November 9th, 2008 by Questions
I started a LTD company11 months ago. I took a loan from the bank to purchase equipment. I signed a personal guarantee for 25% of the loan. I had the equipment but was unsuccessful in marketing. So far, I have been paying only interest on the loan but after a month, I`ll start paying principle and interest. All this time I have been supporting the business out of my own pocket. I think I will be giving up soon. I am willing to pay the 25% personal guarantee. What is my best option to get out of this?
– Do I need to file a business bankruptcy and pay the 25% personal guarantee? or
– just close the business and pay the 25% personal guarantee?
– What happens to the equipment?
Posted from: Alberta