For the first time in over a decade, there were no bankruptcy petitions filed in the CNMI in 2018.
A check by Saipan Tribune yesterday with the U.S. District Court for the NMI’s Bankruptcy Division confirmed that no individual or business filed a bankruptcy petition in 2018.
Some people said the CNMI’s good economy last year was possibly a factor for the zero bankruptcy case.
Attorneys Timothy H. Bellas and Alexis Fallon handle most of the bankruptcy cases in the CNMI. The two lawyers, however, have been off-island for some time now.
When asked about this latest development, Bellas, who is currently in the U.S. mainland, said yesterday he was gone as well from the CNMI for nine months last year.
“Not to sound conceited and this would be pure speculation on my part because we really don’t know for sure, but that could be part of the reason that people have not been pursuing that remedy,” said Bellas in an email.
In 2017, five bankruptcy cases were filed in the District Court. Except for Saipan Sea Ventures, all cases were filed by individuals.
In 2016, only four bankruptcy cases were filed. All were individuals.
In 2015, eight bankruptcy cases were filed, including that of Tinian Dynasty Hotel & Casino.
In 2005, 31 bankruptcy cases were filed, the all-time highest record of such cases in the CNMI.