Plumbing Professionals of Florida declared Chapter 11 bankruptcy on December 18, 2020, reporting $1.24 million in outstanding debt. Contractors, suppliers, and a construction staffing agency are among the company’s reported creditors.
At the time of their bankruptcy filing in December 2020, Plumbing Professionals of Florida reported:
- $1,241,081 in total liabilities
- $689,299 in total assets
- $61,000 in total checking
- $210,000 in accounts receivable
The plumbing subcontractor’s Chapter 11 petition comes as the company reported a nearly 53% increase in gross revenue between 2019 and the date of their filing.
According to the company’s bankruptcy documents, Plumbing Professionals of Florida earned gross revenue reaching $1,808,156.99 from the beginning of the 2020 fiscal year to the filing date. In 2019, the subcontractor reported earnings of $1,183,572 in gross revenue — a 220% increase from their reported 2018 revenue of $360K.
Chapter 11 bankruptcy requires the debtor to restructure their debts in order to pay back creditors and to keep their business alive. In order to do so, the debtor must present a plan of reorganization to the bankruptcy court and to their creditors. If the debtor fails to propose a plan of reorganization, the creditors can present one instead.
Plumbing Professionals’ bankruptcy filing lists 12 secured claims totaling $693,595.
Ford Motor Credit Co. is listed with three separate security interest claims totaling a combined $330,016. Eight of the company’s Ford vehicles are listed as subject to liens.
Western Equipment Finance owns the largest individual secured claim, $153,068 for financing of a 2020 Kenworth T-370 truck.
Additional creditors with secured claims include:
- CHTD Company – Unknown amount
- CT Corporation System (three separate claims) – Unknown amount
- Kabbage – $3,243
- Kalamata Capital Group – $116,055
- LoanBuilder/PayPal – $27,213
- Mulligan Funding – $64,000
Plumbing Professionals’ unsecured debt totals $547,486; of the subcontractor’s nine creditors with nonpriority unsecured claims, five are contractors or material suppliers:
- Avalon Industrial Enterprises, LLC – Unknown amount
- Ferguson Plumbing Supply – $10,000
- Herc Rentals – $3,000
- Hydrologic – $40,000
- Tampa Win Supply – $150,000
Liberty Staffing, a construction staffing agency, is also listed as a creditor with a nonpriority unsecured claim valued at $44,477.