Members Login
Username 
 
Password 
    Remember Me  
Click here to return to the cheergyms.com Home Page -> cheergyms.com Message Boards -> "Anonymous Arlene" -> Status of a gym?
Post Info TOPIC: Status of a gym?
Just a generic question

Date:
Status of a gym?
Permalink  



I am extremely naive when it comes to bankruptcy.  I have been told there are various stages of bankruptcy.  Please educate me.

Can a gym file for bankruptcy without their clients knowing it?  What does that bankruptcy entitle them to?  Can the gym stay open?  What about ordering uniforms or going to competitions?  Can a gym still attend these functions?  Knowingly, that they couldn't afford their obligations last season?  Is there a public notification process?  Can a gym just stop paying the contracted lease of the building? 

Is this the easy way out?

Do gyms do this?  Has a gym done this? 

What happens?  Does the gym close the first business and start a new business the very next day?  To prevent the clients from knowing anything has happened?  Or do they close their doors for a year, go into hiding you might say, then reopen a gym in a different location with a different owner's name but the players are all the same? 

I need help with this one. 


__________________
Anonymous

Date:
Permalink  

Here is some generic information on bankruptcy and reorganization.
http://www.moranlaw.net/struggling.htm

__________________
Anonymous

Date:
Permalink  

what about a non-profit gym? 

If  gym-A has created a debt of thousands of dollars,  perhaps can't follow through on the lease, attempted to pay competition hosts - but the checks bounced, the last uniform company wasn't paid, etc.

Can this gym establish a new non-profit created under the name Gym-B with a shift in board members to make it look like a new gym?  However, the coaches, cheerleaders, the gym runs out and gets a different style of uniform, from another uniform company, seeks out competitions they have never attended in the past, etc. 

Is the cheer world small enough to share the realities of this gym?  Or will this gym be allowed to start over with a "clean slate"?  

Will the parents that bring their cheerleaders to the "new" gym continue to send in their monthly fees if they know that last year those that ran the program walked away from business obligations and kept all the money themselves?



__________________
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
Click here to return to the cheergyms.com Home Page -> cheergyms.com Message Boards -> "Anonymous Arlene" -> Status of a gym?
Tweet this page Post to Digg Post to Del.icio.us


Create your own FREE Forum
Report Abuse 		Powered by ActiveBoard