Ilar Systems of Irvine Files for Bankruptcy
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Ilar Systems Inc., an Irvine-based developer and distributor of computer software, filed Thursday for protection of the federal court under Chapter 11 of the Bankruptcy Code.
In its filing in Federal Bankruptcy Court in Santa Ana, Ilar listed assets of $29,000 and liabilities of $760,163. According to the filing, the largest secured creditor is the company’s president, John F. Richardson of Newport Beach.
The company’s approximately 1.5 million outstanding common shares are held by 11 shareholders. Neither Richardson nor Ilar’s lawyers could be reached for comment.
Analysts said Ilar’s fall reflects the tough times in the software industry. “There are too many companies with too little market share,” said Robert Lefkowits, a computer software analyst with InfoCorp, a Cupertino-based market research firm. “The rich (companies) are getting richer and the others are disappearing.”
Ilar’s two largest unsecured creditors are the Newport Beach office of Ernst & Whinney, the accounting firm, and Curtis & Vaccaro, a legal firm also based in Newport Beach. The filing indicates that Curtis & Vaccaro is owed $51,150.73 while Ernst & Whinney is owned $34,325.
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