I am a bankruptcy attorney who is assisting one PTA that is owed money.
An Involuntary Bankruptcy may be commenced against a person or business by three creditors whose undisputed claims in aggregate total $12,300. In order to prevail, it would be necessary to prove the Debtor is not paying it s debts as they come due. An advantage is that it would put assets in control of a Trustee. There are also disadvantages. If you believe the Debtor will reorganize, you may be better off allowing the Debtor to that.
I am not sure an involuntary is the best thing to do in this case, but it might be. If other PTOS would like to disucss this I can be contacted at This email address is being protected from spambots. You need JavaScript enabled to view it..
Some concern has been expressed that the limited assets of Scrip Advantage may disappear if prompt action is not taken. Most PTOs lack resources to take legal action. One action PTOs could afford would be an involuntary bankruptcy proceeding. Please contact me if you are interested in considering the pros and cons of an involuntary bankruptcy case in order to collect from Scrip Advantage.
My former customer service rep gave me their new phone number which is 888-229-2112. I actually reached a person for the first time in ages. Supposedly they are still working on finding a lender and are going with the idea that they will start a new company and offer all of us debtors stock in it. Now whether that stock would be worth the paper it's printed on is another story. Anyway, they have not file BK yet and we are all in a holding pattern to see if we ever get any money out of this situation.
