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New Jersey grower and supplier faces business dissolution

Wm. Consalo & Sons, a New Jersey based grower and supplier, is closing its doors. The company is in the process of going out of business after approximately 86 years; but thus far it will not be filing for bankruptcy protection. The business dissolution is being governed by the Perishable Agricultural Commodities Act, or PACA.

The company owes upwards of $3.3 million to as many as 47 companies that supply produce. It is believed that the company's land and other assets will be sufficient to pay all of the debts it currently owes to creditors. The company that was started in 1927 by a father and his four sons will have until May 1 to give all of its creditors notice that they are liquidating.

In turn, creditors will have to file their claims by May 31 in order to be considered for payment. Claims that are filed under the PACA will be subject to distribution on or after Aug. 23. In the meantime, the company will be looking to sell its assets in order to obtain the funds necessary to pay those claims.

Anytime a New Jersey business decides to close its doors, there are several things that will need to be done. Making sure that a business dissolution goes smoothly and conforms to all applicable laws and regulations becomes the primary responsibility of those dissolving the business. It may become necessary for the company to enlist advice and assistance with the process of closing the business in order to ensure that everything is done by the book.

Source: thepacker.com, "New Jersey company closes, liquidates assets to pay debts," April 5, 2013

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