After reluctantly shuttering her family owned Widgets-R-Us last month due to insufficient profits to pay even the secured debt, Susie Sears is now dealing with disbelieving unsecured creditors. What should she do?
Continue Reading Your Shuttered Business: Bankrupt It, Dissolve It or Walk Away?
Closing up Shop: Your Company and You
Seeing the bottom line awash with red ink yet again, Susie Sears reluctantly decided to shut down her family-owned Widgets-R-Us. Pressured by thinning margins, a weakening labor pool and increasing competition from foreign markets, Widgets-R-Us is leveraged to the hilt and profits are insufficient to pay even her secured debt. With no viable assets or business, there’s nothing to mortgage or to sell. How can Susie and her fellow company officers walk away without becoming personally liable?
Continue Reading Closing up Shop: Your Company and You