G.L.D.A Inc.files for Chapter 7 bankruptcy

The Gem and Lapidary Dealers Association Inc. (G.L.D.A Inc.), has filed for Chapter 7 bankruptcy protection, on September 10, in the U.S. Bankruptcy Court for the District of Nevada in Las Vegas. The company has a business of conducting jewellery trade shows in Tucson, Ariz., and Las Vegas. As per reports, at the time of filing the company has assets worth $83,956.60. Its liabilities reflected an amount of around $1.9 million including $659,000 worth of creditors with secured claims, $161,924.36 worth of creditors with unsecured priority claims and around $1.05 million worth of creditors holding unsecured non-priority claims.

Reports also add that according to court documents, the company has listed that it owes between 50 and 99 creditors, including utility, insurance and security companies, and salaries to Don Wyatt and President Tanna Wyatt, the company's sole shareholder. The falldown of the company has been reflective over three years. The company reported a business income of $62,089 in 2006, a loss of $170,043 in 2007, and losses worth $392,384 in 2009.

The Chapter 7 bankruptcy is theoretically filed to arrive at an even distribution of the debtor's available non-exempt property and a company may continue to operate under Chapter 7 until matters are settled, although ultimately the fate is liquidation. G.L.D.A continues to have an active website with promotions for the 2010 shows at the Starr Pass Marriott Resort in Tucson and at The Mirage in Las Vegas. But it has substantially all of its assets to International Gem and Jewelry Show Inc." on July 31. Now, the International Gem and Jewelry Show will take organise the four shows that were earlier the portfolio of G.L.D.A.