Bankruptcy

The Los Angeles County Bar Association notified its members by email last Friday that the organization could be forced to file for bankruptcy if it can’t reach a settlement for its unpaid office rent. LACBA says it has not paid rent since March and currently owes over $1.1 million on the building which sits on the northeast corner of Seventh and Bixel streets near downtown LA. The organization, representing 16,000 members, says it would prefer to seek restructuring using a Subchapter V proceeding under Chapter 11 as opposed to a Chapter 7 liquidation. “For years, LACBA has been working diligently…