Legal Question in Bankruptcy in Florida
Assets of corporation
when an individual files for chapter 7 and they happen to be the sole shareholder and that entity owns vehicles as an example, but the individual is owed shareholder loans what are the rights of the individual/trustee in this example?
Asked on 11/11/08, 8:01 pm
1 Answer from Attorneys
Brent Rose
The Orsini & Rose Law Firm
Re: Assets of corporation
The trustee takes "ownership" of the shares of stock and can decide whether to sell the shares. The trustee can also decide whether to sell the vehicles to pay off the loans, then use the payoff money to pay the debts of the person filing chapter 7, if the trustee decides that's best. In essence, the trustee decides what to do.
Answered on 11/12/08, 12:02 am
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