Published on July 20, 2009 | by LawNews

Prof. Ronald Colombo in Newsday

Professor Ronald J. Colombo was quoted in the following Newsday article.

LI business bankruptcy filings surpass national rate
By Tom Incantalupo
July 16, 2009

Ronald Colombo, a professor of corporate and securities law at Hofstra University’s School of Law, said that many failed businesses simply close their doors without a formal, court-supervised bankruptcy proceeding. Those that do file usually do so because of heavy debt, he said.

“They rack up debt and then reach a point where they can’t go quietly into the night,” Colombo said. “They owe money they can’t pay off. You can’t just stop doing business at that point; you’ll be sued [by creditors].”

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