FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Comments

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

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

Share this post:

X (Twitter) Facebook LinkedIn Email

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.