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Medizone begins voluntary bankruptcy proceeding

Medizone International Inc. said it began voluntary bankruptcy proceedings under Chapter 7 of the U.S. Bankruptcy Court for the District of Nevada.

The Kalamazoo, Mich.-based developer of disinfection systems said that as a result of the filing, Lenard Schwartzer of the Schwartzer & McPherson law firm has been appointed trustee by the bankruptcy court and has assumed control of the company.

Medizone noted that its assets will be liquidated in accordance with the law and that it will not file its quarterly report with the SEC because it lacks sufficient funds to pay for the preparation, review or filing of such reports.

In April, certain creditors started an involuntary bankruptcy proceeding against the company under Chapter 11 of the U.S. Bankruptcy Code.