Avial Trading Corp Reaches Settlement with Ex-Client as Bankruptcy is Dismissed

Following a series of events that led California-based introducing broker (IB) Avail Trading Corp to seek bankruptcy protection following a court decision that found in favor of one of its former clients in connection with trading losses incurred in a managed account program, the case has since come to a close.

The matter has apparently been resolved thanks to a settlement that reached between the broker and its former client George Bos. It was signed by all parties, according to sources.

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The terms or amount of the settlement were not disclosed.

This development closely preceded a Bankruptcy Bankruptcy Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Bankruptcy or insolvency constitutes a legal term and refers to being unable to repay debts. A business and a person can declare bankruptcy. When a person or company claims bankruptcy, it is described as a voluntary bankruptcy, and when your debtors force you into bankruptcy, it is referred to as involuntary. A voluntary bankruptcy occurs when the debtor or borrower, the party that owes the money files with the courts. Involuntary bankruptcy happens when your credits file a petition with the co Read this Term dismissal for one of Avail Trading Corp's principals - David Manoukian - which was approved in a California court.

Mr. Manoukian had filed the personal bankruptcy protection in order to safeguard his personal assets, including his home. That order was dismissed following the settlement, while the bankruptcy dismissal for the company was just finalized yesterday.

The company's bankruptcy dismissal was filed on April 13th 2016 in the United States Bankruptcy Court in the central district of California, Los Angeles division. They show the order granting debtor a motion to dismiss the chapter 11 case.

While the case may have appeared to be simple on the surface, with regard to blame and responsibility, it was actually far more complex, due to the fact that the investor’s account was managed by a third party. That third party was a cross-claimant at one point, but due to an inability to ascertain their identity the case direction shifted.

Nonetheless, responsibility needed to taken by someone and it appears that the settlement and bankruptcy dismissal shows that an amicable resolution was achieved.

A company spokesperson told Finance Magnates: “We are pleased that a settlement has been reached. Our focus will resume on the growth of the US company by integrating new technology and establishing an alliance with a reputable Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term Dealer Member that will remain dependable for years to come.”