lo había publicado.
En términos trimestrales, el IAE registra su tercer descenso consecutivo en el 2012. Si se mantiene la tendencia, el IAE podría apuntar al inicio de una nueva recesión.
El IAE tuvo una lectura de 128.1 en noviembre y de 126.6 en el mes de diciembre, lo que representa caídas de 0.7% y 1.3%, respectivamente, cuando se comparan con el mismo mes del año anterior. Cuando se compara con el mes de octubre, la cifra de diciembre 1.2%, el mayor descenso en más de dos años. El IAE de diciembre fue el más bajo registrado desde agosto de 2011.
Todos los componentes del IAE experimentaron caídas. El empleo asalariado disminuyó 1.6%, a 922,900 personas respecto a diciembre de 2011. Las ventas de cemento se redujeron 22.8%. La generación de electricidad disminuyó 0.3%. El consumo de gasolina fue de 87.9 millones de galones en diciembre, una reducción de 8.5%.
El Índice de Actividad Económica es un indicador económico que resume las tendencias vigentes y la dinámica de la economía de Puerto Rico.
El IAE del BGF fue formulado siguiendo una metodología similar a la utilizada por la Conference Board en su índice coincidente. Tiene una correlación del 98% con el Producto Nacional Bruto (PNB) real de Puerto Rico.
