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NuTSR Declares Bankruptcy
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<blockquote data-quote="Wincenworks" data-source="post: 9068284" data-attributes="member: 7038835"><p>It opens the door for a lot of questions about things like:</p><ul> <li data-xf-list-type="ul">What assets are transferred across?</li> <li data-xf-list-type="ul">What records show that no unlawful transfers occurred?</li> <li data-xf-list-type="ul">What was the relationship of the companies prior to consideration of bankruptcy?</li> </ul><p>Basically the idea is when you bankrupt a company, you're stepping back and letting the trustee handle everything. If you have other companies, they can continue trading normally - and if you're very optimistic, you can start a new company to do the same thing that the old did (and even buy it's assets, from the trustee at a price agreed upon as reasonable) but the one thing you can't do is just say "this company owns the debts, and my other companies will continue the business because they own all the assets"</p><p></p><p>In this case he paid a bankruptcy lawyer $7,000 to file the paperwork, guide him on what to do etc. And the whole point of the process is to make everyone with an interest feel confident there was a fair and equitable outcome. Creditors who don't get paid know all reasonable steps were taking, the bankrupt knows they're not going to be persecuted, etc.</p><p></p><p>Literally all he should have done after that some public declarations on the social medias the company will be entering bankruptcy and then shut the naughty word up until the outcome is resolved - instead he's running around telling people he's playing 4D Chess.</p></blockquote><p></p>
[QUOTE="Wincenworks, post: 9068284, member: 7038835"] It opens the door for a lot of questions about things like: [LIST] [*]What assets are transferred across? [*]What records show that no unlawful transfers occurred? [*]What was the relationship of the companies prior to consideration of bankruptcy? [/LIST] Basically the idea is when you bankrupt a company, you're stepping back and letting the trustee handle everything. If you have other companies, they can continue trading normally - and if you're very optimistic, you can start a new company to do the same thing that the old did (and even buy it's assets, from the trustee at a price agreed upon as reasonable) but the one thing you can't do is just say "this company owns the debts, and my other companies will continue the business because they own all the assets" In this case he paid a bankruptcy lawyer $7,000 to file the paperwork, guide him on what to do etc. And the whole point of the process is to make everyone with an interest feel confident there was a fair and equitable outcome. Creditors who don't get paid know all reasonable steps were taking, the bankrupt knows they're not going to be persecuted, etc. Literally all he should have done after that some public declarations on the social medias the company will be entering bankruptcy and then shut the naughty word up until the outcome is resolved - instead he's running around telling people he's playing 4D Chess. [/QUOTE]
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NuTSR Declares Bankruptcy
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