Ltd Company Shareholder
April 28th, 2008 by Questions
My business partner is going to file personal bankruptcy. He has loaned $90,000 to the company a year ago. He told me the trustee said since the loan is considered as his asset, the trustee will ask the company to repay that loan once he files bankruptcy. Ours is an incorporated company (we each own 50%) and the company does not have enough cash or assets to repay the $90000. What effect will that have on the company? Will our company be liquidated as a result of that?