for two years.....
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TelePlus World Corp., a publicly traded telecommunications company based in Miami Lakes, has filed for Chapter 11 bankruptcy in U.S. Bankruptcy Court for the Southern District of Florida.
The bankruptcy petition said TelePlus World had $21.2 million in debts, $10.8 million in assets and up to 49 creditors.
According to a news release, the company received a notice of default from the former shareholders or vendors of Teleplus Connect Corp., an Ontario-based corporation, in connection with for failure to pay amounts due to the vendors under a 2005 share purchase agreement.
The company said it believes any effort to enforce payment obligations are stayed as a result of the filing of the bankruptcy.
Chairman and CEO Marius Silvasan signed the petition. The filing attorney is Phillip Hudson, of Arnstein & Lehr in Miami.
The Web site for TelePlus World (OTCBB: TLPE) said it was founded in 1999.
TelePlus World shares closed up one one-hundredth of a cent to three one-hundredths of a cent. No 52-week high/low information was available.
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Read more: TelePlus World files for Chapter 11 - South Florida Business Journal:
