Legal Question in Bankruptcy in California

I am a 50% shareholder and owner of a corporation that is filing bankruptcy and I want extricate from the corporation what do I need to do?


Asked on 4/26/10, 6:13 pm

2 Answers from Attorneys
Michael Stone Law Offices of Michael B. Stone Toll Free 1-855-USE-MIKE

Probably nothing. Any paid-in capital or retained earnings held by the corporation are part of the bankruptcy estate; so in all probability your ownership interest will be wiped-out. If you think the other shareholder defrauded you in some way, contact a bankruptcy lawyer in person.

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Answered on 5/01/10, 10:45 pm
Mark Aalam Bankruptcy Legal Center

You can sell your shares. If you are an Officer or Director, you can have the shareholders vote to remove you. Most importantly, you should have all transactions supervised by an attorney that specializes in Business Law and Bankruptcy Law Amir Aalam, Attorney

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Answered on 5/02/10, 1:34 pm


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