Broyles Declares Bankruptcy
by June 13, 2011 12:00 am 655 views
Fayetteville developer Hank Broyles filed for personal bankruptcy on May 28, claiming liabilities between $10 million and $50 million owed to 30 creditors. He claimed assets of less than $50,000.
Under Chapter 7 of the U.S. Bankruptcy Code, a trustee is appointed to liquidate the debtor’s assets, and the money is used to pay creditors.
The petition, filed in the Western District of Arkansas, states Broyles’ debts are mainly business related.
In March, the Arkansas Court of Appeals dismissed an appeal by Broyles, developer John Nock and his wife, Jill Nock, and Nock Investments LLC contesting the denial of a motion to set aside a commissioner’s sale of property secured by a $4.5 million mortgage from First National Bank of Fort Smith.
John Nock was one of the developers in the failed Renaissance Tower project.
Broyles, son of former University of Arkansas athletic director Frank Broyles, partnered with Nock and Brandon Barber on the Metro District condominium project in downtown Fayetteville. ANB Venture filed a foreclosure suit against the partners in April 2009.
In October 2009, Broyles filed a Chapter 11 bankruptcy petition for his Sunbridge Patio Villas LLC. That case was dismissed and closed in June 2010.