Gallant Capital Markets Ltd, the parent company of the forex broker GCMFX, announced it has filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code (https://smnweekly.com/2017/04/18/gcmfx-files-for-bankruptcy-in-new-york/), with the United States Bankruptcy Court for the Eastern District of New York.
According to a statement by the broker, the filing was voluntary. Filing under Chapter 11 of the code does not mean liquidation, but permits reorganization under the bankruptcy laws of the United States. The Chapter 11 bankruptcy is available to every business, whether organized as a corporation, partnership or sole proprietorship and to individuals, although it is most frequently used by corporate entities.
According to a statement by the broker, the filing was voluntary. Filing under Chapter 11 of the code does not mean liquidation, but permits reorganization under the bankruptcy laws of the United States. The Chapter 11 bankruptcy is available to every business, whether organized as a corporation, partnership or sole proprietorship and to individuals, although it is most frequently used by corporate entities.