The U.S. Bankruptcy Court issued an order converting Westech Capital’s Chapter 11 reorganization to a liquidation under Chapter 7.
The order states, “The Court finds that it is in the best interests of the estate and creditors for this case to be converted to one under chapter 7 and that no party in interest objected. It is therefore ORDERED that the case be converted to one under chapter 7 and that the chapter 11 trustee be discharged from further service upon entry of this order, but shall file a final report with the Court. It is further ORDERED that the United States Trustee appoint a trustee in this case.”
As previously reported, the Chapter 11 trustee sought the conversion order, “For the reasons stated on the record at the status hearing held on June 29, 2017, Trustee was unable to confirm the Chapter 11 Plan and therefore believes this case should proceed in Chapter 7.”
This financial services holding company filed for Chapter 11 protection on March 14, 2016, listing $2.7 million in pre-petition assets.
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