A small private Quakertown school that closed with five days notice in July owes creditors more than two times what it has in two bank accounts, according to newly released financial filings.
In its Chapter 7 bankruptcy petition, the former United Friends School listed its total liability at $224,155.85, with just $108,632 in available assets for distribution.
United Friends School filed for bankruptcy protection in the U.S. District Court of Eastern Pennsylvania on Aug. 14, one month after it abruptly closed its doors July 15 after 42 years. It cited lower than budgeted enrollment numbers. The K-8 school enrolled 70 students last year…