On December 16, 2020, Miami general contractor Play-Tech Construction Corp. filed for Chapter 7 bankruptcy after reporting an 89% decrease in gross revenue between 2018 and their filing date, according to the company’s petition with the US Bankruptcy Court for the Southern District of Florida.
Play-Tech Construction claims in their Chapter 7 bankruptcy filing that they owe $144,321.49 in nonpriority unsecured claims to five creditors — four of which are contractors or material suppliers.
At the time of their bankruptcy filing in December of 2020, Play-Tech Construction reported having:
- $144,321.49 in total liabilities
- $751 in total assets ($750 in total checking, $1 in investments)
- $0 in accounts receivable
In 2018, Play-Tech Construction reported earning $1,707,734.23 in gross revenue, according to the general contractor’s bankruptcy filing.
Instead of listing their gross revenue between the start of the 2020 fiscal year and their filing date, Play-Tech Construction chose to report their gross revenue between 2019 and their December 2020 filing date, which totals $186,231.15 in gross revenue — accounting for the nearly 90% decrease in gross revenue.
What is Chapter 7 Bankruptcy?
Chapter 7 is liquidation under the U.S. Bankruptcy Code. If an individual cannot make their regular or monthly payments towards their debt, Chapter 7 bankruptcy can be a source of relief. A trustee is appointed to review the debtor’s liabilities and to convert their assets into cash for creditors through the process of liquidation.
Play-Tech Construction lists five unsecured claims
At the time of their bankruptcy filing, Play-Tech Construction reported having five non-priority unsecured claims worth a combined $144,321.49.
Of Play-Tech Construction’s five creditors with unsecured claims, four are contractors or suppliers:
- Advanced Recreational Concepts LLC – $15,126.56
- Kelly Tractor – $8,881.07
- Sunbelt Rentals – $15,265.52
- Synthetic Grass Warehouse – $45,626.65
Pembroke Falls HOA is the fifth creditor with a judgement lien claim worth $59,421.69.
Play-Tech Construction named in two closed out Florida lawsuits
The Miami general contractor lists at least two concluded court cases in their bankruptcy filing, both of which concerned contract and indebtedness disputes.
Play-Tech Construction’s dispute with plaintiff Pembroke Falls HOA concluded on August 9, 2019, with the Broward County 17th Judicial Circuit Court awarding Pembroke Falls HOA the $59K judgement award, according to court documents.
Kelly Tractor, a certified CAT dealer, was the plaintiff party against Play-Tech Construction over a contract and indebtedness dispute that concluded on July 25, 2019 with the Miami Dade 11th Judicial Circuit Court.
According to court documents, Play-Tech Construction was ordered to pay Kelly Tractor a sum of $12,378.46 for services and fees as of July of 2019. Kelly Tractor’s $8.8K non-priority unsecured claim in the bankruptcy filing accounted for the principal owed to the supplier as of July 2018.