bankruptcy
Hi!
My question is – I do owe about $65.000 all together to different credit cards, I do have 25% share in a business which is located in BC, with my ex, who won’t buy me out, so I could clear my debt. Unfortunately there is nothing I can do to make him buy me out. What would happen to that business if I file for bankruptcy? It’s a motel and restaurant, and we also own the land, the numbered company does, where I am a 25% shareholder. Would he have to sell the place, or the creditors would take over my share?
Posted from: Alberta
If/when you file bankruptcy the things that you own – like the 25% share of the business in BC are signed over to your trustee. Your trustee will try and sell the 25% to the other oweners first, if that doesn’t work they may try to sell it on the open market, or they may go to Court and ask a Court to force the sale of the entire business.
If you are seriously considering bankruptcy you should tell the other owners – it is likely easier to bargain with you than a trustee…