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sell my business

I have a business with a loan from the bank that the business cannot pay back. I also have someone who wants to take over the business, but not unless the loan is cleared. Can I declare bankruptcy and turn the business over to the other person (no money would change hands).

Posted from: Ontario

One Response to “sell my business”

A licensed trustee said...

There’s a problem with your plan – if/when you declare bankruptcy you no longer have the right or ability to sell your business – that right rests with your trustee. Now your trustee will be pleased to sell the business, but the money will go to your creditors, not to you…