Longmont-based moving and storage company Worldwide Moving Systems LLC has filed for Chapter 7 bankruptcy protection.
Chapter 7 bankruptcy is also known as liquidation bankruptcy. In such cases, the bankruptcy court oversees the sale of assets in order to pay creditors. According to a report from BizWest, Worldwide Moving Systems filing said it had assets of $1,180,500 and liabilities of $2,726,185.
Liabilities included debts to a number of creditors, the largest of which was a personal-injury lawsuit judgment of $1,603,908. Worldwide also had debts to the U.S. Small Business Administration for $284,700, a bill to the E-470 Public Highway Authority of $30,908, legal bills and a rent payment to Buchholtz TLC Commercial for $263,346.
Among the assets is a note receivable for $1,092,500. Worldwide sold the assets of the company to Scot Seevers, managing member of STS Relocation LLC, Feb. 10, 2023.
Worldwide Moving Systems is owned by Gary Buchholtz. Buchholtz is known in Northern Colorado for his former ownership of the House of Spirits in Loveland and for his charitable contributions.
Payton Buhler of the Bell, Gould, Linder & Scott P.C. law firm in Fort Collins, is listed as Worldwide’s attorney in the bankruptcy. He did not return a call from BizWest seeking additional information.