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According to news sources Xceligent has shut down their operations for good. Commercial real estate data firm, Xceligent, which is owned by General Trust and Daily Mail (DMGT) has filed for Chapter 7 liquidation. This news comes about 12 months after Xceligent started its legal battle with commercial real estate data firm Costar.
Xceligent has over 250 employees which were sent a memo at 4:08 pm on 12/14/17 telling them their employment was being terminated that day. They only have 30 minutes to gather their stuff and leave the premises.
What is a Chapter 7 Bankruptcy?
It’s the most common and simplest form of bankruptcy that an individual or company can file. Any assets that the debtor does not have exempted a court appointed trustee may sell and then distribute the net proceeds to creditors. In exchange for this the debtor gets released of his personal liability for most debts. In most cases the case gets closed by the trustee without selling any of the debtors assets
According to DMGT it will have no liability for the legal costs it incurred with Xceligent.
Other sources to check out regarding the Chapter 7 Filing of Xceligent
https://www.bisnow.com/national/news/commercial-real-estate/breaking-dmgt-to-shut-down-xceligent-82748
https://therealdeal.com/2017/12/14/xceligent-shuts-down-firm-files-for-chapter-7-source/
https://www.wsj.com/articles/property-data-firm-xceligent-files-for-chapter-7-protection-1513296157
The post Xceligent Files for Chapter 7 (Liquidation) Bankruptcy, Shuts Down Its Operations For Good appeared first on Austin Tenant Advisors.
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