Bankruptcy is not just affecting Miami citizens, but business owners as well. One such example is that of The Water Club in Miami Florida. The owners of the waterfront restaurant which offers an indoor and outdoor dining experience filed for bankruptcy back in February according to the Miami Hearld.
The restaurant opened just nine months before and was host to many celebrities and high class locals. The restaurant even employed two of the nation's hottest chefs, Andrea-Curto Randazzo and her husband Frank Randazzo. They were only there for a few months before they left. Everything went downhill from there.
Not long after the famous chef partnership left the restaurant, employees complained that their paychecks were bouncing and some cases refused to return to work until they were paid. Vendors also were not paid on time. Employees relay that they saw the restaurant going down months before the bankruptcy was actually filed.
The owners failed to pay rent in full, despite the fact that they were still collecting revenue. The landlord claims that the owners of the Miami based restaurant owe over three hundred thousand in rent. They also owe employees who were not paid for their last week's worth of work.
Chapter 11 bankruptcy is a great way to reorganize your debts and still keep your doors open for business, however if you fail to make the payments the courts may decide to rehabilitate your debts on their own terms. An experienced Miami bankruptcy attorney can help make the process quite a bit easier. In the case of The Water Club, it is a case of a “too little, too late”. It is still unclear as to how the rest of this story will pan out, keep checking back to find out how this situation will close.
NORTH MIAMI BREACH: SHUTTERED WATER CLUB OWES MONEY, SAY WORKERS. BY NADEGE CHARLES MARCH 3RD, 2011