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shares held in private company

I understand that shares held in a private company must be declared as an asset – even when the company laid off its employees in 2001 and closed its doors.
My question is what happens to those shares when the bankruptcy is discharged (since no one in their right mind would buy them)?
Who owns the shares after discharge?

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One Response to “shares held in private company”

Barton Goth GCO Bankruptcy Trustees said...

This depends on the valuation of the shares. The shares must be valued and if the company owns any assets something must be realized for the shares. If the shares cannot be realized on the trustee may be able to turn them back over to the bankrupt after the bankruptcy is completed. For more information on this you would be best to talk to your trustee.