After seven losing years at the cash register, the locally based company is asking the U.S. Bankruptcy Court here for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code.

The court is expected to give World Commerce that protection and allow the firm to continue operations on a debtor-in-possession status until the company can complete a reorganization plan acceptable to creditors and the court.

In its Aug. 20 bankruptcy petition, World Commerce listed assets of $22.6 million and liabilities of $41.5 million. The largest creditor is Interprise Technology Partners of Miami which owns 58% of World Commerce stock.

The stock was trading today on the Over-the-Counter Bulletin Board at half a cent per share, down from one cent per share Aug. 21. The stock opened Aug. 21 at five cents per share. Trading volume was 247,1000, down from 2.15 million on Aug. 17. Market capitalization is $95.62 million, down from $191.24 million a day earlier.

The company has used up $60 million in total venture capital infusions since 1998. The firm voluntarily filed for protection after it couldn't find fresh operating funds in the past six months, according to the company's prepared statement.

In that statement, World Commerce president/CEO Joseph H. Dugan says the company is attempting to make full or partial repayment of all its debts.

World Commerce's total staff of 200 is down to 120 with 100 in Orlando and 20 in Holland.