Only five bankruptcy cases were filed in the U.S. District Court for the NMI in 2017, according to court records. <\/p>\n
All five bankruptcy cases were filed last November and December. Except for Saipan Sea Ventures, all cases were filed by individuals.<\/p>\n
Sea Ventures filed a Chapter 11 bankruptcy petition, while the individuals filed for Chapter 7 bankruptcy.<\/p>\n
Under Chapter 11 bankruptcy, a debtor is allowed to enter into an agreement with creditors under which all or part of the business continues. The objective is to adjust and reorganize a debtor\u2019s obligations so as to allow the business to continue.<\/p>\n
Saipan Sea Ventures\u2019 case is closed.<\/p>\n
In case of Chapter 7 bankruptcy, most assets of the debtor are liquidated as quickly as possible to pay off his or her creditors to the extent possible and to free the debtor to start anew.<\/p>\n
Only one of the four Chapter 7 cases is closed. Among those pending is the case filed by a former Office of the Public Auditor employee who is facing a theft case in the Superior Court.<\/p>\n
No one so far has filed a bankruptcy petition this year.<\/p>\n
In 2016, only four bankruptcy cases were filed. All were individuals.<\/p>\n
In 2015, eight bankruptcy cases were filed, including that of the Tinian Dynasty Hotel & Casino. <\/p>\n
The all-time highest record of bankruptcy cases in the CNMI was in 2005 when 31 cases were filed.<\/p>\n","protected":false},"excerpt":{"rendered":"
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