Bankrupt adoption agency could be back in business soon
By PATRICK MALONEY
A bankrupt international adoption agency could re-start operations by next month if a complex restructuring plan is approved by creditors, including the families affected.
The plan for Imagine Adoption -- whose collapse this summer devastated hundreds of would-be adoptive families, including many in the London area -- calls for each family to pay another $4,000 on top of what they’ve already paid.
Families have estimated an international adoption through Imagine, a Cambridge-based agency, costs about $20,000.
The families are now reviewing the restructuring plan, which was prepared by bankruptcy trustee BDO Dunwoody. If those families approve it, the agency could be operating by October.
In a statement, one would-be adoptive parent said she was “pleased” with the plan.
“Clearly there are important issues still left to be addressed and the increased financial commitment demanded by the plan will present a challenge for many families,” wrote Christine Starr.
“Personally, however, and in light of the painful reality of this situation and the limited alternatives available to us, I am pleased with the plan and feel strongly that it offers families our best hope of successfully completing our adoptions.”
Imagine, which facilitated adoptions from Ethiopia, declared bankruptcy in July, not long after its three-member board of directors raised questions about unusual expenses, including two luxury vehicle leases.
The Waterloo police fraud squad has also launched a criminal investigation.