The US bankruptcy court in Ft. Lauderdale has ordered that the defunct Host agency Joystar bankruptcy case be converted to Chapter 7 from Chapter 11. The ruling cam on a motion filed by Joystar's unsecured creditors -- mostly travel agents owed commissions. These agents in December started the case when they filed an involuntary Chapter 7 against Joystar after their commissions went unpaid for months. The court ordered Joystar to turn over to the Chapter 7 trustee all records and property of the estate in its custody and control and file an accounting of all receipts and distributions, as well as unpaid debts incured after it went into Chapter 11.

Read the complete post at http://www.npros.com/2009/6/15/joystar-now-chapter-7/

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Posted 06-15-2009 3:00 AM by Npros.com MLM and Home Based Business Newswire