Trucking, logistics corporations owed 1000’s after freight forwarder information Chapter 7

Greater than 150 trucking, logistics and towing corporations are collectively owed lots of of 1000’s of {dollars} after a New Jersey freight forwarder specializing in transport cars, boats and bikes worldwide abruptly ceased operations and filed Chapter 7.

Advectus Transportation Providers of Linden, New Jersey, filed its petition within the U.S. Chapter Courtroom for the District of New Jersey on June 30.

In its submitting, Advectus lists its property as as much as $50,000 and its liabilities as between $500,000 and $1 million. The corporate states it has 158 collectors and maintains that no funds will likely be out there for unsecured collectors as soon as it pays administrative charges.

Advectus owes Financial institution of America of Fort Price, Texas, greater than $322,000, together with $83,535 in funds it obtained from the lender by way of the U.S. Small Enterprise Administration’s Paycheck Safety Program in Could 2020. It additionally owes Chase Credit score of Wilmington, Delaware, $47,000 and TD Financial institution in Lewiston, Maine, over $27,685.

Advectus’ remaining 150 unsecured collectors — that are final in line for fee in Chapter 7 circumstances — encompass largely small trucking corporations, logistics corporations and towing and wrecker companies which can be owed almost $279,000.

The chapter petition lists Advectus’ three normal companions: Michael D. Liquori, president; Scott LaForge, govt vice chairman; and Richard A. Harty. Harty additionally owns Transportation Providers Worldwide, headquartered in Linden within the adjoining suite to Advectus’ headquarters. His firm is listed as an unsecured creditor, owed almost $35,000.

The petition states Advectus additionally owes world transport firm Wallenius Wilhelmsen Logistics, which operates an ocean transportation terminal facility on the Port of Galveston, Texas, almost $20,200, and owes Sanity Trucking of Mesquite, Texas, over $4,500.

In accordance with Advectus’ financials, its gross revenues had been roughly $2 million in 2020, nevertheless it didn’t record its income for earlier years in its petition.

FreightWaves reached out to Advectus for a remark, however neither the telephone quantity nor the corporate’s web site had been working.

This isn’t Advectus executives’ first foray into worldwide transport as LaForge beforehand owned DAS World Providers, a world auto transport firm, and Liquori served as its COO. DAS was headquartered in the identical location as Advectus. 

In accordance with court docket paperwork, the Federal Motor Provider Security Administration revoked DAS World’s working authority in January 2013. The corporate later filed for Chapter 11 chapter safety in December 2016.

Ohio transportation firm, 3 trucking associates file for Chapter 11 chapter
Illinois trucking firm with historical past of HOS violations information Chapter 7
Trucking corporations search to drive Indianapolis brokerage out of business
California freight forwarder folds, information Chapter 7 chapter

Click on for extra articles by Clarissa Hawes.

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