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Luxury Tec LLC files Chapter 7 bankruptcy

The manufacturing sector in the United States has been weak for quite a long time now. Although there has reportedly been some economic recovery by certain measures, many manufacturing businesses in Texas and other states have still been feeling the aftereffects of the recent recession. In some instances, many have been forced to close up shop due to a still weak economy. This may have been the case with one mirror manufacturing company which is now filing for Chapter 7 bankruptcy.

The company, Luxury Tec LLC, filed for bankruptcy in mid-November and listed a range of 50 to 99 creditors on its bankruptcy petition. Luxury Tec LLC, which was doing business as Mirrus, reported a range of $1 million to $10 million in liabilities and $50,000 or less in assets. Another business entity, Luxury Tex Holdings LLC located at the same address, listed a range of one to 49 creditors and no more than $50,000 in assets in its bankruptcy petition filed with the court.

Mirrus manufactured interactive mirrors designed for retail and commercial use. The companies' manager said that it had plans to expand operations and staff after its recent relocation. The companies' employed ten people and also had plans to hire more employees. Luxury Tex LLC listed Aramark Corp., GameDay Merchandising, Clear Channel and several professional sports teams as creditors on its petition.

When a company such as Luxury Tec LLC successfully files a Chapter 7 bankruptcy, the business entity ceases to exist and the company's assets are liquidated in order to repay creditors. On the other hand, when an individual in Texas files a Chapter 7 bankruptcy, his or her unsecured debts are usually discharged. In both cases, the petitioners are free to move on to the next part of their lives and careers. However, it is important to make sure a petitioner accurately prepares the necessary paperwork, since a mistake could result in the court throwing out a bankruptcy petition.

Source: Hispanic Business, BRIEF: Luxury Tec files for Chapter 7 bankruptcy protection, Richard Craver, Dec. 5, 2013

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