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Village Ventures Realty Back in BankruptcyLock Icon

2 min read

Village Ventures Realty of Hot Springs hopes that the third time’s the charm.

Just after Christmas, the real estate company filed for Chapter 11 bankruptcy protection — making it the third time since February 2016 that it has gone to bankruptcy court. The Chapter 11 hat trick is a rare feat in U.S. Bankruptcy Court. The company’s previous cases were dismissed without a reorganization plan being approved by the judge.

In the newest aim at reorganization, Village Ventures Realty lists debts of $1.44 million and $1.3 million in assets, which include the $4 it had in its business checking accounts.

The company shows it generated about $63,400 in revenue in 2017. That’s up from $47,900 in 2016. In 2015, its revenue was $49,700, according to the filing.

Village owes the most money to Beck Properties Inc. of Hot Springs, which holds claims of $863,500, according to the filing.

When Village, through President Gary Coleman, filed Chapter 11 in September 2016, it listed debts of $2.4 million and assets of $811,000. That case was dismissed in October.

The first bankruptcy case Village filed was way back in February 2016. It was dismissed shortly after the U.S. trustee filed a motion to dismiss the case or convert it to a Chapter 7.

The filing said Village failed to file operating reports and provide bank reconciliation records.

It’s unclear what makes Village think it will be able to emerge from bankruptcy this time.

Most small companies in Chapter 11 can’t survive the extra pile of bills generated by the trustee, accountants and attorneys.

Village’s third and current bankruptcy attorney, Jennifer Lancaster of Benton, didn’t return a call for comment. A working phone number to Village Ventures couldn’t be found.

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