Debt mounting for Imagine Adoption

Publication date: 16 July 2009

570 News/The Record Cambridge | Thursday, July 16th, 2009 5:58 am

Cambridge - There's new information this morning about the Imagine Adoption agency in Cambridge that folded earlier this week.

The company is facing huge debt. A preliminary bankrupcty report finds the company owes $80,000 for two luxury vehicles it leased. The vehicles include a Lexus and Nissan Pathfinder. The company was also renting three properties in Cambridge with payment obligations of $13,000 a month.

Bankruptcy trustee Susan Taves tells today's Record that while early accounting shows the agency has a $363,000 shortfall, that number could rise because of the $800,000 in fees collected from families who applied to adopt.

Families are being urged to submit detailed claims once they recieve information packages which are expected to go out this week.

A creditors meeting has been scheduled for July 30.

Countries: Canada, Ethiopia

Organizations: Imagine Adoption