Payroll Financing Firm Flexible Funding Hits Ch. 11 In Texas

By Rick Archer (September 20, 2021, 11:18 AM EDT) -- California payroll financing company Flexible Funding Ltd. has filed for Chapter 11 protection in a Texas bankruptcy court alongside its trucking factoring service, claiming $96 million in secured debt.

Flexible and its factoring service Instapay Flexible LLC both filed Chapter 11 petitions late Sunday, with Flexible saying it had between $100 million and $500 million in liabilities and that its assets fell into the same range.

San Francisco-based Flexible was founded in 1992 and provides payroll financing to staffing agencies, according to its website. In its first-day motions the company estimated its clients serve about 20,000 employees.

According to Texas-based Instapay's...

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