Armonk contractor Richard A. Verrino has filed three bankruptcy cases this summer, just months after a previous bankruptcy was dismissed at his request.
A 2018 Chapter 11 reorganization by Verrino Construction Services Corp. was dismissed on Jan. 12 in U.S. Bankruptcy Court, White Plains.
The company had no assets to distribute to creditors, according to the company, and converting the case to Chapter 7 liquidation “would not serve the best interests of creditors.”
Seven months later on Aug. 16, Verrino Construction Services Corp. petitioned for Chapter 7 liquidation.
Verrino has also petitioned for liquidation personally and for VCS Residential LLC.
When Verrino Construction originally declared bankruptcy in 2018, it listed $27 in assets and nearly $2.2 million in liabilities, mostly for business loans and debts to subcontractors and suppliers.
When the case was dismissed in January, 25 claims were pending for $1.75 million.
Now Verrino Construction said it has $490,551 in assets and $2.2 million in liabilities.
VCS Residential owns a $3.3 million house on Clayton Road in Greenburgh and owes nearly $3.8 million to creditors.
Richard Verrino declared nearly $3.7 million in personal assets and $4.8 million in liabilities.
The three bankruptcies share many of the same debts.
In 2019, Verrino made nearly $108,000, according to this personal bankruptcy case.
Now he works for Verrino Consulting Services, a company formed in 2019, according to a state corporation record, and registered to his father’s address in Ardsley.
Verrino makes $13,500 a month ($162,000 annualized), according to his personal bankruptcy case. But expenses exceed net income by almost $10,000 a month.
Greenburgh attorney Todd S. Cushner represents Verrino and his companies. White Plains attorney Hugh Rothbaum represented Verrino Construction in the 2018 bankruptcy.
