Legal Question in Business Law in Virginia

partner would not sign over share of company 5 month ago so I could take out loan to save company , now its going under and can't stop it ? any help for me ? papers were drawn up !

Asked on 9/23/17, 3:29 am

1 Answer from Attorneys

Daniel Press Chung & Press, P.C.

I am not sure why it would be necessary to sign over the shares or membership interests to take out the loan. In any event, in chapter 11, it may be possible to wipe out the other owner's interest and reorganize with financing that you arrange. See a bankruptcy lawyer ASAP to go over all of the options.

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Answered on 9/23/17, 5:47 am

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