Wanderly LLC, a health care staffing company based in Delray Beach, Florida, has filed for Chapter 11 bankruptcy, signaling a tough road ahead for the once-promising startup. The filing, made on December 26 in U.S. Bankruptcy Court in West Palm Beach, reveals the company is grappling with $4 million in debts against assets of less than $500,000.
A Closer Look at Wanderly’s Financial Struggles
Founded in 2017 by CEO Ziaur Rahman, Wanderly made a name for itself by connecting travel health care professionals with agencies through innovative technology, including AI and blockchain. However, the company now finds itself in a precarious financial position, listing several significant creditors in its bankruptcy petition:
- myBasePay: Wanderly’s largest creditor, with a disputed payroll claim of $3.2 million, currently tied up in litigation.
- Greenberg Traurig: Owed $602,000 for legal services.
- Bank of America: $35,300 owed on a business credit card.
The company’s assets are limited, with nearly $400,000 in cash across three accounts and less than $65,000 in accounts receivable.