A Richmond-based home renovation company is liquidating its assets through Chapter 7 bankruptcy.
Stuart Components, which has been in business since 1993, filed for bankruptcy Tuesday with $117,000 in assets and $1.16 million in liabilities.
The company is also facing a lawsuit filed in Chesterfield County Circuit Court by a customer seeking $240,000 for alleged negligence and breach of contract.
Calls to the company’s office went unanswered.
Robert McEntee, an attorney with Daniels & Morgan who is representing Stuart Components, confirmed that the company is going out of business and liquidating.
“Unfortunately, they are a victim of the slow economy and the housing market,” McEntee said.
Stuart Components is owned by Neil Ingram, listed in the bankruptcy filing as Thurman N. Ingram Jr.
Among the company’s debts are $32,000 in wages owed to Ingram and $429,000 he is owed from loans and past due rent. The company leases a building at 2617 Turner Road.
Its assets include tools, equipment and a fleet of nine vehicles, including a dump truck.
Other debt claims against the company include thousands of dollars in wages owed to several workers. Money is also owed to dozens of local vendors.
According to the bankruptcy filings, Stuart Components reported no income from 2009 to the present.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
A Richmond-based home renovation company is liquidating its assets through Chapter 7 bankruptcy.
Stuart Components, which has been in business since 1993, filed for bankruptcy Tuesday with $117,000 in assets and $1.16 million in liabilities.
The company is also facing a lawsuit filed in Chesterfield County Circuit Court by a customer seeking $240,000 for alleged negligence and breach of contract.
Calls to the company’s office went unanswered.
Robert McEntee, an attorney with Daniels & Morgan who is representing Stuart Components, confirmed that the company is going out of business and liquidating.
“Unfortunately, they are a victim of the slow economy and the housing market,” McEntee said.
Stuart Components is owned by Neil Ingram, listed in the bankruptcy filing as Thurman N. Ingram Jr.
Among the company’s debts are $32,000 in wages owed to Ingram and $429,000 he is owed from loans and past due rent. The company leases a building at 2617 Turner Road.
Its assets include tools, equipment and a fleet of nine vehicles, including a dump truck.
Other debt claims against the company include thousands of dollars in wages owed to several workers. Money is also owed to dozens of local vendors.
According to the bankruptcy filings, Stuart Components reported no income from 2009 to the present.
Michael Schwartz is a BizSense reporter. Please send news tips to [email protected].
When people can’t get loans to remodel their homes, renovation companies can’t survive.
I disagree about that statement. When remodeling companies don’t manage their money well and don’t set aside for the slower times is what brings them down. Yes homeowners not being able to get loans does hurt but that isn’t the end of remodeling companies that have prepared for the slower times. I know of a remodeling/builder that has been in business for over 80 years in this market and been through several slow times and survived and its because they have lowered there overhead and been smart with the money they have.
We are an electrical company who were unfortunate enough to get involved with Neil Ingram/Stuart Components. The above atricle seems to put no blame on Neil Ingram. This man has taken money from homeowners and draws from banks even as recent as 1-2 weeks before he filed bankruptcy. He even wrote us a bad check less than a week before his bankruptcy. He lied to us the entire time we worked for him and had even said he would pay us the 12,000.00+ that he owes us out of his personal account…never happened. We are now left reeling from a… Read more »
He always said that word of mouth is your best advertisement. In his case, it was his worst enemy. Any glowing reports were the result of the work of his people, not his own actions. The company owes him nothing. He says he never drew a salary, yet he was able to take his wife to Paris for two weeks, buy a brand new high-dollar wehicle every couple years and buy a multi million dollar house in Birkdale. His several rental houses were maintained and up-graded by company workers on company time and the company’s dime. He has always owed… Read more »