There are important things to know if you are an Alfred Angelo Bankruptcy victim. See my Alfred Angelo Bankruptcy advice in the Q and A below. The company sold wedding dresses and bridesmaid gowns. Their motto was:
Your Dream. Your Dress.
The Alfred Angelo Bankruptcy case was filed under Chapter 7 bankruptcy, which means the company has ceased operations and the assets of the company will be liquidated.
The company issued the following press release:
Alfred Angelo filed for bankruptcy on July 14, 2017. As a result, all stores and wholesalers are closed. Margaret Smith was appointed Chapter 7 Bankruptcy Trustee. If you wish to be contacted regarding your order status once information is available, please send an email to alfredangelo@mjstrustee.com. We will post additional information regarding the status of dresses on this web-site as it becomes available.
Alfred Angelo Bankruptcy Q and A:
Can I sue the company in small claims court?
Answer: No. The filing of the bankruptcy case created an automatic stay order that has stopped all creditors and customers from suing the company. All claims against the company will be initially heard only in the Bankruptcy Court.
Will I get my money back?
Answer: Probably not, (in my opinion). However, if the merchandise you ordered is in the current inventory, you have a pretty good chance of getting your merchandise. If they do have your merchandise, you will still have to pay any remaining balance due.
Can I have my dresses if I let them keep the money?
Answer: If your order is not manufactured, you are unlikely to get your dresses made. That is because the company is now closed, and they are no longer making product.
Will the bankruptcy court give me my money?
Answer: Maybe, (but in my opinion, don’t hold your breath). The bankruptcy law has a pecking order to decide how it divides up the money that remains after liquidating the company assets. Certain kinds of claims will get priority. A claim for money that you paid as a consumer deposit is entitled to priority up to the amount of $1800. Let’s say you paid $1500 as a deposit for a dress. Your deposit is less than $1800, so all of your $1500 deposit gets priority.
Each customer is entitled to a priority claim, up to $1800. If you ordered a wedding dress, and each bridesmaid also individually ordered their own dress, each one of you is entitled to a priority of up to $1800.
How good is it to have priority?
Answer: Having a priority claim is a good thing. Priority puts you in the payout line ahead of certain other creditors, such as suppliers and outside vendors. However, there are some other types of claims that are going to have priority ahead of you. In line ahead of you are going to be employees who are owed wages, money owed to employee benefit plans, and the fees and expenses of administering the bankruptcy estate.
How long does it take for the court to pay my claim?
Answer: It may take a few years before there are any distributions in a Chapter 7 bankruptcy. That is because the distributions will not occur until everything else in the case has been resolved. For example, there may be dispute between the store and hundreds of landlords, as well as other kinds of disputes. Also, there will not be any distribution until after the deadline for filing claims, and not until all assets have been disposed of.
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