IRS Files $80 Million Claims Against Chimes’ Debtors

It’s been almost a year since we first blogged about Ensemble Chimes Global vendor management system filing for bankruptcy, and bankruptcy trustee, Howard Ehrenberg announced last week that “they are pretty close to making claims against certain third parties.”

In a Staffing Industry Analyst’s post, Ehrenberg also mentioned that the IRS made $80 million in claims against the debtors in the Chimes bankruptcy case, including $50 million as a priority claim ahead of unsecured creditors (i.e. temporary staffing agencies).

In regards to temporary staffing firms who utilized Chimes’ vendor management system, Ehrenberg said that a few customers are continuing to dispute a court order to pay management fees.  “If those customers don’t pay, the court has allowed the fees to be collected from staffing firms involved.”

Click here to read the entire post: Claims may soon be filed in Chimes case.

Small Business Cash Flow Issues Continue to Intensify

Every month, Discover Financial Services publishes a Small Business Watch report on its Web site.  Here is a list of some of their Small Business Key Findings for the month of November:

  • 44% of small business owners have experienced cash flow issues over the last 90 days, up sharply from 38% in October. This is the category’s highest rating since April 2008, when the same number of business owners reported cash flow issues.
  • 33% of owners who sell business-to-business said they had cash flow issues in the last 90 days that caused them to hold off paying some bills
  • 51% plan to decrease spending on business development over the next six months, up significantly from 42% in October and a record high in this category
  • 65% of business owners view the economy as poor
  • 54% of business owners believe economic conditions for their business are worsening, and only 15% feel conditions for their business are improving
  • With the results from an election poll, business owners want President-Elect Barack Obama and Congress to make taxes a top priority, even though 64% said they are not confident that the federal government and Congress can address the needs of America’s small businesses

Q: Do you feel the results of this poll are in line with your own business?