CAMDEN – A Gloucester Township solar-power firm under fire from its customers and regulators has filed to liquidate its assets in bankruptcy.
The move by Vision Solar LLC will likely leave its creditors unhappy, too.
Vision Solar LLC, which uses telemarketers to sell solar panels and installations to a residential market. listed assets of $8 million.
But it has liabilities of $119 million, including $96 million in unsecured claims.
The company said it does not expect to have enough money to satisfy unsecured creditors.
Vision Solar can’t pay its debts or “feasibly address litigation” against it in courts across the country, the company said in a Dec. 28 filing in U.S. Bankruptcy Court here.
A court filing listed more than 50 legal actions against Vision Solar, with many involving claims of consumer fraud. Suits also allege telemarketing violations, unfair termination of employees and lease disputes.
Among other cases, Vision Solar and a South Jersey telemarketing firm agreed to pay $135,000 in July to resolve allegations of misconduct by the U.S. Justice Department and Arizona’s Attorney General.
Among other claims, a suit filed by the agencies said telemarketers repeatedly violated the Do Not Call registry while trying to sell Solar Vision’s