This is a very bad thing that fortunately happens only infrequently.
Because of the number of lives effected, it's fair to say the Court trys to do everything to find better solutions.
Differing from a Condo, a Co-op is a Corporation. The corp. owns the real estate. The residents own stock in the Corporation and have a right to lease/occupy their unit from it. As the value of the property goes up, so does the worth of the corp and hence the value of the shares of the Corp.
If the Corporation defaults on loans and goes BK all the assets of it may be liquadated to pay the creditor (any extra would be distributed to the stockholders), and the building would become owned by someone else. (Basically, the building is foreclosed by the lender. Your "ownership" of the Co op and right to live there would quickly be lost.
Nothing.
It can not pay its employees or pay for its services.
If the Bankrupt company is just the retailer then the warranty is still covered by the manufacturer. If the manufacturer goes bankrupt then the retailer covers the warranty. The seller is responsible for a warranty. Clearly if the seller is the manufacturer and they go bankrupt then it's most unlikely that the warranty will remain in force.
you can claim a CAPITAL GAIN LOSS ON YOUR TAX RETURN FOR THE YEAR IF THE COMPANY GOES BANKRUPT that's it.
I have a claim on a car insurance policy with AIG. What are the chances of this claim being met?
When one goes bankrupt, one's debts are cancelled.
LaNell Cooper goes by Angie, Super Coop, and Coop.
Not likely. Bankrupt means that they have no money.
move.
Well, NASCAR maybe purchased by another company or person. It is too big to just give up on. Someone will buy it.
The company still has to pay it off, it might even just rest on the owner's, or the person who took it out, hands.
It means a bank goes out of business or goes bankrupt.