melbourne, FL, June 29, 2023 – In a troubling development, Melbourne-based company Property Registration Champions (Prochamps), once a front-runner in the field of technology-driven property registration and compliance, has announced that it is filing as an assignee for the benefit of creditors, also known as an ABC. This drastic measure underscores the company’s financial woes, despite the assurances given by its leadership in the past.
An assignee for the benefit of creditors (ABC) is a method of liquidation that companies resort to when they can no longer meet their financial obligations. In essence, it involves the debtor company relinquishing its assets to a third-party assignee, who will then proceed to liquidate them for the purpose of paying off the company’s creditors. The petition was filed in Orange County under case number 2023-CA-013217-O and states that Prochamps currently owes $7,276,114.49 to its secured creditor, Bank United, $46,524.42 in unpaid paid time off (PTO) to employees, $1,023,563.46 to almost 300 municipalities, and $1,062,637.29 in accounts payable to law firms, Post Capital Management, LLC, and other vendors.
Post Capital Partners, the primary investor in…
