Citing a revenue decrease of almost 60%, Florida tile contractor Miotto 2000 Tile & Marble Works filed for Chapter 7 bankruptcy protection in the US Bankruptcy Court for the Southern District of Florida on January 15, 2021.
The West Palm Beach, Florida contractor claims in their bankruptcy petition that they owe $1.2 million to a combined 23 creditors with secured, priority unsecured, and nonpriority unsecured claims.
Of the 23 creditors, seven are contractors and material suppliers, all with nonpriority unsecured claims.
According to the bankruptcy petition, Miotto 2000 Tile & Marble Works earned $922,244 in gross revenue in 2019, followed by $381,500.44 in 2020. Between January 1 and the bankruptcy filing date on January 15, 2021, the filing lists the contractor’s gross revenue as $0.
Miotto 2000 Tile & Marble Works lists the following totals in their bankruptcy petition:
- $1,210,725.86 in liabilities
- $107,358.37 in assets
- $5,837.98 in checking
- $8,940.68 in accounts receivable
Having been incorporated since October 1998, the Florida Secretary of State reports Miotto 2000 Tile & Marble Works’ current status remains “active.”
Under Chapter 7 bankruptcy, a court-appointed trustee may sell a debtor’s nonexempt property in order to pay back creditors. This process, known as liquidation, may only occur under a Chapter 7 filing, which is available for both individuals and business.
Creditors listed with secured claims are typically paid out first, while any remaining funds will then be distributed to unsecured creditors.
At the time of their Chapter 7 bankruptcy filing, Miotto 2000 Tile & Marble Works reported two secured claims worth a combined $169,054.50.
The US Small Business Administration is named with the largest secured claims, valued at $159,900 for a SBA loan.
Further reading: SBA Paycheck Protection (PPP) Loans For Construction | How to apply
Ally Bank is the second secured creditor, with a claim worth $9,154.50 cornering a vehicle loan for a 2015 GMC Sierra 1500.
Miotto 2000 Tile & Marble Works also reports three priority unsecured claims with no claim amounts listed at present. These creditors include the Florida Department of Revenue, the IRS, and the Palm Beach County Tax Collector.
The remaining 18 claims all concern nonpriority unsecured creditors owed a combined $1,041,671.36.
The seven contractors and material supplier creditors include:
- Accelerated Business Solutions – $76.39
- Bricklayers & Allied Craftworkers International – $72,368.01
- Ford & Harrison LLP – $11,997
- Glue Products of Florida – $49.89
- Home Depot – $1,614.50
- KDT Solutions – $120
- Tylander’s Office Solutions – $103.13