US gun rights group files for bankruptcy


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The US National Rifle Association (NRA) announced that it has filed for bankruptcy protection, unveiling its plan to move from New York to the state of Texas.

According to the announcement published on its website on Friday, the Association said it has decided to free from New York's "toxic political environment" and is "pursuing plans to reincorporate the NRA in Texas" after filing for bankruptcy, reports Xinhua news agency.

NRA Executive Vice President Wayne LaPierre said in the announcement that it has filed voluntary chapter 11 petitions in the US Bankruptcy Court for the North District of Texas, Dallas Division.

"The plan aims to streamline costs and expenses, proceed with pending litigation in a coordinated and structured manner, and realise many financial and strategic advantages," LaPierre said.

"Texas values the contributions of the NRA, celebrates our law-abiding members, and joins us as a partner in upholding constitutional freedom," he said.

According to media reports, the decision was made by the influential gun-rights group among its legal trouble with state authorities in New York.

New York Attorney General Letitia James sued the organisation last year, pushing to dissolve it for mis-spending and self-dealing.

Republican Texas Governor Greg Abbott immediately welcomed NRA's decision of moving to Texas and tweeted: "Welcome to Texas - a state that safeguards the 2nd Amendment."

Source: IANS

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