Annapolis, Maryland-based AdvanTech, Inc. has formally turned to bankruptcy. The technology company specializes in asset tracking, office automation, and inventory management for businesses.
The latest filing appears to be intended for financial reorganization, as case records show a notable gap between its assets and liabilities. As the court supervises the proceedings, daily operations are expected to stay as normal.
AdvanTech, Inc. Enters Bankruptcy
After facing a range of financial pressures, the nearly 30-year-old company made a Chapter 11 filing on May 21, 2026. Company president Robert Bona signed the petition before it was submitted to the court.
According to the latest case records on PACER, the company has qualified as a small business debtor and is seeking to move ahead under Subchapter V. This provision could allow the company to complete the proceedings more quickly and in a more cost-effective manner than traditional cases.
Attorney Geri Lyons Chase of the Law Office of Geri Lyons Chase is the legal counsel in the latest case.
The summary of assets and liabilities in the petition shows the company owes more than it owns. While the liabilities of AdvanTech, Inc. are more than $1 million, its assets are listed to be over $645,000.
Highlights from the Petition
The company has made several document filings in the U.S. Bankruptcy Court for the District of Maryland. A notable filing was a list of creditors with the 20 largest unsecured claims.
Wintrust Specialty Finance is the largest unsecured creditor with a claim of over $84,000.
Other unsecured creditors, as given in the petition, include American Express, Byline Financial Group, Bank of America, Kapitus LLC, Truist Bank, and more.
Court filings indicate that funds will be available for distribution to the unsecured creditors.
The company also submitted a statement of financial affairs, which listed out the changes in its gross revenue from 2024 to the latest filing date.
Its list of equity security holders shows that Malcolm Hooker, Jr. holds 220,000 securities, while Robert Bona holds the remaining 780,000.
Other document filings, as given in the Chapter 11 petition, included a corporate ownership statement.
A summary of the petition is shared here:
- Filing Date: May 21, 2026
- Court and Jurisdiction: U.S. Bankruptcy Court for the District of Maryland
- Type of Filing: Active, Voluntary Petition
- Chapter: 11, Subchapter V
- Case Number: 26-15431
- Estimated Assets: Between $500,001 and $1 million
- Estimated Liabilities: Between $1,000,001 and $10 million
- Estimated Creditors: Between 1 and 49
- Reason for Filing: Restructure business under court supervision
About the Company
Since its inception in 1996, the company provides asset tracking, inventory management, and automated data capture solutions using RFID, Bluetooth Low Energy (BLE), barcode, and QR-code technologies. Its offerings are offered to both government agencies and commercial organizations in the U.S. and Canada.
Headquartered in Annapolis, Maryland, its products include AVA Enterprise Manager Suite, VehicleTrak, InvenPril, ChemTrak, Key and Locker Management, and more.
The latest filing outlines a crucial phase for the company as it progresses in handling financial imbalance and meeting creditor obligations. The outcome of the proceedings could even shape the future financial footing of AdvanTech, Inc.
