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president

can my incorperated company still keep operating after I.E if my company has a franchise operating and i claim bankruptcy can the franchise stay in buisness

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One Response to “president”

Barton Goth GCO Bankruptcy Trustees said...

The biggest trick will be that if you are in bankruptcy you are not able to be the director of an incorporated company, so as long as you can find someone else to act as director then you should be fine.

However, this brings up 2 other points. If you own shares in this incorporated company then they will be considered an asset that will need to be valued and disclosed as part of your bankruptcy. This can often seem overly complicated, but if you discuss the logisticis of it with a local trustee and they will be able to explain the why and help work on the how.

The other point it rasise is teh francishe agreement itself, potentially it could have a clause that nullifies the agreement should the owner file a bankruptcy. This is rare, but possible.