A Poughkeepsie restaurateur has filed for personal bankruptcy protection in the hope of stabilizing his finances to continue running a fast food enterprise.
Ricardo Juan Grey declared $407,103 in assets and more than $4.4 million in liabilities in a Chapter 11 reorganization petition filed on April 6 in U.S. Bankruptcy  Court, Poughkeepsie.
“In the event of liquidation, creditors would receive little, if anything,” he stated in an affidavit. “If a plan can be negotiated with creditors, the results will be the rehabilitation of my family. For all the above reasons, I desire to continue in business and successfully reorganize my financial affairs.”
Grey founded Scotch Bonnet LLC in 2016 and Scotch Bonnet Restaurant Corp. in 2024, to operate fast food restaurants that feature Jamaican dishes such as jerk chicken made with fiery and fruity Scotch bonnet peppers.
He opened restaurants at shopping centers, including Poughkeepsie Galleria, the Galleria at Crystal Run in Middletown, and The Mall at Bay Plaza in the Bronx. Now he has one location, at Danbury Fair in Connecticut.
He blames the demise of restaurants on Covid and the increased costs of goods. As locations failed, according to his affidavit, he became personally liable for sales taxes, leases and vendor debts, and he fell behind on his home mortgage.
Grey says he owes $1.5 million to the U.S. Small Business Administration, for example, $561,000 on a home mortgage, $505,000 to Mall at Jefferson Valley, $328,000 in New York sales taxes, $324,000 for a U.S. Department of Education student loan. Central Hudson Gas & Electric Corp. has threatened to shut down utility services at his home, over $47,877 in unpaid bills.
He makes about $13,456 a month in business income. His primary asset is his half-ownership of a $808,000 home on Old Field Road, Poughkeepsie valued at $808,000. Other than the home, he declared $3,350 in personal and household items, and $3 in a financial account.
Grey argues that restructuring his debts would be in the best interest of creditors, himself, and the community.
He is represented by Wappingers Falls attorney Michelle L. Trier.
