Five ski equipment companies have filed a petition to force a closed Clifton Park sporting goods retailer into Chapter 7 bankruptcy.
The involuntary petition brought against Clifton Park Sports Inc. seeks more than $41,000 in payments the vendors claim to be owed for goods they supplied to the business.
But the attorney for Clifton Park Sports Inc. said Tuesday the petitioning creditors face a problem: There is no money left in the business they seek to liquidate.
“There’s no assets,” said Paul Wein of the Albany law firm Wein Young Fenton & Kelsey P.C. “They paid as many debts as they could and, unfortunately, there was not enough money for all the creditors.”
Wein said Clifton Park Sports shut down at the beginning of the year after holding a going-out-of-business sale. He said a new sporting goods retailer is lined up to replace Clifton Park Sports at its location in Parkwood Plaza on Route 9, but the new entity did not buy the business from his clients and is not related to them.
The attorney for creditors, Paula Barbaruolo of the Albany law firm Orlando and Barbaruolo, said the going-out-of-business sale is the main concern.
“They were owed a significant amount of money, and didnt receive anything after the sale,” she said. “Frankly, we dont know where the money went.”
The petitioning creditors were Fischer Skis U.S. LLC of Concord, N.H.; Rossignol Ski Co. Inc. of Williston, Vt.; Tecnica USA Ski Boot Co. of West Lebanon, N.H.; Volkl Sport American of West Lebanon, N.H.; and Marker USA of Salt Lake City.
They filed the petition Friday in U.S. Bankruptcy Court in Albany, identifying Peter J. Signorelli and Gregory A. Adams as owners of Clifton Park Sports.
