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part owner of company

we bought a business in 08, can’t continue, to purchase the company we signed a general security agreement, putting a property up for security. What if after all assets are sold off, money owing to company is included, what happens next?

Posted from: Ontario

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One Response to “part owner of company”

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

This really depends on how you structured the security agreement, in particular who signed what. But likely, you signed this agreement personally (or at least signed a persional guarantee), if this is the case once the assets are sold off and money is distributed to the secured creditor, if there is anything that is not covered then you would be responsible to pay the remaining balance in full. But this would change had you not signed the financing agreement in your personal capacity.