Business
Creditors want San Luis Obispo builder R.W. Hertel & Sons declared bankrupt
A group of creditors on Thursday filed a petition to force a Ventura-based builder with a history of residential projects in San Luis Obispo County into involuntary bankruptcy.
Several creditors, including one based in Morro Bay, are seeking to collect more than $42,000 in payment from R.W. Hertel & Sons.
Creditors are allowed to petition a court to have a debtor declared insolvent.
If a court grants relief to the creditors without a company’s consent, then it becomes an involuntary bankruptcy.
In this case, the petition filed in U.S. Bankruptcy Court for the Central California District in Santa Barbara, is being sought under Chapter 7, which assigns a trustee to gather a company’s assets and then use the proceeds to pay creditors.
Roger Marlin, the owner of ASAP Repographics since 1999, is named as one of the creditors on the petition.Marlin, who owns copy centers in Morro Bay and San Luis Obispo, is owed $4,200 from the builder, according to court documents.
Read the complete story at sanluisobispo.com
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