Bankruptcy is a legal proceeding initiated when a person or business is unable to repay outstanding debts or obligations. It offers a fresh start for people who can no longer afford to pay their bills. If a business has a secured loan with a creditor and defaults on payment, the creditor may have the right to appoint a receiver to recover their money. The business then goes into receivership when a receiver gains possession of the business's assets and liquidates them to recoup money owed to the secured creditor.
@VandykGroup Vandyk Properties
@mizrahidevelopments9260 Mizrahi Developments
@TarionON Tarion Ontario Warranty Corporation
@nikhbajaj Marathon Law
@ellisrealestategroup Ellis Devedzic, Broker
Please share this
No comments:
Post a Comment