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bankruptcy

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?

Thank You

Posted from: Alberta

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One Response to “bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

It is difficult to advise you with the business without knowing more details so I would encourage you to contact a local trustee, but from the sounds of it there may not be any need to do anything but close the company and then continue to pay the portion of the loan you have guaranteed. This is largely going to depend on the other types of assets and debts that are in the company and this is what I suggest you review with a local trustee.